Getting good financial advice from an expert can go a long way in helping you manage your finances well, especially after your retirement. Planning your finances and finding different avenues for saving and investing them can be a daunting task for you if you don’t have prior experience in this field. Also, planning for specific financial goals, like retirement, requires a lot of research and customisations, which an expert financial advisor can offer you.

With the help of a retirement financial advisor, you can make prudent decisions when it comes to choosing the right savings and investment options. This way, you don’t have to worry about the finances of your future, at a time when you no longer are employed. The returns from your investment options will take good care of you, enabling you to continue with the same lifestyle as earlier. In short, having a retirement financial advisor ensures that you don’t have to compromise on the quality of life even when you have retired.

Are you interested to know more about financial advice for retirement planning? Keep reading for the details.

Who is a Retirement Financial Advisor and What is Their Role?

Before understanding why taking financial advice for your retirement is important, it is a good idea to know more about the duties of a retirement financial advisor. An expert in retirement financial planning guides you in all aspects of saving, investment, spending and budgeting for your retired life.

He listens to your long-term financial goals, and then prepares a tailor-made financial plan for you to incorporate your goals and make the most of your retirement savings. A retirement financial advisor can help you with one or all of these services:

  • Financial Planning (guiding you about different ways of saving money, cutting down expenditure and debt and more)
  • Managing investments (guiding you to have the right type of diversified portfolio for retirement planning, revisiting investments frequently and more)
  • Managing taxes (guiding you to investment options that help you evade taxes on any income you receive in your retirement and more)
  • Managing assets (guiding you to manage your assets, transfer of ownership at the time of death and more)

Are you planning to enjoy the peace of your retired life without having to worry about your finances for your everyday expenses? It is a prudent choice to seek the services of a retirement financial advisor, in this case.

Role of Professional Financial Advice in Retirement Planning

You might have already saved for your retirement, but getting professional financial help from experts will help you explore different avenues of growth for these savings. If you are wondering how, here are some benefits you can enjoy when you choose the right financial advice for retirement savings.

  • Getting the Most Taxes

One of the most important reasons of taking financial advice for retirement planning is that it helps you manage your taxes and reduce your tax burden to the maximum possible extent. By the time you retire, your income, savings and investments will have increased considerably. These could attract taxes. When you sell assets, you might have to pay taxes on the capital gains you enjoy from those transactions.

A professional financial advisor can guide you to certain tax-evading strategies to ensure you don’t pay a lot towards taxes. It may not be possible for you to completely avoid paying taxes when you are retired, but with an expert to guide you, you can bring down your tax burden to some extent.

Some of the popular tax-saving retirement strategies that your advisor may recommend are – investing in some health savings accounts with tax-free earning concepts, investing in accounts where future withdrawals by customers are tax-free, claiming all tax-free deductions you are eligible for, and many others.

  • Portfolio Management

Every individual’s risk appetite is different. Hence, following the investment strategies of your friend may not work for you always. If you want to invest in smart investment options that are in line with your financial goals, risk profile and affordability, you have to seek the services of a professional retirement financial advisor.

Based on your risk appetite, retirement plans, current age and other factors, a financial advisor can help you make the most of your retirement savings. Starting to save early for your retirement is the key to having a peaceful retired life. If you have many years more until your retirement, your advisor may recommend a safe portfolio, with most of your investments in equity and a small portion in bonds and safe investment options.

On the other hand, if you have started planning for your retirement at a very delayed stage (with only about 5 years until you retire), you don’t have the luxury to enjoy the long-term changes in the stock market. In this case, your advisor may recommend you to invest only a very small portion in stocks, with the majority being directed to safer and less risky options like bonds and bank deposits.

  • Revisiting or rebalancing portfolios

It is quite surprising to know that not many people know the importance of rebalancing their portfolio at regular intervals, for effective retirement planning. You may know enough to choose a diversified portfolio for yourself based on your risk profile, but you will still need an expert to revisit your portfolio and make the necessary tweaks based on market fluctuations.

Availing of expert financial advice can help with technical expertise to give you a detailed performance report on your investment options to let you know the ones that are making you money, and the ones that are not. Prices of stocks and bonds may fluctuate every day, but a financial advisor can guide you to spot long-term fluctuations and rebalance your portfolio correctly to make your investment efficient and profitable.

It is a good idea to revisit all your investment options at least once a year to know the performance of your portfolio. Professional financial advice helps you with exactly that! This way, you can be sure that your portfolio is always in line with your financial goals and risk profile.

  • Managing Pensions

According to a recent survey, only around 16% of the surveyed people expressed their confidence about choosing pension products for investment, as part of their retirement planning. Having a financial advisor to help you manage your pensions better than before is quite imperative, if you want to make the most of your finances.

With professional help by your side, you can be quite confident about matters like cashing in a part of your pension, transfers from one type of pension to another, withdrawing whole or part of your pension, withdrawing annuity and more.

Since pension products are considered safe and long-term, it is one of the popular investment strategies for retirement planning. Understanding the different types of pensions and withdrawals of pensions can be quite confusing as there are a lot of legalities involved in these transactions. Seeking the services of a retirement financial advisor will save you from all these complications.

  • Peace of Mind

Planning for your retirement, managing your investments, revisiting them at regular intervals, and doing all of these in line with your financial goals and risk profile can be quite a daunting task for you. You may not have the time and resources to do retirement planning all by yourself. Before you start to think of it consciously, it might be too late!
This is why seeking financial advice for retirement is highly recommended. With an advisor to do the job for you, you can rest assured knowing that your future finances are taken care of. The best part of hiring financial advisors is that you get personalised plans drawn up for you, based on your goals, current age, years left for retirement, risk assessment and other factors.

A financial advisor also ensures that your investment strategies are monitored at regular intervals to know if they are yielding the desired rate of returns, or if a rejig is necessary. When you see the performance of your portfolio growing considerably well, it gives you an immense sense of satisfaction that you don’t have to compromise on your quality of life, even when you don’t have a regular income to support you in the future.

A Word of Caution

Today, you will see many retirement financial advisors claiming to help you with efficient strategies to maximise your retirement savings. However, it is a good idea to tread cautiously on this path. Choose a financial service provider that specialises in retirement planning, and one that has enough stood in the market. Look for online reviews, customer references, company history and other relevant factors before you decide to partner with a retirement financial advisor for your needs.

How can we help you?

Are you looking for a good accounting services London provider to help you with your retirement planning? We are here to give you what you want. At Unicorn Accountants, we aim to provide affordable and highly efficient services to improve the value of your worth. For any queries on our services, you can reach out to us at and we are happy to collaborate with you.