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Do I need a financial adviser when planning for my retirement?

You may be planning for your retirement early on, or you might be approaching the age you wish to retire. Regardless of which category you find yourself in, one of the most important things to include in your planning is an expert financial adviser.

Read below, where we’ve provided some of the many reasons why a financial adviser is a crucial component in your retirement planning.

You receive unique advice

By obtaining an expert adviser from a modern wealth management service, you can receive advice that’s specifically tailored to your individual requirements.

Your adviser will gain a full picture of your financial circumstance in order to make the right recommendations for your pension planning.

This can include a full analysis of your income, along with a review of your financial dependants, current assets, and much more.

Not only this, but you can inform your adviser of any challenges or personal concerns you might have about your finances, and they can incorporate this into your approach.

With a full understanding of your situation, your adviser can offer you unique advice that’s best suited for giving you a successful financial outcome when you retire.

Your plan is clearer and more realistic

Another reason to consider financial advice for your retirement planning is that it can provide you with a plan that’s clearer and more realistic in terms of your financial circumstance.

Your adviser can help you outline all your short and long-term goals for the future – which might include things like being able to support your dependants through your retirement, building your pension to a certain amount for when you retire, and many other potential targets.

Each of these goals can be refined by your adviser since they’ll be able to assess your current circumstance and inform you of what goals you can realistically reach for your retirement.

With more achievable goals in place, you can have increased confidence in the success of your retirement plan, and set more realistic steps for reaching these targets. 

Your pension investments are accurately implemented into your plan

It’s also important to obtain a financial adviser for your retirement planning, since they can make sure your pension investments are a core component within your plan.

Investors can sometimes struggle to make the right contributions to their pension, whilst sheltering their money from tax.

With their vast experience, your adviser can help you plan out the right times to make contributions, and the right amounts, in order to be as tax-efficient as possible.

This will take into account, for example, the annual pension allowance of £60,000 – as of the current tax year 2023/2024.

You can continually review and adjust your plan

Building your initial retirement plan is an essential process, but one that can be equally as important is having ongoing advice to direct and adjust this plan.

Your adviser can offer you regular meetings and reviews of your financial plan, so they can make sure it’s consistently aligned with your financial situation.

For instance, should you experience changes in your income or lifestyle, or if there are any changes in tax rules, your adviser can swiftly address these changes in your plan.

This can allow you to remain on track for the most successful financial outcome with your retirement, no matter how your circumstance might evolve.

As you can see, a financial adviser can be a great component in your retirement planning – so why not consider finding your own wealth management service?

Please note, the value of your investments can go down as well as up.