Financial Advice for Retirement Planning

At its core, retirement planning is about making your money work for you.

Here at Holborn Assets, we provide financial advice across a range of aspects that are crucial to your financial health. Retirement planning is no exception.

Longer life expectancy rates coupled with higher costs of living mean retirement planning has never been more important. Therefore, now is the time to ensure you have a solid plan in place to maintain your lifestyle when you are no longer working.

For those yet to map out their financial plan for retirement with us, here is an overview of why there’s no time like the present to protect your future income.

Why seeking advice is essential for retirement planning

It’s easy to be kept busy with everyday life while you’re still working, or even when raising a family. But what happens when your regular income is no more, and your personal needs (i.e. healthcare requirements) have also changed?

Seeking financial advice acts as a safety net so that you can move towards retirement with confidence. It is designed to ensure that your current plan is realistic and that all available opportunities are being taken.

Here is just a snapshot of how invaluable a financial adviser can be to the retirement planning process.

Ensuring you will live a comfortable retirement

As we’ve mentioned in a previous blog post, ONS life expectancy increases suggest that the average person will now need to plan for two decades of retirement.

It’s easy to think of retirement as a short burst of time compared with our working lives. In reality, these years can feel very long, especially if they aren’t spent comfortably.

A comfortable retirement isn’t a guarantee, nor does it happen automatically. Instead, every person needs to plan ahead and this is exactly what our financial advisers can help you with.

Few people are retirement experts

Similar to seeing a doctor if you have a medical issue, or visiting a lawyer if you need legal advice – it’s impossible to have all the answers about your finances without expert input.

In fact, without the correct advice, you could run into serious problems. This could be due to poor investment options, or even a lack of strategy altogether.

Now you also know the stats about how long the average person spends in retirement, why leave your finances to chance?

“We find that an adviser adds more than 15 percentage points of income replacement in retirement.” – Portfolio Management Research

Discover any potential issues while you still have time to do something about it

Imagine discovering you have a financial shortfall once you are in retirement.

Depending on the scale of the problem, there may be very little you can do about it. Or, it may lead to tough decisions such as selling your home to pay for care, which is an all too common scenario for the older generation.

Whatever scenario may apply to you or your spouse, a solid retirement strategy is the best way to protect your financial health. This includes any inheritance you may wish to leave behind.

You may also be interested: The Holborn Assets DB (defined benefit) pension calculator.

Ever-changing market conditions

In recent years, we’ve seen recessions and even a cost of living crisis. There’s no telling what the future may bring, but by having a plan, your finances have a much better chance of weathering any storms.

If it’s been some time since your retirement options were reviewed, then the advice could be irrelevant or outdated. But with a financial adviser keeping a keen eye over proceedings, we can soon put that right for you.

Peace of mind

There is so much to worry about as it is in life. So why add your retirement into the mix?

Once you reach the age of retirement, you lose the golden opportunity to make meaningful changes to your pension pot. Instead, the time for action is now.

With your retirement plan sorted, it leaves you free to concentrate on what’s important. For instance, spending quality time with your grandchildren, or even getting reacquainted with the golf course

Ultimately, whatever plans you have for retirement, you can rest easy knowing your goals are in hand, because you’ve taken the wise step of asking an expert.