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Financial Advice for Retirement Planning

As we get older, retirement looms on the horizon and may seem daunting. However, Holborn Assets are the experts in providing financial advice for retirement planning. Read our guide to learn more about retirement financial advice.

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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.

What is the purpose of retirement planning?

The purpose of retirement planning is simple. That is to determine and plan for your required income during retirement.

For some, their goals may include the ability to retire at their intended age, or even being able to retire early. An integral part of the process also involves overcoming any fears you may have about retiring, at least from a financial standpoint.

Retirement planning weighs up your goals against your current trajectory. Your financial adviser will then put a bespoke plan in place to ensure you’re on track to make these plans a reality.

Holborn Assets retirement financial advice services

Our clients regularly approach us in search of expert financial advice to prepare for retirement.

Popular requirements are not limited to, but often include:

View all Holborn Assets retirement planning services
Financial Advice for Retirement Planning

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.

Risks of not having a plan in place for retirement

It’s safe to say that all of the above benefits of having a retirement plan in place will be lost if a plan doesn’t exist. Or, if the plan is outdated, or simply unsuitable because it hasn’t been created by a financial adviser.

But in tangible terms, what could a lack of retirement planning mean for the final years of your life?

  • A level of income which does not meet your needs or expectations for retirement.
  • A risk of having to return to work due to financial shortfalls – in the UK this scenario has been dubbed ‘the great unretirement’ due to increasing numbers of over 50s returning to work.
  • Inability to avoid healthcare costs as you age, particularly if you are an expat who does not qualify for state-funded services.
  • Missing out on investments and savings strategies that could add more comfort and security to your life.
  • Potentially reduced inheritance for your loved ones.
  • Less time to enjoy your later years due to having to work longer than you intended, plus the unnecessary stress and worry this will bring.
  • Reduced ability to manage financially due to unforeseen emergencies or unstable financial markets.

As an individual or business owner, there may be other aspects that could also be jeopardised without proper financial advice about your retirement.

The question is, can you afford even one of the above risks to happen to you?

Learn more: Learn how to manage risk with wealth management

What should I ask my financial planner about retirement?

When you sit down with your dedicated financial adviser here at Holborn Assets, it’s your chance to ask us anything about your retirement strategy.

Based on our expertise, we’ll also bring our own questions to the table to ensure all angles are covered.

Some of the top points any financial review will cover include questions such as:

  • Can I afford to retire?
  • How much do you need to save for retirement?
  • How to start saving for retirement
  • How to invest for retirement
  • How to build your net worth
  • What bonds are good for retirement?
  • Do I need an emergency fund?

Of course, the questions will also include any other financial matter of interest that could affect your retirement. So, do have a good think and make any notes where applicable to bring to your appointment.

Financial Advice for Retirement Planning

Retirement planning FAQs

We’ve answered some of the most common questions about retirement planning below. If you don’t see your query, please don’t hesitate to contact one of our financial advisers for further guidance.

When should you start retirement planning?

The simple answer is as soon as possible. Time is a huge advantage where your retirement strategy is concerned. The longer you give yourself to plan ahead the better.

So our advice would be not to delay in planning for your retirement, and likewise, consult a financial adviser to ensure your plans are on track.

If in doubt, remember this key piece of advice: ‘It’s not what you save, it’s when you save’.

Is it good to start a retirement plan early?

Absolutely. While it’s possible to have a financial adviser look at your current plan at any age, the earlier you approach us, the more options you’ll have at your disposal. Plus, an early start on your retirement plan helps take the pressure off, versus leaving things too late to get to where you’d like to be.

What is good retirement advice?

A take we like from CNBC is that “you need to save 12 times your pre-retirement salary.” While this is of course general advice, it is a good benchmark to aim for. When you make an appointment with one of our retirement planning experts, we can offer a more tailored view taking into account your personal circumstances.

What is the best way to start planning for retirement?

Speaking to a financial adviser is by far the best way to plan for your retirement. That’s because each individual will have different goals, meaning a bespoke approach is needed. From there, a plan can be created outlining how your retirement goals can realistically be achieved. For instance, the amount you may need to save, or even the types of investments which may benefit your portfolio the most.

Why should I consult a professional financial adviser about my retirement?

Choosing a fully qualified, regulated and accredited professional for advice on any financial matter is always highly recommended. This is to ensure you will receive trustworthy, honest and informed guidance.

In terms of your retirement specifically, a financial adviser is best placed to make sure you are on track with your goals – your future income will be reliant on any decisions made. In contrast, poor advice or even a DIY approach may lead to costly or irreversible mistakes.

Learn more: The difference between financial advice and financial planning

Holborn Assets – Retirement financial planning specialists

Holborn Assets is a leading financial advisory group, with offices based across 18 global locations. If you are in search of financial planning or advice regarding your retirement, then you’re in the right place.

Our financial experts are well-positioned to advise those at various stages of their retirement planning. In addition, we also have an excellent reputation for providing UK expats living in the UAE with financial advice for retirement planning.

Learn more: Planning retirement through wealth management

For any help or advice with anything we’ve mentioned above, send us a message and our team will be in touch shortly.

You can also keep up to date with our latest retirement planning news and advice on our Instagram, YouTube or LinkedIn channels.

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