5 Common Retirement Planning Mistakes People in Perth Make (And How to Avoid Them)

Planning for retirement is one of the most important financial steps you’ll take but it’s also one where many people in Perth, Scotland, unintentionally go wrong.

At A S Wealth Management, we’ve worked with countless local clients who, despite best intentions, made common retirement planning mistakes that impacted their long-term financial security.

The good news? With the right guidance, you can avoid them.

1. Underestimating How Much You’ll Need in Retirement

The Mistake:
Many people in Perth assume their current pension pot or workplace scheme will be enough. But rising living costs, healthcare expenses, and longer life expectancy mean your retirement fund might fall short.

The Fix:
We help you calculate your future income needs based on your lifestyle goals, inflation, and expected retirement age. Through detailed cash flow forecasting, A S Wealth Management can show you what you’ll realistically need and how to get there.

2. Relying Too Heavily on the State Pension

The Mistake:
Some clients believe the UK State Pension will cover their retirement needs. However, the current full State Pension (assuming full NI contribution history is around £11,900 per year as of 2025/26 tax year) is rarely enough on its own.

The Fix:
We help clients in Perth supplement their State Pension with private pensions, ISAs, and other investment vehicles, building a more sustainable and flexible retirement income.

3. Ignoring Tax-Efficient Withdrawal Strategies

The Mistake:
Without a proper withdrawal plan, you could end up paying more tax than necessary when accessing your retirement funds.

The Fix:
At A S Wealth Management, we create tax-efficient drawdown strategies, ensuring you use your personal allowance, ISA income, and pension withdrawal rules wisely to minimise your tax burden.

4. Delaying Professional Financial Advice Until It’s Too Late

The Mistake:
Some people only seek advice a few years before retirement. By then, important planning opportunities may have been missed.

The Fix:
Starting early allows us to help you make the most of compounding growth, pension contributions, and investment opportunities. Even if retirement is 10–20 years away, speaking to an adviser now can make a big difference.

5. Failing to Plan for Rising Costs and Inflation

The Mistake:
Many clients underestimate how inflation will erode their spending power over a 20+ year retirement.

The Fix:
We help structure your investments to provide growth potential that outpaces inflation, while also balancing risk and capital preservation—giving you peace of mind that your money will last.

Get Retirement Ready with Expert Advice from A S Wealth Management in Perth

If you live in Perth or the surrounding areas and want help avoiding these (and other) retirement planning pitfalls, A S Wealth Management is here to help.

Book your no-obligation initial consultation with A S Wealth Management today via this link: https://calendly.com/a-m-stewart/initial-meeting

Let’s work together to build a financial future that gives you confidence and peace of mind right here in Perth.

The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

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Although the content of the article was correct at the time of writing, the accuracy of the information should not be relied upon, as it may have been subject to subsequent tax, legislative or event changes.