– Why You Don’t Need £1 Million to Rest Easy

(This blog is part of the Wealth Wellness Series. If you’ve missed any of the previous parts, you can click here to access them.)

Let’s cut through the noise.

We’ve heard it before—“You’ll need £1 million to retire comfortably.” But for many of us, especially those navigating bills, family obligations, and maybe even sending money back home, that figure feels less like guidance and more like a threat.

Here’s the truth no one’s telling you:

You don’t need a fortune. You need a strategy tailored to your real life.

If you’ve ever stared at your payslip and thought, “Retirement? I’m just trying to make it to payday,”—you’re not alone. And the good news? No matter where you’re starting from, small intentional steps now can build a future you’re excited about.

Forget the Scare Tactics—Start With What You Can Control

Mainstream media thrives on shock value. But most of those retirement stats are based on lifestyles that don’t reflect your values, your culture, or your reality.

Your power move? Define your vision for retirement—not theirs

Do you want:

• The basics covered, stress-free?
• Room for travel and a few luxuries?
• A lifestyle of complete ease and freedom?

Your future shouldn’t be a copy-paste of someone else’s. It should be as unique as you are.

So… How Much Do You Really Need?

Here’s a simpler way to think about it:

Aim for around two-thirds of your current income in retirement.

Or better: ask, “What will I still be paying for?”

• Mortgage or rent?
• Travel or hobbies?
• Support for grandkids?

Use tools like The Retirement Living Standards to visualise what different retirement lifestyles cost—from “minimum” to “comfortable”. It’s practical, UK-based, and refreshingly free from jargon.

Why Retirement Hits Black Women Harder—And What We Can Do About It

Let’s talk facts. According to the Pensions Policy Institute and ONS:

• 52% of Black women worry they’ll run out of money in retirement
• Nearly 1 in 3 expect to work part-time indefinitely
• And many of us opt out of pension schemes altogether

The reasons? A blend of financial pressure, lack of trust, and often—just not knowing where to begin.

Now…. balance the above thoughts with these facts: Black African women have the highest life expectancy in the UK—88.9 years. So not only are we under-saving, we’re also outliving many of our peers. There is a gap? Some will say It’s dangerous, I think we have a “good” problem. More room to plan, but plan, we must.

Where Should we Begin

1. Get Clear on What You’ve Already have
   • ✅ State Pension Forecast → Check it at GOV.UK
   • ✅ Old Work Pensions → Use the Pension Tracing Service
   • ✅ Private pensions or ISAs → Dig them out. You’d be surprised what’s lying dormant.
2. Identify the Gap
   • ✅ Know your projected income vs expected expenses. If there’s a gap, you can:
     • Boost income: add to savings, start a side hustle
     • Reduce costs: pay down debt, plan to downsize, explore retiring abroad. (I did all of above. Totally recommend these as you have more control here)
3. Say YES to Workplace Pensions (if available)
   • ✅ Auto-enrolment means your employer matches your contributions. That’s free money. Don’t leave it on the table.
4. Self-Employed or Took a Career Break? You’ve still have options:
   • ✅ Open a personal pension with providers like PensionBee, Aviva, or Nest—you still get tax relief even if you’re not on payroll
   • ✅ Check your National Insurance (NI) record at GOV.UK to see how many years you’ve got—and whether you’re on track for the full State Pension
   • ✅ Top up missing years by making voluntary Class 3 NI contributions—this can boost your future pension by hundreds per year. Learn how at gov.uk/pay-voluntary-class-3-national-insurance
   • ✅ Claim NI credits if you’ve been receiving Child Benefit (for kids under 12) or Carer’s Allowance—these count toward your pension even if you’re not earning. Info here: gov.uk/national-insurance-credits
5. Late to the Game? You’re Not Out
   • ✅ Even if you’re 45, 50, or 60+, it’s not too late. You might need to save more aggressively, but every pound adds up. Every pound you save now works harder than the one you don’t. Consider this: many Black households retire with less than £12k total in pension savings (ONS, 2020). Even saving £10k now puts you ahead of the curve. Let’s make sure our golden years feel free, not fearful.

Rewriting the Narrative

Retirement isn’t a luxury—it’s a right.
You don’t need to escape your life later if you start building the one you love now.

I break all of this down in Chapter 17 of my book, The Black Woman’s Guide To Building Wealth—with stories, mindset shifts, and no shame. Just straight-up strategy. 📘 Grab your copy here »

I’ve walked this path—and I’m still walking it. I know what the struggle looks like.
But let me be clear: it’s not game over.

We don’t have to carry a life of hustle into retirement.
And we definitely don’t have to settle for more of the same.

You didn’t find this blog by accident.
Take one small step today—and then share this with a friend, sister, cousin or co-worker who needs a little encouragement too. Let’s rise together.

And if you want real talk and money wisdom in bite-sized doses, I’m sharing tips, simple money hacks on Instagram:

Because we’re not just planning for the future—we’re rewriting it.