August 12, 2026
One of the most common questions we hear is, “How does my situation compare to others?” It’s a subtle variation of “Have I saved enough?” and it’s natural to want reassurance that you’re doing the right things, saving enough, and preparing for a future that gives you choice and security.
But while comparison can be tempting, it’s usually not very helpful. What matters most is whether YOU are on track for YOUR goals; whether you are still building wealth, preparing for retirement, already retired, or passing wealth to the next generation.
Below, we answer the most common questions our clients ask when assessing their financial progress and preparing for financial freedom.
Understanding whether you’re financially on track
How do I know if I’m saving enough for retirement?
A good starting point is to look at how much you’re contributing to long-term savings, including your pension. There are almost too many ‘rules of thumb’ to be helpful, but if you’re contributing the minimum 8% into a workplace pension, that is almost certainly not enough. (This includes both your contributions and your employer’s).
The most appropriate figure for you depends on:
If you’re unsure whether your current contributions are enough, working through a cash flow projection with your IFA can help to model potential outcomes and see how they match up to your hopes and dreams.
What does ‘financial freedom’ actually mean?
Financial freedom isn’t necessarily about having a lot of wealth. That’s why we often talk about our ‘life first, money second’ approach, meaning that the first step is about having clarity about what you want your money to achieve for you, rather than focusing only on the numbers.
For most people, financial freedom means:
When people think about financial freedom, they often mean preparing for retirement. But that’s just one life stage. Many of our clients aim for earlier milestones: for example, reducing working hours, changing careers, or having the flexibility to travel more or help the next generation.
Should I compare my financial progress to that of others my age?
Comparison can be motivating, but it can also be misleading. People have different incomes, family responsibilities, career paths, and financial priorities.
Instead of asking, “Am I doing better or worse than others?”, your IFA will suggest that you ask:
There are no single, correct answers. But if there is one golden rule, it’s that your financial plan should be built around your goals; not someone else’s.
What are the biggest signs I’m on track financially?
When you discuss and review your financial plan with a Talis IFA, they’ll look with you for these indicators:
If you’re doing most of these, there’s a good chance that you’re in a strong position, and the longer you’ve been doing them, the more prepared for financial freedom you’re likely to be.
What if I feel behind? Is it too late to catch up?
We always say that, while it’s never too early to start, it’s also never too late. Many people start slowly, and accelerate their savings in their 40s and 50s when their earnings peak or family costs reduce. But if you’re not quite on track, your IFA will look with you at where you are now, and help you to identify the opportunities.
Your options may include:
Remember that thanks to the power of compounding returns, small changes can have a big impact especially when applied consistently.
Also remember that your IFA isn’t there to judge you. They can’t change the past but they can help you to identify options to get back on track towards whatever ‘financial freedom’ means to you.
Should I get professional advice from an IFA?
If you want clarity and confidence, yes. An IFA will help you understand your financial position now, and clarify what’s needed to enable you to achieve your life goals.
They’ll look with you into the financial world, and give you the confidence to make financial decisions and build a plan that will prepare you for your future.
Not only that, though. Research shows that people who work with IFAs tend to accumulate more wealth than those who don’t. One of the reasons for that is that a professional adviser will help you to avoid potentially costly mistakes, for example not making the most of tax allowances, giving in to knee-jerk reactions when markets are volatile, or underfunding your pension.
How Talis IFA can help
Whether you’re ahead, behind, or somewhere in the middle right now, the most important question isn’t how you compare to others. It’s far more important to be confident that you’re preparing for a future with security, flexibility, and freedom.
At Talis IFA, our ‘life first, money second’ approach is based on understanding your objectives for your life now, and for your future. Our approach is designed to help you build your confidence in making financial decisions, and give you the peace of mind that comes with having an experienced IFA on your side.
This article is for information only and does not constitute personal financial advice. Financial decisions should be based on your individual circumstances, and you should seek professional advice before taking action. Tax rules can change and their impact depends on your personal situation.
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