Financial decisions affecting your retirement income will be amongst the most important you’ll make during your lifetime and investing in timely financial advice could provide a welcome boost.

It seems there is a genuine need for this support; with research from Citizens Advice suggesting that nearly half of people (49%)* are worried they won’t have enough pension savings for a comfortable retirement.

The value of financial advice

While the cost might be a barrier to some in terms of taking financial advice, it can make a positive difference to the amount of retirement income you could receive.

Research has unearthed a problem, when approaching retirement only 22%** of people know the value of their pension pot and only 14%** of people would be confident planning their retirement goals without financial advice.

Another problem highlighted by Which? is the lack of trust consumers have in pensions, just 23%*** of customers polled said they had faith in them.

This low level of trust is worrying.  

Coupled with a lack of pension knowledge, it is what could be leading to more than half of people who did cash in their pensions simply moving money into alternative savings like a current account, the FCA has revealed.

This could prove to be a real problem if consumers are looking to make their money grow or beat the rate of inflation, which is currently at 2.6%.

The value of financial advice should not be underestimated.

UK savers with a pension pot of £100,000 save, on average, £98 more every month and receive an additional income of £3,654 every year of their retirement, if they take financial advice.

** That extra income might be just what you need for a trip to paradise!

Getting advice can help you make the most from your pension pot. If you’d like to discuss any aspect of your pension income please get in touch with Newcastle Financial Advisers by popping into your local Newcastle Building Society branch, booking an appointment online or calling the Newcastle Financial Advisers team on 0345 600 4330 (lines open Monday – Friday 9am – 5pm).

Newcastle Building Society Pension Clinics

Newcastle Building Society hold handy pension clinics in their branches. They comprise of 20 - 30 minute no obligation drop in sessions with Newcastle Financial Advisers. They’re perfect if you just want to ask a few questions and see what you might need to do next. Please note places are allocated on a first come first served basis.

Up and coming Pension Clinics Include;

Chester – Le – Street, Thursday 28th September: BOOK YOUR PLACE NOW

Northumberland Street, Friday 29th and Saturday 30th September: BOOK YOUR PLACE NOW

South Shields, Friday 6th and Saturday 7th October: BOOK YOUR PLACE NOW

Sunderland, Friday 27th October: BOOK YOUR PLACE NOW

If you'd like to find out what retirement options could be right for you a pension clinic could point you in the right direction. Remember the value of financial advice should not be under estimated.

Past performance is no guide to future performance and may not be repeated. The value of your investments can fall as well as rise so you could get back less than you invested.

*Four in five approaching retirement uncertain about the value of pension savings, Citizens Advice, 2015

**Savers to be able to access £1,500 tax free for pension advice, GOV.UK, 2017

***Trust in pensions lags behind faith in banks, Money Marketing, 2017

Newcastle Building Society introduces to Newcastle Financial Advisers Limited for advice on investments, pensions, inheritance tax planning, and life cover. Newcastle Financial Advisers Limited is an appointed representative of Openwork Limited which is authorised and regulated by the Financial Conduct Authority