However close or far away it can feel, there is still time to make sure your savings are in order for the retirement you deserve.
Here are our five key tips for making it happen.
Be realistic about how much you need to save
Research by Brewin Dolphin suggests that many people see £39,773 as their ideal income in retirement. 
This means that, after the State Pension of £8,767 per year is factored in, £31,006 per year is needed to reach this target.
With annuity rates near historic lows, that means a pension pot of £668,000 could be needed to purchase a level of annuity that would produce this income.
That is around three times the expected value of the average pension on retirement, and means most savers are heading for a vastly different income to what they would ideally like.
Establish the basics
It’s hard to start a journey without knowing your destination.
The first step is to set a retirement date and a desired level of income, and work backwards from there.
This way you will see the size of contributions you need to make each month, and how close you will be able to get to your ideal income level.
Brewin Dolphin’s financial planners have a tool for cashflow modelling that can help you work out exactly how much you will need in retirement based on a number of assumptions and expenses.
This is the best advice for anybody thinking about pension saving because the earlier you start, the easier it is to build a pension pot sufficient for a comfortable retirement.
Starting earlier means your contributions have longer to grow and compound in the market, meaning your contributions should not need to be as large compared to those who leave it until later in life.
Supplement your work pension with private savings
Once you know your target pension amount, and what you need to pay each month to get there, you can then make your contributions into the recommended savings vehicles.
You’re likely to have a pension through your employer – that’s a good place to start, and should be the bedrock for your other savings.
But it may pay to supplement your occupational pension with private savings in an ISA, which are highly tax efficient and very flexible, so can give you some more options when you arrive at the time you would like to retire.
They may allow you to retire slightly earlier, for example, whilst leaving your pension savings to continue to grow in the stock market.
You and your adviser may have set up an excellent portfolio, but it needs close monitoring to ensure it stays fit for purpose.
Global macroeconomic conditions are constantly changing, so what might have been the best choice of investments two or three years ago may not be the best choice today.
Your investment portfolio needs constantly revisiting and adjusting to make sure it stays on track to hit your target and produce the results you are aiming for.
To find out more about how Brewin Dolphin can help you get on track for the retirement you want, request a call back today.
: Research conducted by Opinium Research amongst 5,000 UK adults between 30th August and 5th September 2018.
: Source: iress The Exchange 12/9/2019; healthy life rates at age 65, no tax-free cash taken, single life, level, monthly in advance, no guarantee.
The value of investments can fall and you may get back less than you invested.
Past performance is not a guide to future performance.
The information contained in this document is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.