There are some things that are completely fine with a ‘do-it-yourself’ approach; you can often save a lot of money by taking on a professional’s job and putting in the time and effort to manage it on your own. Unless you have a financial background, however, your finances – and in particular managing your retirement goals – are not one of those things. |
Calling in an Expert
Some people question the need to pay for financial advice when planning for life after they finish work, but the factors that need to be considered are many and varied, and it’s an extremely complex topic. A professional advisor is, by definition, someone who can advise you on the most suitable products for you to achieve your retirement goals in the time you have to do it. They’ll base their advice on the personal information you give them about your individual circumstances, and one of the main benefits is that they have a full understanding of everything on offer – including things like annuities, pension drawdown and setting up a pension for self employed people. Some of the many reasons you might want to consider calling in an expert financial advisor when you’re planning your retirement are below.
You don’t have the time or expertise
There’s absolutely no shame in not knowing everything (or anything) about how to plan for your retirement. Even if you do have a working knowledge of some aspects, most busy working people don’t have enough time in the day to pay their finances the attention they deserve. If you’re confused, time-poor or anxious about how to make your money work best for you for the future, get help! A good advisor will be able to assist you with setting balanced goals and a sensible strategy for the future.
You’re starting your own business
If you work for yourself or plan on setting up a business it’s highly advisable that you enlist professional help. Things like making sure you pay the correct (but not too much) tax and organising all the details for a pension. For self employed people, it’s all too easy to let things like that slide while you’re busy working in your business, but if you do, you’ll risk some heavy financial pain later on – or even trouble with the law.
You think you’ve left it too late
While the sooner you put a strategy for beyond your working life in place, the better, it’s never too late. However for older people who don’t have a decent pension pot, it can be overwhelming, confusing and quite often very intimidating. To maximise your chances for a comfortable future, working out the best places to invest and build wealth while also minimising taxes and protecting what you do have is definitely a job for an expert. Not only will they understand the nuances and legalities of this kind of investment, because of their specialised knowledge, they’ll be able to identify opportunities you wouldn’t be able to on your own.
You have other concerns besides retirement
An astute professional planner can help you with anything related to your finances. By understanding your individual goals and current situation, they’ll build up a complete picture and be able to advise on many things including:
? Budgeting and spending ? Tax ? Estate planning ? Purchasing property for investment or lifestyle ? Investing in the stock market ? Creating a savings plan
So whether it’s for complex problems like drawdown and setting up a pension for self employed people, or something a little easier like putting a savings plan in place for your first home, employing a professional to manage and advise on your finances can completely transform your future.
Claire Novakovic is the go-to expert for those who need advice on a pension for self employed business owners. As a Chartered Financial Advisor, she is the inhouse pension expert for Accudo Investments. Offering comprehensive independent financial advice tailored to each individual’s needs, Accudo Investments provides effective portfolio management and tax strategies to meet the needs identified.
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