Five times financial advice could really help
The five times in life you should seriously consider taking financial advice.
Last Updated: 16 July 2024
Even if you’re usually comfortable managing your own finances, there are life-changing moments when getting expert advice could make a world of difference. Especially when it comes to significant and unexpected life events.
Here are five times you should seriously consider taking financial advice.
Keep in mind that the article itself is not advice and you should consider advice if you’re ever unsure what course of action is right for you.
1. Financial advice for retirement
Retirement is more than just a significant life event. It’s a crucial turning point for your finances.
The decisions you make at retirement, like how and when you access your pension, could impact the income you receive for the rest of your life. You can usually access your pension from age 55, rising to 57 in 2028.
Your retirement is unique to you. And it’s something you’ll generally only do once. So even if you’re financially savvy, you may still need help to deal with something as complicated as accessing your pension.
An adviser can help you understand all your options and check that what you plan to do is right for your circumstances. They can also help make sure that your pension is on track to pay you the money you need, when you need it. If it’s not, they can help you work out ways to make up the shortfall.
You should always seek advice if you’re not sure what course of action is best for you. You can also get free impartial guidance from Pension Wise from age 50.
LEARN ABOUT ADVICE AT RETIREMENT
2. Financial advice following a bereavement
Losing a loved one can be hard enough. It’s even harder if you have to deal with their finances or if your financial situation changes as a result. That’s why it’s worth getting a financial adviser to help you.
If you’re not sure what to do with any assets you’ve inherited, our advisers can give personal recommendations and help you to:
- Understand your new financial situation
- Make the most of what your loved ones left you
- Ensure any investments match your needs and goals
Keep in mind that investments go down as well as up in value, so you might get back less than was put in.
3. Estate planning advice
Death is a life event that will happen to us all. And the last thing you want is for your loved ones to struggle to unravel your finances and wishes when you pass away.
Talking to an adviser now could make things easier for you, and for them. By taking financial advice alongside legal advice, you can make sure that your finances line up with any legal arrangements and what you have set out in your Will.
An adviser can also help with inheritance tax. It’s a complicated area, but an adviser can help you navigate the rules, and you could leave more behind for the ones you love.
Try our online inheritance tax calculator to see if you might be affected.
ESTATE PLANNING AND INHERITANCE TAX ADVICE
4. Financial advice after divorce
It’s a significant, and often unexpected, life event which could see your finances change drastically.
An adviser can support you during divorce proceedings by explaining the various financial assets on the table. Being informed means you’ll have a clearer picture of what you’ve got and what you’re giving up.
They’ll also be able to help you rebuild your finances afterwards. Your budget, needs and goals are all likely to have changed, and an adviser can create a financial plan that ties everything together.
WHY GET FINANCIAL ADVICE AT DIVORCE
5. Advice when you’re considering consolidating old pension pots
You might have reached a time in your life when you want to focus more on your pension. But having lots of different pension pots can make it harder to plan ahead for retirement.
It’s often easier and clearer once you’ve consolidated your pensions.
But you shouldn’t rush into it. It’s vital to know what you hold, where it’s invested and any hidden benefits and guarantees you may give up by transferring. There may also be excessive exit charges that might be applied.
Researching and comparing your various pensions can be time consuming. So why not leave it to an expert?
A financial adviser can review all your pensions and produce a tailored plan based on your retirement goals. They’ll also help you avoid the pitfalls or make the most of any historic benefits you didn’t know about.
Talk to us
If you’re facing a situation where you think personal financial advice could add value, our professional advisers can help.
The first step is to book a call back with our advisory helpdesk to talk through how advice works, and the charges involved. They won’t give advice on the call, but they’ll help you get a better idea of whether it’s right for you. Then if you want to take advice, they can put you in touch with an adviser.
We can only provide advice to UK residents. If you’re resident overseas, unfortunately we’re unable to advise you.
Hargreaves Lansdown PLC group companies will usually send you further information by post and/or email about our products and services. If you would prefer not to receive this, please do let us know. Your personal data will remain confidential, and will never be passed to any other company, unless required by law.
