Article How to retire without just doing the maths

From early on, we’re often taught that retirement planning is all about the numbers. You might have been told by someone to 'check your pension pot'. 'Review your annual statement'. 'Increase your contribution rate'. 'Use an online calculator to see if you’re on track.'

And of course, those steps are important. But they send a message, intentional or not, that retirement is a maths problem. One that can be solved with percentages, projections, and a big enough pot.

Christine Benz, Director of Personal Finance and Retirement Planning at Morningstar, has a different view. Speaking on The Money:Mindshift podcast, she explained that there is much more to retirement than maths. And as the author of 'How to Retire: 20 Lessons for a Happy, Successful, and Wealthy Retirement'¹, she’s in a good place to know.

If it’s not a maths problem, what else is it?

Planning for the life, not just the pot

Christine urges us to think beyond the spreadsheet. Because while the money matters, it’s what the money is for that really shapes a good retirement.

Here are her insights, adapted for three life stages:

If you’re under 50: build the habits and explore your work-life

In your 30s and 40s, retirement can feel like a distant idea. That’s OK, because... well: it is. Christine says the focus at this stage is:

• Building your savings muscle
• Automating contributions
• Focusing on income growth
• Scoring small, near-term savings victories (like homeownership)

But don’t obsess over what retirement will look like just yet. Instead, think about the work you want to be doing long term. Use what Christine calls the 'Sunday night calendar test'. Look ahead. Are there days you dread? What could you change to enjoy work more now and for longer?

Checklist:

• Consider automating your pension contributions – this can be an opportunity to boost your retirement savings.
• Set a savings goal for something near-term – this could help you get into a routine of setting money aside. 
• Focus on career growth – where do you want to be in the future? Think about how can you build that lifestyle through career development.
• Start noticing what gives you energy. And what drains it – focusing in on your hobbies and interests is a good way to plan what you want to do in your retirement and what steps you need to take to enjoy them.

If you’re in your Second 50: start experimenting with your future life

Christine sees age 50 as a real turning point. It’s the time to begin visualising retirement. Not in abstract, but in practice.

• What kind of routines do you enjoy?
• Where might you want to live? And have you tested it out?
• What kind of social connections will you need?

This is where sabbaticals or extended breaks come in. Christine shared her own experience of trialling life in Florida. On paper, it looked perfect. She’s escaped the chilly Chicago winter in favour of the sunshine. But after a month away from family and community, she and her husband realised it wasn’t for them. That insight only came from experimenting.

Checklist:

• Take time off to test retirement routines or locations
• Reflect on what your ideal week looks like
• Talk to your partner or close friends about what matters
• Consider ways to phase into retirement

If you’re near retirement: plan for more than one phase

Retirement isn’t just one long chapter. Christine describes it as at least three:

• The go-go years: active, high-energy, often more expensive
• The slow-go years: calmer pace, closer to home
• The no-go years: health and care needs take priority

Thinking this way helps you plan for:

• Different housing needs
• Shifts in spending and priorities
• When and how you’ll want to access support

It also helps you avoid the 'hard stop' model where one day you’re working and the next you’re done. Phasing out of work can help you adjust emotionally as well as financially.

Checklist:

• Think through housing and care needs in later stages
• Make a transition plan (not just an exit date)
• Explore what will give you purpose when work ends
• Talk to family about expectations and support

A money mindshift

The maths still matters. You’ll still want to track your contributions, check your drawdown plan, and keep an eye on inflation.

But if you stop there, you’re missing the point.

Retirement isn’t the reward for working. It’s a new chapter that deserves its own planning. Not just with numbers, but with reflection, intention, and a deep understanding of what gives life meaning: clarity of what gives you purpose, the social connections that matter, the daily routines that bring you joy, and the housing and care needs you may have one day.

So yes, use the calculator. But also ask yourself: what will make these years enjoyable and meaningful? That’s where your real retirement plan begins.