How to tell if you’re financially ready for retirement, from looking at savings to knowing your goals

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Colin Dyer, Client Director at abrdn, runs through some key questions to ask yourself when making the decision

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The concept of ‘retiring’ will differ for everyone, and no two people’s goals or aspirations will be the sameChoosing when to retire is a big decision – both financially and emotionally. Not only do you need to ask yourself whether or not you can afford to finish working, but you also need to consider if you are ready for this major change in your life.

abrdn’s Class of 2022 report polled 1,000 UK adults who are due to retire this year and found that when it comes to funding retirement, one in five will use their State Pension as their main source of income. And despite the State Pension increasing by 3.1% in April, inflation is currently at 6.2% and expected to increase, meaning the value of the State Pension is also declining in real terms. Here, of whether you’re financially ready for retirement.The concept of ‘retiring’ will differ for everyone, and no two people’s goals or aspirations will be the same.

Whatever the plan, you need to do what is right for you. It isn’t going to be a decision you make overnight, but instead something you’ll work towards over a number of years. Speak to friends and family or consider seeking advice to weigh up whether now is the right time. Don’t rush into the decision or be afraid to delay it if you aren’t quite ready.Before you can decide whether or not to retire, you need to weigh up your likely annual spending and calculate if you can afford to stop working.

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