Whether it’s your parents, stepparents or other older loved ones, helping someone plan for retirement is one of the most meaningful ways to support their long-term confidence and security.
It’s not always an easy conversation to start. Money can feel personal and sometimes even off-limits. But with more people entering later life unsure how far their savings will stretch, opening the door to a simple, supportive conversation can make all the difference.
With just a few practical tools and a little encouragement, you can help someone you care about feel more prepared, more in control and better equipped for the years ahead.
Why this matters now
We’re living longer, fuller lives than ever. But that also means our retirement savings have to stretch further. According to the Pensions and Lifetime Savings Association, a comfortable retirement for a couple now costs around £60,600 per year. Yet many older savers fall short, especially those who’ve had career breaks, caring responsibilities or limited access to workplace pensions.
At the same time, nearly 1 in 4 UK adults have low financial resilience, meaning they could struggle to absorb financial shocks or support unexpected costs. Figures like these can feel overwhelming. But they also highlight just how valuable small, practical steps can be, especially when taken with a little guidance and support from family.
So, where can you start?
Five ways to help your parents feel retirement-ready
1. Start with a simple conversation
You don’t need to launch into a full financial review. Sometimes all it takes is a quick question over a cup of tea “Have you looked at your pension forecast recently?” or “Do you feel confident about what you’ve got in place?” The goal isn’t to solve everything, just to open up space for the conversation.
2. Help them track down old pensions
Many people in their 50s or 60s have worked for several employers, which means pension pots can be scattered across different providers. The government’s Pension Tracing Service is free and easy to use, helping people find and reconnect with forgotten savings.
3. Check their State Pension forecast
The State Pension forecast tool is another quick and valuable resource. It shows how much someone is likely to receive and when payments will begin. If there are gaps in their record, an independent financial adviser, like the team at My Pension Expert, can help them understand whether voluntary contributions are worth considering.
4. Explore options together
Just like shopping around for energy providers or insurance deals, reviewing pension arrangements can reveal better options. From looking at drawdown strategies to consolidating old pots, there are many ways to make existing savings go further.
Even small changes can benefit from compound growth, where returns are reinvested and continue to build over time. It’s a bit like planting a tree: the earlier you start, the more it grows. But even planting later still brings shade.
5. Encourage them to speak to an adviser
When it comes to exploring your options, whether accessing your pension pots or making up for any missed contributions, a short conversation with a financial adviser is vital. Speaking to an adviser can help to simplify a world full of confusing language, clarify the bigger picture, and have your family members’ best interests at heart as they move towards retirement. It doesn’t have to be complex; even 15 minutes can make a meaningful difference.
And it’s never too late to start! So, always remember to support yourself towards retirement too!
Support that lasts a lifetime
Helping someone plan for retirement isn’t about stepping in or taking over. It’s about offering support at a time when guidance can go a long way.
Whether it’s pointing them to a government tool, helping to track down any forgotten old pensions, or simply encouraging them to get advice, small actions can bring reassurance and results.
If you’ve been thinking about having that conversation, there’s no need to wait. A small step today could help someone you care about feel more secure in the years to come.
