I'm retired, can I still get
financial advice?

People aged 65 and over are less likely to seek financial advice – a time when they might need it most.

Taking financial advice as early as possible to plan for the life you want is important: it provides clarity on your financial goals, helps you weather life’s storms with ease and ensures you’re backed by an expert at all times for total peace of mind.

But what about people who have never sought financial advice – especially now, when they might need it most? The complex nature of retirement decisions could mean many people may struggle to make choices that sufficiently meet their needs in retirement, be it a sustainable income or funding long-term care – further heightening the need for later life financial advice.

A recent report by the Pensions Policy Institute (PPI) shed light on this, concluding that people aged 65 and over are less likely than average to use financial advice. The report found that in the run-up to retirement (ages 55-64), 19.3% of people had received advice. This fell to 15.4% after 65.1

With much of the focus for seeking advice being on the accumulation phase of retirement– or saving for retirement – which looks at your income, sources of wealth, how much you’re currently saving and your preferred retirement age, the decumulation phase – or taking out some income from those savings once you’ve retired - risks being neglected.

The problem pension freedoms pose

The introduction of pension freedoms in 2015 has added a further layer of complexity to retirement choices. Since you can now access your pension savings from age 55, one of the big risks this poses is running out of money later on in life. Comprehensive and ongoing financial advice is critical at this point, so you can make the right choice and understand how this could affect your ideal retirement later on.

Benefits of having a plan in place

Simply put, products aren’t the solution, a plan is. A financial plan will help you navigate life’s big changes – retirement being one of the biggest. Even if you’re retired, working with a financial adviser could help you to:

  • map out how best to structure your pension(s), investments and other savings so you can begin to enjoy your ideal retirement;
  • budget sustainably to ensure you don’t run out of money further into retirement;
  • consider suitable retirement income options and ensure these are set up properly;
  • mitigate inheritance tax and capital gains tax liabilities; maximise annual allowances.

Read our report on the value of advice

Getting the help you need

If you’re 50+ and have a personal or workplace pension, consulting Pension Wise, a service from the government that provides free and impartial guidance could help get you started on your financial planning journey.

If you’ve decided on getting financial advice, a qualified and experienced financial adviser could help to simplify the complexities around retirement choices while offering the support and guidance you need to take the right action.

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