Do I have to work until 67? How one client discovered he didn’t

I recently worked with a 62 year old client who believed he would need to carry on working until age 67. He was already working part-time, three days a week, but with a long commute that was becoming increasingly tiring. On top of that, he had experienced a significant life change as his wife had sadly passed away around 18 months earlier.

Understandably, he was thinking carefully about both his finances and how he wanted to spend his time going forward.

At our first meeting, his view was clear. He assumed he would need to continue working for another four or five years. Not because he particularly wanted to, but because he wasn’t confident he could afford to retire any sooner.

This is something I see quite often. Clients don’t always say, “I’d like to retire earlier.” Instead, they say what they think they have to do.

That’s why it’s so important to go beyond the surface and really understand what’s driving those assumptions.

We carried out detailed cash flow modelling to map out his income, spending and overall financial position over time. Rather than focusing on a single outcome, I explored a range of scenarios with him.

We looked at what would happen if he:

• Worked until 67, as originally planned
• Retired in two years’ time
• Brought that forward again to the following year

This wasn’t about encouraging him to stop working sooner. It was about giving him a clearer picture of what was actually possible.

When he saw the projection for retiring in two years, it prompted a shift in his thinking. For the first time, he could see that stepping away from work earlier might be achievable.

When we met again to discuss a pension transfer, his outlook had changed. He told me he wanted to explore retiring even sooner, potentially within the next year.

We revisited the modelling, and again, the position remained strong.

Step by step, as we worked through the scenarios together, his confidence grew. What started as a cautious assumption began to shift into a more positive and realistic plan. Following my advice, tailored to his individual circumstances, he decided he could retire in February. 

While the financial side is important, it’s often the lifestyle conversation that makes the biggest difference.

For this client, retiring earlier meant:

• Spending more time with his grandchildren
• Reducing the strain of a long commute
• Having the freedom to enjoy life at his own pace

He also mentioned that he might choose to do some local, flexible work in the future, perhaps a few hours a week, simply for some additional income and to stay active. But crucially, it would be a choice, not a necessity.

That distinction can be incredibly powerful.

Stories like this are a good reminder that it’s easy to label something as a straightforward “saving for the future” situation and move on. But when you listen closely, there are often underlying concerns or aspirations that haven’t been fully expressed.

In this scenario, the client initially framed his situation as needing to keep building his finances for the next five years. In reality, what he needed was reassurance about whether he could afford to stop sooner.

By taking the time to explore different scenarios, we were able to give him a clearer understanding of his options. Financial planning isn’t just about preparing for a distant goal. It’s about helping people make informed decisions about their lives today and in the years ahead.

Sometimes, that means giving clients confidence that they are on track to achieve their goals. At other times, it means helping them understand where adjustments may be needed to improve their chances of achieving the retirement they want.

In this client's case, the outcome was greater clarity and confidence about his options. Through the advice process, he gained reassurance that retiring earlier than originally planned could be a realistic possibility and felt able to make that decision with confidence.

And that confidence can make all the difference.

Pension transfers require careful consideration. You need to be careful that you don’t lose any guarantees or features, and you should also compare the charges and investment options.

Fees and charges apply at Lloyds Wealth

This article is for information purposes only. It is not intended as financial advice. 

Cashflow modelling is based on assumptions such as investment performance, inflation, tax, charges, income needs and life expectancy. These assumptions can change over time, so projections should be treated as illustrative and should not be relied upon as a guarantee of future retirement outcomes. 

Decisions about retirement or accessing pensions should be based on individual circumstances. Taking benefits earlier or making withdrawals could reduce the income available for later retirement and may increase the risk of running out of money. 

The scenario discussed is an example and what is right for each person will depend on individual circumstances.

Any views expressed are our in-house views at the time of publishing. This content may not be used, copied, quoted, circulated or otherwise disclosed (in whole or in part) without our prior written consent.