The benefits of financial advice for retirement planning

If you’ve ever planned a wedding, you know there’s a lot of planning for a single day. And we often plan holidays with detailed itineraries and budgets. So why should planning for retirement be any different? After decades in the workforce, it’s time to enjoy the next chapter of your life, and planning your retirement can help you look ahead with confidence.

At this time in your life, talking with a financial adviser may provide invaluable assistance in managing your money and planning the retirement you want.

A qualified financial adviser can help you with:

1. Personalised planning

Your financial situation, goals and needs are unique. A financial adviser can assess your personal circumstances and help you develop a comprehensive retirement plan. Your plan is likely to cover income strategies, investment options and risk management. Professional advice can help make sure you’re on the right path in retirement and your nest egg is protected and working hard for you.

2. Retirement income strategy

A financial adviser can help you decide on the best mix of account‑based pensions, annuities and other income sources to meet your needs and maximise your income. They can show you how to optimise your Age Pension entitlements and manage your super throughout your retirement.

3. Longevity and inflation protection

A financial adviser can help you structure your investments to protect against longevity risk and inflation, to help ensure your money lasts as long as you do.

4. Keeping you on track

In the years ahead, your circumstances may change and your financial adviser can provide ongoing support and adjustments to your retirement plan, to help ensure it’s working hard for you at every step of your life.
 

Finding a financial adviser

When it comes to helping you plan for the retirement you want, you want to be confident you’re in good hands. So where do you start?

Referrals from family or friends can be a good place to start. They may already have been through the process or are going through a similar stage in their lives. They can probably share insights into the process and the cost involved.

Doing your own research is essential. Make sure you research any prospective financial advisers online, checking their reviews and making sure they are accredited.

Check out Moneysmart’s guide on choosing a financial adviser, to help you decide if they are the right fit for you.

Industry associations are another good source to help you find a financial adviser. The Financial Advice Association of Australia has an online tool to help you find a financial adviser, allowing you to search by postcode and also specialty, such as retirement planning.