Do financial advisers help with retirement planning?
In short, yes! Financial advisers are absolutely there to help you with your retirement planning. We all have different needs and requirements and so financial planning is essential for you to get the retirement you want. Having a financial adviser who can help you plan for retirement is essential to getting the most out of your finances.
The most important part of working with a financial adviser when planning your retirement is trust and understanding. Having a financial adviser who understands your goals and you can trust is the foundation of a good relationship.
How a financial adviser helps you plan for retirement
There are many ways a financial adviser can help you plan for retirement. The first step will be to discuss your financial goals. This will help your financial adviser understand what it is you want to achieve. Once they understand your goals they can begin to look at what you have currently set out for your retirement and how you can improve and build on that.
Having a financial adviser help guide you through all the options on the market is essential to have the best financial plan. Here at Schofield, our advisers are independent, which means we have access to all possible financial products. This allows us to make the most out of your investment and retirement plan.
Financial planning for retirement
Not all retirement plans suit all however there are a few key things to remember.
1: Set your goals - The first thing you should always do when planning for your retirement is to set a specific goal. This will help you track your progress and assess how much you need to put away or invest to reach that goal.
2: Financial reviews - This is essentially where you perform some sort of financial analysis, or health check if you will. We recommend you review your finances regularly to ensure that you are getting the most out of your savings and investments. Understanding when to move your money to ultimately benefit your retirement savings pot can make a huge impact on your overall financial goals.
3: Budget and assess - Budgeting shouldn’t be a new word for many. As the cost of living is increasing, far more people are budgeting than ever. However, you should always keep track of your budget and assess where you could make additional changes or cuts to further help your retirement goals. Sometimes you don’t realise you have that subscription, assessing your budget regularly will help you find those hidden savings.
Speaking to a financial adviser is always a good idea. Don’t be afraid to ask them questions, we have a blog here on what questions to ask your financial adviser. This can help you figure out if they are the right adviser for you. Our main recommendations are to work with a financial adviser who is independent and chartered; this means they have full access to the financial market and can provide you with the best solution. Being charted is highly coveted within the financial industry as it means we have a certain level of service and credibility to uphold.
Here at Schofield we work with you to find the best financial solutions for you, that all begins with your financial goals and setting out a plan. Contact our team today to see how we can help you reach your retirement goals.