How can financial advice help you plan for retirement – and is it right for you?

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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. Here, we look at financial advice – which is one of the ways you can get help with your retirement prep – so you can consider whether it’s right for 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, 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 information 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. So a big part of retirement planning involves deciding which option, or options, to go for.

You can usually:

• Take your money as a flexible income
• 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 MoneyHelper. 

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.

What's next?

There you have it – some examples of how a financial adviser could help you with retirement planning.

When you plan for retirement, you’re taking a big step towards the future you’ve worked for. And you don’t need to plan alone if you don’t want to.

 If you’d like more information about financial advice at retirement – including what to look for in an adviser and how to find one – you can visit our website.

 

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.