Retirement: Why would you need financial advice?

1 September 2021

Planning for retirement can be confusing. How much do you need to save? What age could you retire? Here we take a look at getting advice and guidance.

Getting financial advice can boost your confidence about retirement

Our research tells us most people are not confident about their retirement plans. Only 41% of non-retired UK adults are confident that they’ll have saved enough for their retirement.

This lack of retirement confidence is a result of many people not knowing how much they currently have saved in their pension, or how much they might need to retire.

When was the last time you checked your pension? Only14% of non-retired people in our survey had looked at their pension value in the last year. It’s a good idea to keep on top of your pension and know how much you’re on track to have saved by the time you want to retire.

Do you know how much you’d need to save for a comfortable retirement? Only 8% in our survey had researched how much they’d need. It’s sensible to have an idea of the lifestyle you’d like in your retirement years and how much that might cost you. Our handy budgeting guide might help.

Preparing for retirement

When you’re nearing retirement and ready to start looking at your options, it’s important to seek some guidance.

We recommend you take a look at Pension Wise, which is a free government service - it's a great resource for guidance, either face to face or over the phone.

It's important to do your research and shop around for the best deal for your retirement. It's up to you what you do with your hard-earned money but we believe getting regulated financial advice is the best way to get the most out of your pension savings and ensure a safe and secure retirement.

Financial advice

Our research shows that taking financial advice boosts retirement confidence. 65% of those who had consulted a financial adviser were confident they’ll have enough saved for their retirement. Advice could also see you better off in retirement altogether. It can help to ensure you're taking money from your pension tax efficiently and that you're getting a solution that is right for your personal circumstances.

Here are three things you need to know about professional financial advice and why it’s really important to get the support you need so you get the very best for your retirement:

Firstly, knowing what to do with your pension fund can be quite daunting. It’s a big decision involving a lot of money, so making the right choice is really important. Financial advisers can help you through this.
Having a financial adviser will ensure that you get the most out of your hard-earned pension savings and ensure it will last for as long as you need it. They’ll advise you on the choices available and the best solution to help you to make an informed decision.
Financial advisers are experts regulated by the Financial Conduct Authority, so you can trust them to provide impartial advice and a personal recommendation that’s right for you. This will give you confidence that you have made the right choices towards a safe and secure retirement.

Financial advisers work on your behalf to help meet all your retirement needs while protecting you from the costs of fraud or scams.

Don’t forget, their services aren’t free and charges do vary but your adviser will make it clear as to how much you’re paying and what it’s for before you proceed.

Retirement specialists

We’ve been specialising in providing trusted and regulated retirement advice for over 20 years. Learn more about how our pension advisers can help you make the most out of your pension savings safely and with confidence. You can request a call back from one our friendly advisers today.