Financial Advice: The Key to a Comfortable Retirement

Enjoying a comfortable retirement is one of the most common goals for investors all across the world – and for good reason.

There’s nothing better than being able to confidently live out your retirement knowing your finances are in order, where you can experience the lifestyle you’ve always dreamt of.

That being said, this doesn’t just come about. Instead, it requires careful and effective planning — but how do you do this?

The key is financial advice, and we’re here to tell you how, why, and where.

Finding the right financial adviser

The first step is knowing where to find the right financial adviser.

Whilst there are many advisers available, we recommend finding a financial expert from a modern wealth management service.

This can help ensure you receive the most beneficial guidance from an experienced adviser, who can tailor their guidance to your unique financial situation.

As well as this, you can gain access to a range of different services, from financial planning to investment management and even an online retirement planning tool.

This can give you the highest chance of reaching a successful outcome when you retire.

Choosing the type of advice you want

The next important thing to know is how to get the right type of advice from your expert. There are two key forms of advice you should consider:

One-off financial advice

This type of advice allows you to receive a one-off consultation with your financial professional. Within this, they’ll perform a full assessment of your financial situation, including things like an analysis of your income.

You can discuss various aspects of your financial situation with them, and they’ll offer the right recommendations for building your wealth effectively for the future.

Ongoing financial advice

With this type of advice, you can have regular meetings with your adviser to help review and adjust your approach where necessary.

As your financial situation evolves and things potentially impact your wealth – tax rates, market changes, etc. – your adviser can help you take the best route to navigate these impacts and stay on track for your retirement goals.

If you’re unsure of what advice you require, your modern wealth management service can assess your situation with a one-off consultation, and determine whether you’d benefit from any further advice.

Using advice to optimise your approach to retirement

Now we move on to why you should consider financial advice for your retirement. There are a wide range of reasons, which include:

Establishing your future goals

Your adviser can help you establish your financial goals for the future and implement the right steps to achieving them.

With each goal, your expert can help you refine them to be both beneficial to building your wealth whilst also being realistic in terms of your financial situation.

They can then help you outline clear and activatable steps for hitting these targets effectively.

Structuring your investments

Investing can be key for your retirement, and your adviser can help you structure each investment to grow your retirement savings optimally.

For instance, they can help you make the most of your pension contributions to shelter your money from tax, using the full £60,000 of the annual pension allowance – as of the 2023/2024 tax year.

Also, if you have any Individual Savings Accounts (ISAs) or other types of investments, they can help you save in these as tax-efficiently as possible.

Tracking your wealth

It’s important to track your wealth when building it for retirement, to make sure you’re aware of your investment performance and so that you don’t lose any assets.

Your adviser can give you access to online wealth-building tools designed to give you full visibility over all your accounts – personal pension, ISAs, etc.

This can allow you to plan your investments out with more clarity, and have a more accurate idea of how certain changes to your investments could impact your wealth.

It’s no questions as to the huge potential that lies within financial advice for your retirement planning.

Your retirement is likely to only be as comfortable as you make it, with your approach to investing, outlining your plan, and tracking your wealth.

But with an expert adviser, they can help make your retirement as comfortable as you’ve always desired.

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