Three ways to get help with planning for retirement

Planning for retirement can feel like assembling flat-pack furniture without the instructions - frustrating at best, and sometimes pretty daunting. Boring Money research found that 7 in 10 pension holders under the age of 45 think that pensions are confusing, and even among those approaching retirement, 47% say they still don't have a plan in place.[1]

It can be hard enough just to understand what you've already got, let alone whether it's enough and how you should use it. That's why thousands of people seek professional financial advice every year to help them sort out their retirement plan, with 4 in 10 non-retired individuals saying they intend to contact an adviser about their pension "at some point".[2]

Fortunately, there are several different ways you can get help with your pension and retirement planning, whether you fancy chatting to an actual human being or prefer an online solution from the comfort of your own couch.

In this article, we run through three main ways you can get professional help - from the tried-and-tested route of traditional advice to convenient fixed-fee packages. But first, do you really need advice?

Do you need financial advice to plan for retirement?

There’s a retirement crisis looming for Britons. Too many people are simply not saving enough, and they don’t realise just how much more they will need to retire comfortably in the future.

Nigel GreenCEO & Founder, deVere Group

Approaching retirement is a common trigger for getting financial advice; Nearly 1 in 5 of all non-retired UK adults aged 55 and over are considering taking advice in the next 12 months.[3]

Though it may seem like a relatively boring admin task, having a proper retirement plan in place is crucial to ensuring you can live comfortably after you finish work. With more of us living longer than ever before, the risk of running out of money is on the up. In fact, a 2024 report found that an overwhelming 73% of Brits are on not on track to retire with sufficient funds to maintain their lifestyle.[4]

If you're unsure if you're saving enough, confused about your options (what are drawdown and annuity anyway?!) or just want to make sure that you're on the right track to afford the retirement you've been working towards, it's worth considering getting financial advice. Especially when it comes to pensions and retirement, as these topics are typically complex and can differ greatly depending on your unique circumstances.

There are a number of different ways you can access financial advice these days, and the cost isn't always as high as you might think. Let's run through the three main ways you can get professional help with retirement planning.

1. Traditional advice

If planning for your retirement is proving to be a complete headache, you can pay for a professional to help you (and manage some of that dreaded paperwork!) by hiring a qualified financial adviser. They can assess your current savings and help you achieve the retirement you're aiming for.

Here's a list of some key things a financial adviser can help you with:

Calculating how much you've already saved up

Working out how much you need for your ideal retirement lifestyle

Explaining ways you can boost your savings

Creating a sustainable spending plan after you retire

Advising you on how to minimise or mitigate tax

Financial advice is often wise as you prepare to retire to ensure that you're doing the right thing with your money. It's even more pertinent for high earners (who may have a lot of tax implications to consider), people with defined benefit or 'final salary' pensions (which typically come with certain 'guarantees' and benefits granted upon retirement), and those with complicated family arrangements (for example, if you're divorced and your ex-partner has made a claim on your pension).

The cost of financial advice differs from provider to provider and depending on the extent of advice you require, but you can generally expect to pay an upfront fee of about 3% of your total assets, around 0.5-2% as an ongoing advisory fee, or between £150-200 per hour.

Most providers also have a minimum threshold for the value of your portfolio before you can access their advisory services. This differs and can be influenced by your lifestage (e.g. you may need to have a larger pot if you are older, but younger individuals may be able to apply with a smaller portfolio).

Although it's generally considered a wise idea to contact a financial adviser in the lead-up to retirement, it's not always easy to find one - or to know where to start searching! Fortunately we've hand-picked qualified financial advisers from all across the UK to help you. Click the link below to visit our Adviser Directory and search for financial advisers near you.

2. Fixed-fee packages

Alternatively, you can pay for a provider to help you organise your finances in later life for a single, fixed fee. These packages are designed to assess your current situation and outline a plan to prepare for retirement. The idea is that, by the end, you'll be content with your pension and ready to retire on your own terms.

There are a number of providers on the market which offer these fixed-fee packages for retirement and/or pension planning. We've listed three popular providers' offerings below in order of cost.

Netwealth

Netwealth offer two fixed-fee financial advice packages which can be helpful when you're planning for retirement - 'One-Off Advice' and 'Financial Planning MOT' - which range from £200 per hour to a flat £400 fee respectively.

One-Off AdviceOne-Off Advice

Financial Planning MOTFinancial Planning MOT

Note that Netwealth's advisers offer restricted advice that relates to Netwealth’s products and services and does not consider the whole market.

J.P. Morgan Personal Investing

J.P. Morgan Personal Investing offers three fixed-fee financial advice packages which can be helpful when you're planning for retirement - 'Core', 'Enhanced' and 'Review' - which range from £450 to £1,350 respectively.

CoreCore

EnhancedEnhanced

ReviewReview

Note that J.P. Morgan Personal Investing's Financial Advice service offers restricted advice on its own range of portfolio services and investment and pension products.

Charles Stanley Direct

Charles Stanley Direct's financial planning service gives you access to tailored financial help for a fixed price of £900 (including VAT). There are two packages to choose from - 'Retirement Savings Plan' and 'Inheritance Tax Plan'.

Retirement Savings PlanRetirement Savings Plan

Inheritance Tax PlanInheritance Tax Plan

3. Digital advice

Alternatively, you can walk through the details of retirement planning and pensions on an entirely virtual level by using a digital advice service. This is a way of getting financial advice online, often for a lot less than the cost of a traditional adviser, and without having to get off the sofa! Digital advice services typically work in one of the two following ways:

• Using AI and complex algorithms to understand and predict your preferences, goals and tolerance for investment risk, then advising you on the best course of action to meet your financial goals

• Offering a digital-traditional hybrid service, with a bit of automation initially, as well as the option to speak with a real financial adviser (usually over the phone or video chat) if you want to

Like traditional financial advice, the cost of digital advice can vary greatly. Two of the main providers which specialise in digital retirement and pension advice include Netwealth and Destination Retirement.