For those approaching retirement, the right questions matter more than ever. At Nova Wealth, we work with clients navigating complex financial decisions during this pivotal life stage. Here are five of the most common - and important - questions we hear, along with some insights to get you thinking.

1. What do I actually want retirement to look like?

This question often catches people off guard. Retirement is no longer a one-size-fits-all experience. Some dream of travel, others want to spend more time with grandchildren, and some are just looking forward to having no schedule at all.

A useful tip: talk to those already retired. Their experiences - what worked, what didn’t - can offer valuable perspective. Retirement isn’t a fixed destination, it’s a transition. And defining what a ‘good retirement’ looks like for you is the first step in building a plan to support it.

2. Have I got enough money?

This is the core question for most people. And it’s no longer just about following the old “4% withdrawal rule”. Modern retirement planning requires a more tailored, realistic view.

That’s where cashflow modelling comes in. It helps build a picture of how your income, spending, and assets will evolve over time. It also allows you to factor in larger expenses like family weddings, once-in-a-lifetime holidays, or future care needs. It’s not just about having ‘enough’ - it’s about knowing your money can support the lifestyle you want, when you want it.

3. Could I retire sooner - and what would I need to compromise?

Many clients come to us anchored to a certain retirement age - 60, for example - simply because it feels like a “nice round number”. But in some cases, it may be possible to retire earlier.

Of course, retiring sooner usually comes with trade-offs. These might include:

• Spending less in retirement
• Downsizing your home earlier than planned
• Accepting a smaller inheritance for your children

We help clients explore all the options and model different outcomes so they can make informed choices.

4. When is the best time of year to retire?

Believe it or not, timing matters. Retiring in the spring versus the autumn can have an impact on your tax planning, how your income is structured for the year, and even your travel plans.

For example, if you're planning a long trip abroad, it may make sense to retire just before you go - both for financial efficiency and to give you a clean break from working life. It’s a small detail, but like many things in financial planning, it’s the details that add up.

5. How should I take an income in retirement?

For many, this is the most complex and daunting part of the process. Pensions, ISAs, general investments - figuring out which pot to draw from first, and when, isn’t always obvious.

We guide clients through a tax-efficient drawdown strategy, tailored to their needs. Before making any recommendations, we always start with an education phase - outlining the key options, pros and cons, and how legislation (like the pension Lifetime Allowance changes) might affect things.

Our goal is to create a flexible plan that can adapt to both personal and legislative changes. It’s reviewed annually, keeping you on track and tax-efficient year after year.

Final thoughts

Retirement should be a time of confidence, not confusion. At Nova Wealth, we help clients bring clarity to these big questions - backed by evidence, education, and a long-term perspective.

Want to explore what your retirement could look like? Talk to our team today.

Capital at risk. Investments can go up and down in value, so you could get back less than you put in. This article does not constitute personal advice. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.

Issued on behalf of Nova. Nova is a trading name of Nova Wealth Ltd, which is authorised and regulated by the Financial Conduct Authority (FRN: 778951) and is a limited company registered in England & Wales (10739796).