Many people plan financially for retirement, but far fewer think about how to navigate the lifestyle, purpose and wellbeing changes that come with it
CREDIT: This is an edited version of an article that originally appeared in SME Today
Research from over 1,000 UK employees shows that while 53% of people have planned financially for retirement, most have not considered the broader lifestyle changes it brings. This lack of preparation extends beyond money, with almost half concerned about losing a sense of purpose and 39% worried about the impact on their mental health.
Interest in “Micro-Retirement”
The concept of “micro-retirement” (shortlisted as the Collins word of the year for 2025) is capturing attention, with over half of people approaching retirement expressing interest in the idea. Among those not yet close to retirement age, this rises to 62%, suggesting a growing trend of people considering phased or partial retirements. Additionally, 40% would be concerned about their line manager’s reaction if they expressed an interest in changing roles. On average, UK adults expect to have eight different employers by the time they retire, with 26% predicting this number will exceed ten.
Excitement About Retirement and Future Plans
Overall, 61% of respondents are looking forward to retirement, though this varies slightly by gender. Nearly half plan to take on part-time work after retiring. Many also wish to continue contributing their experience: 61% of those approaching retirement would like to mentor younger colleagues.
How Practice Managers Can Support Staff
Practice managers can play a key role in helping staff prepare for retirement beyond just financial planning. Opening conversations early allows employees to consider lifestyle changes, part-time roles, mentoring opportunities and ways to maintain purpose after leaving full-time work.
Start Conversations: Create an environment where staff feel able to discuss retirement plans without judgment. Simple check-ins can help employees explore their goals and concerns.
Highlight Opportunities: Discuss part-time work, consultancy roles, or mentoring younger colleagues as ways to remain engaged and share knowledge.
Provide Guidance: Offer resources such as retirement planning workshops, external advisors, or internal mentoring schemes to support staff in thinking about the transition.
Encourage Knowledge Sharing: Facilitate structured opportunities for employees approaching retirement to mentor or train younger colleagues, ensuring skills and experience remain within the organisation.
Supporting your team as they get ready for the next phase means helping them start embracing their retirement years. When was the last time you had an honest, open, and light-hearted conversation with a team member about retirement? It might feel a little awkward to start, but once the conversation gets going, who knows where it could lead. Maybe they start thinking about hobbies they’ve always wanted to try, or mentoring younger colleagues, or even a part-time role that keeps them connected. Retirement can be the start of something exciting, and having the chance to talk about it early gives them room to plan and imagine.
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