Financial Advice for Retirement: 7 Expert Tips Everyone Should Know

One of the biggest mistakes people make is waiting too long to seek help. Many assume financial advisers are only for the wealthy or those on the brink of retirement. In reality, speaking to a financial adviser early gives you more options, more time to save, and more flexibility if your plans change.

An adviser can assess your current pension pot, review your workplace and personal pensions, and help you set achievable retirement goals. They’ll also explain the tax implications of your decisions and whether you’re on track for your ideal retirement income.

And don’t worry—you don’t need to commit right away. Many advisers offer a free or low-cost first meeting where you can discuss your goals and decide if their support fits your needs.

There’s more than one type of pension, and each comes with its own rules, benefits, and risks. Most people will have access to a State Pension, which you can claim once you reach retirement age. On top of that, you may have one or more workplace pensions and possibly a private pension or savings plan.

Knowing how much is in your pension pot and what you can expect from each source is essential. If you’ve changed jobs multiple times, you might have several small pots with different pension providers. It may be worth consolidating them for easier tracking, but only after seeking financial advice to avoid losing any special benefits.

Make sure you regularly review your pensions and update any changes in your life, like moving house or changing beneficiaries.

Many people focus solely on how much they’ve saved—but retirement income is what you’ll live on. It’s vital to think in terms of what income your pension pot, investments, and other savings will provide once you stop working.

Will your money last? Will it cover both regular expenses and unexpected costs? Will your income rise with inflation?

Your adviser can model different scenarios and help you decide whether to take an annuity for guaranteed income, choose a flexible drawdown approach, or mix both. They’ll also help you decide when to access your State Pension, which can have a significant impact on your overall financial plan.

Tax plays a major role in retirement. While 25% of your pension pot can typically be taken as a tax-free lump sum, the rest will be taxed as income. That means taking too much at once could push you into a higher tax band.

A financial adviser can help you structure your withdrawals to avoid unnecessary tax bills, while still meeting your lifestyle goals. They’ll also explain how ISAs, annuities, and property investments can be used for tax-efficient income.

Proper planning could save you thousands over the course of your retirement.

It’s normal to ask: is it really worth paying for a financial adviser? The answer often depends on your situation. If you have multiple pensions, complex investments, or want help managing your retirement income, the value of good advice can far outweigh the cost.

Advisers charge in different ways—some take a percentage of your pension fund, others charge a flat fee or hourly rate. During your first meeting, they should clearly explain what they’ll do, what it will cost, and what support you can expect in return.

You can also access impartial services like Pension Wise, a government-backed service that offers free guidance to people over 50 with defined contribution pensions. It won’t replace full financial planning, but it’s a great starting point if you're unsure.

Even with careful planning, many people experience a shortfall between their retirement income and living costs. This could be due to inflation, healthcare needs, or the simple fact that retirement lasts longer than expected.

A good retirement plan includes a safety net—emergency savings, investments you can access quickly, or insurance products to cover critical needs. Talk to your adviser about building this into your strategy, so you’re not caught off guard later.

It’s also worth discussing how to support your family if something happens to you. Some pensions offer death benefits or the ability to pass money to loved ones—another reason to speak to an adviser and check the details.

Retirement advice isn’t a one-off event. Your circumstances, the market, and your goals will change over time. Whether it’s a shift in your health, a change in pension legislation, or a global economic shock, your financial plans need to stay current.

You should review your pension provider's performance, update your risk profile, and ensure your retirement goals are still realistic. Most experts recommend an annual check-in with your adviser, especially if you’re in drawdown or close to full retirement.

This habit ensures your plan stays aligned with your life—and your money keeps working for you.