Retirement Planning Advice
At This is Money we know that retirement planning is a concern for many of our readers, so we've partnered with expert financial planners, Flying Colours, to help you plan for the retirement you want.
Retirement planning advice: why it’s worth paying for
What do you want from your retirement? Different people will have different answers to that question, depending on how they see themselves enjoying their pension years.
For some travel and adventure will be on the agenda, for others the opportunity to spend more time with friends and family closer to home is important.
But whatever their vision for their retirement, an ambition shared by the vast majority is financial security.
What is financial planning?
You may have a healthy pension pot, but creating a financial plan to make it last, deciding where to invest to make the most of it, and getting important tax considerations right, can be a daunting prospect.
This is where working with a financial adviser to achieve your retirement goals can really pay off.
Whether you are saving hard to build up your pension pot, nearing retirement and wondering what you can do to ensure you have enough, or at retirement and want help working out how to generate an income for the rest of your life, seeking professional help is a wise move.
And while you will need to pay for retirement advice, studies show that those who do see its lifetime value far outweigh the initial cost.
Don’t waste your retirement on regrets!
According to Standard Life’s report: Retirement Voice 2023:
41%
of retired men
44%
of retired women
say they wish they’d sought advice or guidance to plan for their retirement.
39%
worry about whether they’ve made the right choices about how they accessed their pension savings.
Less than
4 in 10
people think they’re saving enough for retirement, and 55% are worried that their pension savings won’t last throughout their retirement.
92%
of people
say that a guaranteed income in retirement is important to them, but at the same time, 89% want to be able to access their savings flexibly. Keeping a balance between the two is very tricky, especially if you plan to have money left at the end of your life to pass on.
We explain below how retirement planning advice can help you below, but first take our Retirement Ready Quiz.
Are you retirement ready?
How ready are your finances for retirement? Have a go at this simple online quiz to find out. It’s free and takes just five minutes. You’ll receive a bespoke score, along with tips for how you can improve it.
The value of working with a financial adviser for retirement planning
For many people value in retirement planning can be found in:
- Reducing costs
- Saving tax
- Saving time
- Bespoke advice on highly technical areas around retirement finances, such as using tax allowances, maximising alternative sources of income, long-term care planning and intergenerational planning
- Peace of mind that you’re on track to achieve your retirement goals
The proof that retirement planning is worth it
At Flying Colours, we have a fresh approach to proving our worth. This means that when we present your financial plan, we’ll also provide you with a Personal Value Statement (PVS).
In it, we’ll demonstrate our value in the following ways:
- How we can help you achieve your financial goals
- If and where we can reduce costs
- Where we can save you tax
- How an appropriate and managed risk profile can lead to better outcomes
Although it’s not possible for us to provide you with a Personal Value Statement until after we’ve researched your finances and made our recommendations, you can see an example here:
Natalie is a great Financial Adviser. She was extremely approachable and helpful, spending the time to get to know me and my family's circumstances and was extremely supportive. She took the time to explain quite complicated matters (to me, anyway) in very simple terms, ensuring I fully understood my options to make informed decisions. I really appreciated Natalie's calm and caring style and was very happy with the advice she gave me. I was also very happy with Simon Harvey, who worked with Natalie and followed up with the pension companies to ensure all was on track.
I have received retirement planning advice enabling me to achieve early retirement. George has been supportive and has provided clear explanations and highlighted options and potential risks throughout. Just at the beginning of my journey with Flying Colours but so far so great.
Very professional and informative advice relating to my retirement options. I found Craig to be very knowledgeable and approachable and he gave me sound advise which I acted on. The whole process was well handled, and Craig was never more than a phone, or online meeting away. I would highly recommend his services.
I had been avoiding doing anything with my pensions for years, but I am so glad I contacted Flying Colours. Natalie has been great, she explained everything to me in a way I could understand and produced a really comprehensive report that showed options and outcomes, and reorganised my pensions for me.
Really helpful advice and comprehensive report from Arthur on all matters financial. We sought advice as I neared retirement and was looking for the best way to manage a number of pension pots. With Arthur's help these pots have now been consolidated onto a single platform which is easier to manage. Arthur also provided helpful advice on tax efficient saving ideas.
Great service. I've been with them for several years. Last week I needed a rapid tax free lump sum. I explained situation and legal status and within 4 days money was in my bank account. I appreciate their understanding of the need for rapid processing. George is very professional, and I've been in financial services for years and have a deep mistrust of IFAs but George is one of the best I've dealt with.
I have used my current adviser for many years and more recently been linked with Flying Colours. I find them efficient and trustworthy with regular and helpful financial updates - both written and video.
I have been extremely impressed and happy with the service I’ve got from Flying Colours and in particular my advisor Andrew. Andrew’s patience and ability to explain things in clear everyday language while giving me the reassurance about every step I was taking means my pensions have been sorted and I’m now in the position to make informed decisions about my future. All throughout he’s been transparent and open with me. I’d highly recommend him.
Maxine has been instrumental in managing our financial planning, from pension transfers to tax-efficient strategies within our business. We wholeheartedly recommend her, as we have to friends, colleagues, and family. Her advice is genuine and goes above and beyond her duty to ensure we are getting the best advice at the right time, nothing is too much trouble.
Arthur discussed a variety of options that would suit my future needs and risk profile and I feel he gave me proper independent advice. I feel I made better decisions from understanding the risks and benefits of property v. investment fund and increasing my pension pot. Despite my relatively modest investment, I am taken seriously. Arthur anticipated many of my questions ahead of my first annual review and so despite my funds performance at the current time, I am confident he is helping me to make good decisions for my future financial security.
John is always ready to answer any questions promptly, professionally and in language I can understand. I feel confident with his advice during the current financial problems in the UK.
Excellent service and counsel provided. Would highly recommend. I have been through several advisers over the years but finally feel I’ve found what I’ve been searching for with Flying Colours. The team are consistently helpful and attentive, particularly my contact Billy Ambler who provides a stellar service at every interaction.
My financial adviser Sara Arora Is very personable, professional, friendly and welcoming. We are on the same page when we talk as she explains everything so well and keeps in touch. I am happy with all the updates from Flying Colours, especially with current events impacting investments.
Got questions?
Use our LiveChat tool to speak directly to one of our Client Relationship team members.
How much does it cost?
Like most financial advisers, our advice fees are based on a percentage of the assets that we advise you on. This is broken down into an initial fee and then, for most clients, an ongoing annual fee.
We can’t provide a price list, because everyone’s finances are different and the cost depends on how complicated your requirements are and the work involved in helping you.
What Flying Colours can promise is that the initial fee is agreed with you from the outset – and we won’t charge you until you have agreed on the work you’d like us to do.
Find out how you could benefit from financial planning
To book a free, no-obligation consultation with an independent financial adviser, book a call with our Client Relationship team.
0330 057 0961
This information page is operated by Flying Colours, which is a trading style of Flying Colours Advice Limited who are authorised and regulated by the Financial Conduct Authority (FCA). Our FCA firm registration number is 672022. You can read more on the financial services register at https://register.fca.org.uk
Flying Colours Advice Limited is registered in England & Wales no. 09075635. Registered Office Address: 2nd Floor, Greenwood House, London Road, Bracknell, Berkshire, RG12 1AX.