Should you seek financial advice in retirement?

Published: 17 Feb 2021

Finances can be complex at any time in your life. While retirement is supposed to be a time for relaxing, it’s all too easy to let your finances get the better of you.

If you think you need help, you’re not alone. Whether you need the answer to a simple question about your income stream or a tailored financial plan, financial advice can help.

Our financial adviser# can help you set some goals, plan and protect your retirement income.

You may have received financial advice in the past or never got around to it. Here is a list of the benefits and obstacles of seeking financial advice that may help:

Cons of seeking financial advice

1.You pay fees

Nothing worth having comes for free, and that goes for financial advice. There’s no avoiding that you will have to pay for your financial advice, but it probably won’t cost as much as you might think. Financial advice fees can vary greatly depending on the services you opt for; typically, the more complex the advice, the higher the fees. Also, the first meeting with a financial adviser is usually complimentary, which helps you work out whether it’s a good match.

If an upfront fee seems daunting, think about the long-term value of the advice. And if it still seems too high, ask your adviser for a breakdown of what you’re paying for.

2. You have to talk about your money

Research shows that a quarter of Australians are uncomfortable talking about money. As many as 16% said they wouldn’t talk to anyone about the state of their savings, not even their partners. And there’s no way around it; seeking financial advice means you have to talk openly about your money matters.

Pros of seeking financial advice

1.You gain access to knowledge

Financial advisers often have a broader, deeper knowledge of financial products and money management than the average Joe. This is especially true when it comes to more complex money matters, like investment options, shares and estate planning. Not only do they understand the financial products and services, they know how to use them to meet clients' individual needs.

2. Make the most of your money

By gaining an overview of your financial and life circumstances, and understanding your goals, financial advisers can help identify key wealth-building areas and tackle areas that may be dragging your finances down. Not only will this help you make the most of your money and assets, but it can also help you avoid potentially costly mistakes.

3. Feel more in control of your finances

Financial advisers help you become financially prepared for every stage of life, including life in retirement. With your goals in focus, and a plan to achieve them, you can be confident that you are in control of your finances.

4. You can save time

Depending on the type of financial advice you opt for, your adviser may be able to manage your investment portfolio for you, saving you the time and effort. This typically includes regular reviews of your circumstances and investment portfolio, and rebalancing your investment portfolio if necessary. While you will need to meet with your adviser periodically to revisit your goals and check how your investments are tracking, you won’t need to tackle the day-to-day tasks.

Seeking financial advice can make a big difference to your finances, especially in retirement. It can give you more confidence that you’re on track, and if it’s not on track, a financial adviser can help you put some strategies and goals in place.

Need help staying on track in retirement?

Speak to one of our ESI FS Financial Advisers today

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