Paul Mitchell | Financial and Retirement Planning Coach
Find him here at: Your Smart Retirement Coach
If you’re over 55 and still haven’t created a retirement income plan, you’re not alone.
But here’s the truth:
Waiting could be the most expensive decision you make.
Whether it’s uncertainty, fear, procrastination, or the belief that “I’ll sort it later,” the cost of delay isn’t just emotional — it’s financial. And in the UK, those delays can quietly erode your wealth.
1. You Could Miss Out on Tax-Free Strategies
Take this example:
If you don’t start your pension withdrawals early enough — especially your 25% tax-free lump sum — you may end up:
- Taking it all in one go later, triggering a large income tax bill
- Missing years of potential tax-efficient withdrawals
- Overpaying tax once you cross certain income thresholds (like £50k or £100k)
💡 A phased withdrawal approach could save thousands — but only if planned early.
2. You Might Lose Investment Growth
Delaying drawdown decisions, not rebalancing your portfolio, or sitting in cash “until I decide” means your money may be:
- Not growing at all
- Underperforming
- Losing value in real terms due to inflation
🔎 This is especially damaging if you’re unknowingly taking too little investment risk — or too much.
3. You’re Vulnerable to Poor Timing
Let’s say you wait to take advice or make a pension move… and then:
- Markets dip right before you need funds
- You hit State Pension age with no clear strategy
- Tax rules shift and catch you off guard
The cost isn’t just pounds and pence — it’s stress, poor decisions, and lost peace of mind.
4. Regret Isn’t Refundable
I’ve had many clients say this after working with me:
“I wish I’d started this conversation years ago.”
That’s not just sentiment. Earlier planning gives you:
- More lifestyle flexibility
- Greater tax control
- A clearer timeline to exit work on your terms
Why People Delay — And Why Coaching Helps
It’s not laziness. It’s often:
- Not knowing where to start
- Feeling overwhelmed by jargon
- Thinking they don’t have “enough”
- Waiting for the “perfect time”
🎯 That’s exactly where coaching steps in — giving you clarity, confidence, and momentum without the complexity of full regulated advice.
🎯 Real Story: The Power of Just One Year
Peter, 60, came to me thinking he’d retire at 67. But he had no idea how much was “enough.”
Through coaching, we uncovered that:
- His pension + ISA could fund him from 62
- His part-time consultancy could top up income until 65
- A phased drawdown would save £12,000+ in tax over 4 years
All because he started early enough to shape the plan.
Final Thought:
Delaying retirement planning might feel harmless.
But often, it’s quietly costing you time, tax, and opportunity.
Start the conversation today — it’s free, and it could be the smartest move you make.
📞 Book Your Free 15-Minute Coaching Call:
💡 You Might Also Like:
👉 Tax-Smart Retirement – Keep More of What You’ve Saved
Disclaimer
These insights provide strategic coaching perspectives. This is NOT regulated financial advice. Individual circumstances vary, and it is crucial to consult qualified financial professionals for specific financial guidance.
Individual cases are illustrative and not predictive of future results. Actual savings and support needs will differ based on personal financial situations.
About the Author
Paul Mitchell is a dedicated Financial and Retirement Coach (Qualified To Chartered Financial Planner status) with over 35 years of experience in financial services. Through Your Smart Retirement Coach, he helps clients build confidence in their financial future and create fulfilling retirement lifestyles. As a retirement transition coach, I’m committed to empowering investors with knowledge, perspective, and strategic support.
Book a free 15-minute consultation to start your journey toward financial clarity.
