Whether it’s a beautifully meandering path, or a series of unexpected twists and turns, life has a habit of not following a straight line.

While it can mean new opportunities to explore and experiences to learn from, a circuitous path can sometimes make retirement planning a little trickier.

Many people don’t get to retirement after a 45-year career and an uninterrupted savings history. Instead, we often reach the end of our working lives having had a few different careers and roles. We may have even taken some time out of the workforce and experienced fluctuations in our income.

If you’re worried about what that might mean for your retirement plans, there are a few things to think about.

It’s not unusual

Life does not always go to plan, and many people experience events that can change their financial circumstances. This might involve taking a career break, pursuing a new direction, or spending time out of the workforce to raise children. In other cases, unexpected challenges such as a relationship separation or redundancy may mean it is necessary to adjust your plans.

It does have an impact

All these things can have an impact on how much money you have in your retirement savings when you get to the end of your working life. Data shows that women lag behind men in their average KiwiSaver balance, often because they take time out of the workforce for children or to care for elderly parents, and because they may be in lower-paid jobs when they are working.

Similarly, deciding to go into business ownership may mean money is redirected from your retirement savings. A relationship separation can mean that your savings are halved, and that you face retirement without the financial support of a partner.

However, none of these things need to knock you permanently off course. Often, it’s simply a matter of understanding how changes in your circumstances have affected your financial outlook and identifying any adjustments that could still help you achieve your goals.

Never too late

Even if you feel that you are behind, it is never too late to make progress. You can start wherever you are right now, set some clear goals for what you’d like to achieve and determine a strategy to get there. Our SHARE advisers can help you to look at ways that you might be able to maximise your outcomes, whether that’s through being in the right sort of investments suited to your risk profile, or tweaking how much you are contributing to retirement savings.

How your picture fits together

As part of planning for retirement, it is important to have a clear understanding of the income you are likely to need, the resources available to support you, such as investments, your KiwiSaver account and other savings, and any debt you may still have.

You can also factor in what you expect to get from NZ Super, and when you expect to want to stop working.

Having a clear picture of where you’re heading can sometimes make it easier to get there.

Small changes add up

When you’re investing for the long term, small changes can make a big difference. Even if you can only afford to invest a small amount each month, you may be able to put aside more than you expect by the time you retire, particularly if you’ve made sure your settings are appropriate.

We can help

You don’t have to do it alone. At SHARE, our advisers can help you to create a realistic plan for your retirement, based on where you are now. We won’t worry about where you think you “should” be but can show you what’s achievable in the situation you’re in now.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.