Preparing for retirement may be one of your biggest financial goals.
 
The dream to enjoy life on your own terms – whether that means exploring the world, spending more time with family, or simply having peace of mind about money – is the top reason many people seek expert financial advice.
 
And yet according to the 2025 Scottish Widows Retirement Report, 39% of people are set to fall short of even a basic standard of living in retirement [1].
 
The good news is that with some careful planning you could boost your savings and realise your retirement dreams.
 
Here are three top tips to help you save and retire on your terms – and some motivating statistics to focus the mind.

1. Create clear savings goals – only 27% of people prioritise saving for retirement

To be a successful saver, you first need a clear goal to aim for.
According to Scottish Widows research, only 27% of people said preparing for retirement was their number one savings goal.
 
41% said they were saving for their emergency fund, while 28% were saving for a holiday.

When saving for retirement, having a clear idea of how you hope to spend your time could motivate you to save. It’s important to be both specific and realistic about your goal. Otherwise, you may fall at the first hurdle.

This is why your Titan Wealth Financial Planner will encourage you to imagine in detail the kind of lifestyle you want to lead when you retire. By considering your travel plans, where you’d like to live, and how you hope to spend your time, you can build a picture of your dream retirement.

2. Calculate how much you’ll need – a comfortable retirement is estimated to cost £60,800 a year for a couple

Once you understand how you’d like to spend your retirement, next you’ll need to work out how much you need to save and by when.
 
The Scottish Widows report estimates that a “comfortable” retirement for a couple could cost around £60,800. This figure is based on general estimates, so the amount you’ll need to save may be different.

Your Titan Wealth Financial Planner can help you clarify how much you need to reach your goal and see how close you are to reaching it.
 
To work out your own likely expenditure, consider your ideal retirement and think about how much you’ll need each year to cover:

• Mortgage or rent payments
• Utility bills
• Travel costs (including the cost of owning a car)
• Socialising and eating out
• Financial support for family members

Next, think about time. When do you want to retire? What’s your likely life expectancy? The answers should help you arrive at an approximate savings goal.

3. Identify any potential shortfall in your savings – only 35% of savers contributing more than the default amount to their pension will achieve a comfortable retirement

If steps one and two have revealed a shortfall in your savings, don’t panic. Depending on the amount you need to make up, some relatively minor changes could improve your position, and prevent you from having to make difficult sacrifices in retirement.

According to the Scottish Widows report, only 35% of savers who contribute more than the default amount to their pension will achieve a comfortable retirement.
 
Your Titan Wealth Planner can use cashflow planning to assess your current pension contributions and forecast how much you’re likely to have in your pot by the time you reach your chosen retirement age.

If necessary, they will advise you on achievable ways to increase the amount you save each month.
 
You may find small ways to reduce your spending, freeing up more money to boost your savings. For example:

• Review your spending habits
• Cancel unused subscriptions
• Switch providers for utility bills.

Any cutbacks you make could allow you to boost your pension contributions and other savings.

Get in touch

However close you are to reaching retirement, a sound financial plan could help ensure you’re prepared to make the most of life – now and in the future.

To find out more about how we can help you plan for your dream retirement, email info.wp@titanwh.com or call 0800 048 0150.

Please note

The information contained in this article is based on the opinion of Titan Wealth Planning and does not constitute financial advice or a recommendation for any investment or retirement strategy.
All information is correct at the time of writing and is subject to change in the future.

The Financial Conduct Authority does not regulate cashflow planning.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

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