EDINBURGH FINANCIAL ADVICE

edinburgh financial advice

Average pension in Edinburgh

Planning your retirement is an important time in your life. You’ve always known you should save into your pension but do you know how much money you need to support yourself when you retire?

We’ve found that people in Edinburgh, on average:

  • Have an average pension of £139,000
  • Have a life expectancy of 80 years
  • Should expect a pension shortfall of £17,652
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In fact, we found that people in Edinburgh have the highest average pension size in the UK! Despite that, residents still face a shortfall of close to £17,000. Why? Because managing your pension isn’t the same as managing your wages. Many people underestimate the challenge of budgeting into your later years, especially when care costs can mount up.

That’s why we pride ourselves on getting people the help they need. We can match you with a financial advisor in Edinburgh so you can discuss your retirement goals with a professional. It could mean the difference between the stress-free retirement you deserve and having to compromise on your goals.

Property market in Edinburgh

The first thing that comes to many people’s minds when they consider retirement is finally getting the house of their dreams. For some people, this means downsizing and moving to an idyllic village and for others, it’s time for a little DIY to make the garden or kitchen just right.

Just as there are many ways you could spend your retirement, there are many ways to support yourself. Naturally, there’s your pension, but don’t underestimate how much you could gain by releasing equity from your home. The average home in Edinburgh costs £286,000, meaning you may not have to use up your 25% tax-free allowance to get a lump sum you can use in retirement.

Where do people in Edinburgh retire to?

Financial advice in Marchmont, Edinburgh

Marchmont

Just south of the Old Town sits Marchmont, one of the most popular areas for new retirees. Is it because of The Meadows Festival that keeps things active with live music? Is it the parks and tennis courts available close by? It could be, but we think it also has something to do with The Earl of Marchmont - one of the best pubs in Edinburgh - both being just a stone’s throw away.

Financial advice in Stockbridge, Edinburgh

Stockbridge

It may look like your idyllic village to while the days away in retirement but Stockbridge boasts a secret that keeps things from getting too quiet: the area’s architecture is so good it’s regularly used as a filming location. Settling down here means having the city centre on your doorstep while still enjoying peaceful evenings and independent restaurants.
Financial advice in Leith, Edinburgh

Leith

Pushing further north outside the city, Leith is Edinburgh’s historical port area. Although Leith was a largely industrial area until the 1980s, it has since been rejuvenated into one of the finest areas of Edinburgh. Naturally, you can sample the best seafood in the city in Leith’s local restaurants, three of which have been awarded Michelin stars.

Why you should speak with an advisor

It’s a fact: we Brits don’t like to talk about money. But the unfortunate reality is that this mindset can hold people back from making financial decisions that can help them. If you were sick, you’d go to a doctor. If your car broke down, you’d visit a mechanic. But many people, despite needing help with their finances, don’t speak with an advisor.

We understand and we’re here to help. We make finding a financial advisor in Edinburgh as easy as 1, 2, 3:

  1. Tell us a little about yourself and what you need help with
  2. We’ll automatically match you with an advisor
  3. They’ll invite you to a free, no-obligation consultation

You’re in control every step of the way. Want a different advisor? We’ll connect you with a new one for free. Unsure about taking advice? You’re under no obligation to. We aren’t here to pressure you into a decision you aren’t comfortable with - we simply want to help you speak with a professional and learn if advice could work for you. Not everyone we speak to needs financial advice, but those who do appreciate our help.

Click to Find a Financial Advisor in Edinburgh

Frequently asked questions

Do I Need a financial advisor Do I need a financial advisor

Do I need a financial advisor?

A financial advisor can offer valuable insight and expertise on a wide range of common financial concerns.

Key situations in which a financial advisor is likely to be valuable include:

  • Exploring your options during key life events such as retirement

  • Comparing quotes for pensions or insurance products

  • Investing large sums of money

  • Inheritance tax planning and intelligent saving

How much does an advisor cost How much does an advisor cost

How much does an advisor cost?

The cost of using a financial advisor can vary depending on your needs. You may be able to resolve your issues in a single consultation, or you may benefit from a more long-term collaboration.

At Local Financial Advice we're dedicated to providing a transparent and cost-effective experience for all customers:

  • Free, no-obligation initial consultation - Discuss your issues in detail and make a decision about whether you’d like to proceed before making any commitment.

  • Total transparency - Any costs associated with purchasing any product or service from your financial advisor will be broken down in detail.

How can I speak with my advisor? How can I speak with my advisor?

How can I speak with my advisor?

Many of the advisors we work with are flexible with how they can meet with you.

  • Your advisor will often try to first get in touch with you by phone to talk about the kind of advice you need.

  • If you decide to continue with their advice, advisors can meet you face-to-face. You can discuss any safety precautions the advisor should take if you arrange for them to visit your home.

  • Throughout your time speaking with your advisor, you may receive emails from them. These will often simply be to confirm your information or the details of future meetings you book with them.

Our Service Our Service

Is the advice one-off or ongoing?

The type of advice you need depends on your circumstances.

  • We encourage everyone we connect with an advisor to discuss their financial needs in detail so they can receive the right amount of advice.

  • You may only need one-off advice if you need help choosing a long-term product to support your retirement, such as an annuity.

  • If you need flexibility with your money, you may prefer ongoing advice from your advisor with you speaking every six months or year to see how your money is performing.

  • Whatever help you need, your advisor will clearly lay out the costs involved. These can be one-off costs or recurring, such as a fund management fee.

Photo credits: Marchmont, Stockbridge, Leith