Do I really need financial advice at retirement?

Google provides us with the answers to almost everything.

Need to fit bathroom tiles? YouTube offers a video guide. Need to trim a lilac tree? Gardening bloggers will tell you how. Baking, dressmaking, road route planners, guides to this, information on that. It is all out there on the internet; we can be masters of anything.

When it comes to financial planning at retirement, thousands of words are dedicated to the subject on-line. The facts we all crave are widely discussed and pensions continue to make news headlines as George Osborne rolls out vast changes to the pension industry. We have never been better informed.This is where turning to the internet for financial advice comes with risks.

The options regarding how to draw an income at retirement have become even more complicated for the average person to understand, with layers of rules and complex taxation requiring much consideration.

A team of technical staff at Sanlam are employed specifically to understand these complex pension changes, ensuring our Wealth Planners are always informed and able to best advise our clients.

Many financial advisers believe that the change made by George Osborne to pensions is good news for the consumer. However for those with several pension pots, other savings or investments, or simply with wider financial planning considerations, there is no easy default route or answers to drawing an income at retirement.

The simple fact is that getting good wealth planning advice at retirement has never been more important.

Those who are financially inexperienced and choose to make decisions about their retirement income without taking advice could be making irreversible mistakes. The internet may provide information, but there are no guarantees that it is correct or even up-to-date. It can never offer every option or consideration, nor can it apply rules to individual circumstances.

Many people would not consider buying a house without employing a solicitor and surveyor, yet many decide to take a gamble with financial advice. The decisions made regarding pension money at retirement can involve significant sums and can decide your future financial well-being.

Not taking wealth management advice at retirement, and taking a gamble of going alone with information sourced from the internet could prove to be a costly mistake.

The role of a Wealth Planner is to understand all of the complex pension options, rules and changes and provide advice which is tailored to meet the needs of the individual. Those who take financial advice can also be comforted that the regulator (the Financial Conduct Authority) requires that your adviser has the knowledge and skills in order to provide you with suitable advice.

If you are approaching retirement, speak to your Wealth Planner, if you don’t have an adviser contact Sanlam at letstalk@sanlam.co.ukThis article is for information purposes and should not be treated as advice. Individual circumstances should always be considered prior to purchasing any financial products. For further information please contact your Wealth Planner.

Sanlam is a trading name of Sanlam Wealth Planning UK Ltd (Reg. in England 3879955) and English Mutual Ltd (Reg. in England 6685913). English Mutual Ltd is an appointed representative of Sanlam Wealth Planning UK Ltd which is authorised and regulated by the Financial Conduct Authority.