How can financial advice help you plan for retirement?

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Planning for retirement, and getting the right support when doing so, can help you make confident choices at an important time in your life. We look at financial advice – which is one of the ways you can get help with your retirement prep – and how it could benefit you. 

First, a quick explainer. Financial advice is given by financial advisers; qualified professionals who can give you recommendations based on your own circumstances.

Getting financial advice at retirement can help you…

1. Take stock of what you have

Part of retirement planning is checking the value of your pension pots to understand how much you’ve got in pension savings. If you have more than one pot, it’s important to know where they all are.

Some people bring their pots together into one to help keep track of what they’ve got, although doing this isn’t right for everyone. You can find out more about bringing pension pots to Standard Life on our website.

A financial adviser can offer advice on the suitability of bringing multiple pots together and whether it could benefit you. And they can help make sure you’ve got a clear understanding of how much you have. 

2. Decide how to take your money

There are normally a few different ways you can take your pension savings. 

You can usually:

• Take your money as a flexible income (drawdown)
• Take your money as one or more lump sums
• Use your money to buy a guaranteed income

You could even combine these options to suit your needs – for example, you might take your money in different ways at different points in retirement. And you can normally take 25% of your pension pot tax-free. You can learn more about your options on our website. 

It’s a big decision, and what’s right for you depends on your own situation. 

If you get financial advice, your adviser will look at your situation and goals in detail. They’ll then use their expertise and knowledge to build a retirement plan for you. They’ll advise you on the best way to take money from your pension pots based on your circumstances.

Having a professional there to recommend options can help simplify the planning process and give you reassurance that your decisions match up with your goals. 

3. Make your pension savings last as long as possible

A financial adviser can help prevent your pension savings from running out too quickly. As we mentioned, they’ll give recommendations for how to take your money, which could help you avoid taking too much too soon. And they can help minimise the tax you pay in retirement. 

Remember, money paid into a pension is invested, so the value can go down as well as up and could be worth less than was paid in. Your investment choices could make a difference to the amount of money you end up with in retirement. The adviser will get to know your retirement goals and attitude to risk so they can advise on your pension investments.  

Plus, a financial adviser can give you a good idea of what your income could look like in retirement, discuss your outgoings with you, and explain how to help your money support your goals.

People who take financial advice might be financially better off as a result. For example, the Financial Conduct Authority estimates a 10% increase in wealth for people in the years following financial advice (when compared to those who don’t get advice). 

Getting advice from us

If you're already taking or looking to take money from your pension pot, Standard Life Financial Advice can help you make confident choices about your retirement. 

You can:

• Speak with an expert adviser from your first call
• Set up an income from your pension savings to suit you
• Make tax-efficient decisions
• Get a financial plan personalised to your retirement, ready to put into action

Take the next step

Get started with a 10 minute introductory call to one of our advisers. There’s no commitment to continue, and we’ll help you decide if advice is right for you.

Find out more

 

The information here is based on our understanding in November 2025 and should not be taken as financial advice.

A pension plan is an investment. Its value can go down as well as up and could be worth less than was paid in.

Your own personal circumstances, including where you live in the UK, will have an impact on the tax you pay. Laws and tax rules may change in the future.

Standard Life accepts no responsibility for information in external websites. These are provided for general information.