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When planning for retirement, one of the most important places to start is to seek expert guidance from a financial adviser.
This will help you approach your retirement in a way that’s right for you and your finances and ensure you are well-placed to achieve a successful outcome when you retire.
In light of this, we’ve put together this guide on how to plan your retirement with the help of financial advisers, including creating a financial plan, receiving ongoing advice, and more.
How to Plan Your Retirement With Financial Advisers?
Discuss every aspect of your financial situation
A crucial thing to do when planning your retirement with an adviser is to discuss your financial challenges in detail.
This includes every aspect of your finances, such as your income, financial dependants, outgoings, savings accounts, and investments.
This will give your adviser as much knowledge and understanding of your situation as possible and allow them to tailor their advice to your unique circumstances.
The guidance they offer will be more effective, and you can have a plan tailored to your individual requirements.
Create a comprehensive financial plan
Advice from your wealth manager can also help you to create a comprehensive financial plan for your retirement.
This plan will detail your future goals for your retirement and establish a range of steps you need to take to reach these objectives efficiently.
Some of the goals to include in your plan might be:
- Being able to have an early retirement
- Having a specific amount in your pension pot when you retire
- Having the funds to live a particular retirement lifestyle
- Optimising your asset mix for when you retire
Your adviser will help you refine your goals to ensure they are beneficial towards building your wealth for retirement while also being realistic in terms of your financial situation.
With these clear goals in place, you and your adviser can then begin setting out the steps necessary to reach these goals and build the foundation for a successful retirement outcome.
Re-structure your pension contributions if need be
How you structure your pension contributions is also a crucial component in your retirement plan, and your adviser can help you optimise this.
Your expert adviser will inform you of the various tax charges that might apply to your pension and give you all the knowledge necessary to utilise these rules to benefit your wealth.
It is important to note that the annual pension allowance was recently raised to £60,000 a year and to know about the potential opportunities that could arise from the scrapping of the lifetime allowance in the 2023 Budget.
Your adviser can help you manage your contributions, including the amount and timing of each one, to ensure you shelter as much of your money from tax as possible when growing your pension savings.
Consider ongoing advice with your wealth manager
To build the best approach to your retirement, you can also consider whether you need ongoing advice from your wealth manager.
Various things could impact your finances as you move through life, which can alter the overall effectiveness of your original approach.
For instance, this can include changes to tax rates, tax codes, market behaviour, or changes in your career and total income.
Therefore, you may find it beneficial for an adviser to continuously review and monitor your progress, so you can adapt your approach where necessary and navigate these impacts with more resilience.
