Navigating retirement: insights from real-life experiences

Retirement marks a significant life transition, and understanding how others have approached it can offer valuable lessons. We spoke to Atom customers, Brian, Helen, and Lynne about their retirement journeys, financial priorities and how their savings goals have evolved.

Brian’s story: early retirement with a secure pension

Brian opted for voluntary redundancy three months prior to his 60th birthday. With 42 years of service, via the Local Government Pension Scheme, he was eligible to receive his pension immediately without penalty. Financially, Brian was in a strong position, supported by his substantial pension savings, redundancy payment and pension lump sum. His main goals for retirement include increased travel and more time with his grandchildren.

Brian shares how he now manages his savings: “For those saving towards retirement, fixed savings accounts were crucial for me when placing lump sums. With rising interest rates, normal savings accounts have become taxable, so I’ve moved to ISAs.

“I’d advise looking for high-return savings, but always opt for established names like Atom. I’ve always chosen the safety of cash over shares, having seen how market volatility impacted my mother’s investments.”

Helen’s experience: smart savings

Helen retired at 56, immediately accessing her employer’s pension. Without a private pension, her lifelong 50/50 approach to saving and spending resulted in a healthy savings position. Her main financial goal in retirement is to be comfortable, supplementing her pension with casual work, such as shifts as an exam invigilator.

Helen shares how she uses Atom to meet her different saving goals: “Atom has been great, with good interest rates on their savings accounts. I use the Instant Saver so I have access to my savings, and the short-term fixed savers for longer goals.”

Her savings priorities haven’t significantly changed since retiring, and she wants to be able to enjoy holidays and hobbies now she has more time on her hands. She still seeks good returns in a safe environment and promotes the necessity of finding an easy access account with a decent rate for emergencies.

Lynne’s transition: enjoying retirement and wise investments

Lynne’s journey to retirement was less about meticulous planning and more about a fortunate realisation of her strong financial standing. Just shy of her 65th birthday, she retired, with her pension becoming accessible approximately six months later.

Rather than sticking to a rigid pre-retirement strategy, Lynne focused on evaluating her income streams and anticipating shifts in her spending habits. She wisely sought out financial advice from sources she trusted, ensuring a smooth transition into this new phase of her life.

Her main financial goal in retirement is to save less and spend more, especially on travel, without overspending. Lynne notes: “Atom has helped me with my savings by offering the best product with the least risk, as I’m not a risk-taker.”

Lynne advises those approaching retirement to research the best options for their savings and pension pots and always maintain some instantly available savings in an account paying a good rate.

These different experiences highlight that, while retirement paths may vary, common themes emerge around careful financial planning, seeking reliable savings options, and adapting to new financial priorities.

You may be interested in our savings range where you’ll find a variety of accounts that will help you save for your retirement.

If you’re looking for further information about getting ready for retirement, be sure to read our guide to saving for retirement, as well as our other savings guides, to get more in-depth guidance on building up your money.