Myths and Facts About Retirement Planning in the UK

Planning for Retirement? Let’s Bust the Biggest Myths

Retirement is one of the most important financial milestones in life, yet it’s often clouded by confusion and outdated assumptions. At Derek Mills Wealth Consultancy, we regularly meet people who are unknowingly building their future on shaky ground.

Let’s set the record straight.

Here are some of the most common retirement planning myths we bust with our clients and the facts that matter:

✖ Myth 1: "The State Pension will be enough."

✔ Fact: The full new State Pension is around £11,970 2025/2026 tax year. It’s a helpful start, but unlikely to fund the lifestyle most people want in retirement. You need more than just the basics.

✖ Myth 2: "I'm too young to worry about retirement."

✔ Fact: Starting early gives you more control. Thanks to compound growth and pension tax relief, small amounts saved early can make a big difference over time.

✖ Myth 3: "My investment property will be my pension."

✔ Fact: Property can support your plan, but it's not a guaranteed income stream.

Tax changes and market fluctuations can impact your returns.

✖ Myth 4: "I don’t earn enough to save."

✔  Fact: With tax relief and auto-enrolment, even modest contributions can go a long way. Every little helps — and doing something is far better than doing nothing.

✖ Myth 5: "I’ll just work longer if I need to."

✔ Fact: Many people retire earlier than planned due to health or family reasons. Planning ahead gives you flexibility, not obligations, later in life.

Here’s our advice: Don’t let myths shape your future.

Retirement planning should reflect your goals, not assumptions. At Derek Mills Wealth Consultancy, we create personal, practical strategies - no jargon, no guesswork.

Why Clients Come to Us

We work with people who are smart, successful, and stretched for time. They know the importance of planning, but often don’t know where to begin, or they’re too busy to manage it all themselves.

Our clients come to us when:

• They’ve outgrown DIY planning and want professional clarity
• They’re managing career success and complex finances
• They’re facing major life changes, such as inheritance or early retirement
• They want to feel confident that their family and legacy are protected
• They’re tired of generic advice and want a trusted, long-term partner

No matter where they start, we help them move forward with clarity, confidence, and a plan that actually works.

Get in touch with us, and we'd be happy to guide you.

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

The levels and bases of taxation and reliefs from taxation can change at any time. Tax relief is dependent on individual circumstances.

Auto-Enrolment products are not regulated by the Financial Conduct Authority.

Although the content of the article was correct at the time of writing, the accuracy of the information should not be relied upon, as it may have been subject to subsequent tax, legislative or event changes.