When people think about their finances in or near retirement, the biggest worries are often about the things they can do least about. What will markets do? Where is inflation heading? Will tax rules change? How long will my money need to last?
These are fair questions. But dwelling on them can leave us feeling that our financial future is something that happens to us, rather than something we can help shape.
A more useful starting point is to separate what you can control, what you can influence and what you need to plan for.
What you can control
Some choices are within your control, although your circumstances shape the room you have. You can understand your spending, review costs, organise your information and decide what questions to ask.
None of this is glamorous, but it matters. Knowing roughly what you spend each month gives you firmer ground for every other decision. Checking what you pay in fees, and what you get for them, is a choice anyone can make. Gathering the information about your pensions, accounts and policies into one place can make it far easier to see where you stand.
What you can influence
Other things you can shape, though rarely guarantee. Your income. How long you keep working. When you stop or slow down. How much room you leave yourself to change course. Your wellbeing choices.
What you need to plan for
Then there are the things outside your control: markets, inflation, interest rates, future tax rules, exchange rates, economic shocks and the chance of living longer than expected. You can’t steer these. But you can prepare for them.
Having a real say
Underneath all of this is something simple. Having a meaningful say in your own life. That means understanding your choices, weighing up the trade-offs and being involved in the decisions that affect you.
It doesn’t mean doing everything yourself.
Many people work with professionals, whether for regulated financial advice, investment management, or tax and legal matters. Choosing to delegate is itself a way of taking control. And good professional support can strengthen your understanding and confidence rather than replace them.
Where you’ve handed decisions to someone else, staying in control means being clear on a few things. What authority have you given them? What does it cost? And how, and how often, is the arrangement reviewed?
My own work sits alongside that. Sustain Momentum provides non-regulated financial planning, guidance and coaching. I don’t manage investments or recommend products. I help you understand your whole financial picture, explore your choices and build a plan around the life you want, with specialist advice brought in where needed.
Being honest about limits
Not everyone has the same choices. Health, caring responsibilities, a drop in income or simply not having enough can all narrow what’s possible. Financial difficulty isn’t a failure of mindset. But even when options are limited, understanding where you stand can help you make the most of the ones you have.
A useful plan explores possible futures and helps you prepare, adapt and make informed decisions.
Questions to reflect on
- Which of your financial decisions feel genuinely yours, and which feel as if they’ve been made for you?
- If you work with a professional, could you explain what they do for you, what it costs and when it’s next reviewed?
- What’s one thing outside your control that you’d feel better having a plan for?
A practical next step
Pick one small thing to do this week. Write down what you spent last month. List the fees you pay and who you pay them to. Or note three questions to take to your next conversation with a professional. It’s a modest start, and it’s yours.