Retirement planning might be easier than you think if you use this one service that’s available for free. If you’re not sure whether you’re in a position to retire or not, don’t panic.

There’s plenty of services you can use to gather knowledge about your situation and understand what options are available. It might seem stressful and complicated, but planning your retirement is an important part of your future. Taking control of your finances and assessing how much money you will need to retire could be more simple than you think.

On its website, Lloyds Bank says: “You get free help and guidance through Pension Wise. If you’re over 50, you’ll also benefit from a free 60-minute appointment.”

You can book a free appointment to start understanding more about your options with Pension Wise. 

But you can also speak to a financial adviser who may be able to provide you with more information. While services for a financial adviser will require a payment, it could be worth it for a deeper analysis on your position.

You can visit Unbiased or Vouchedfor to find a financial adviser near you, says Lloyds bank.

Money Saving Expert says: “Unlike many other financial areas, with pensions, totally FREE guidance is available, online, via chat or on the phone, funded by a government levy on the finance industry.”

It adds that over-50s can speak to Pension Wise, everyone else can go to MoneyHelper. Alternatively, you can pay for full independent financial advice: Guidance can talk you through rules, tax-efficient routes and options, but can’t give you a personal decision, or talk about best products or investment choice. 

If you’d like help with a decision, you will instead need a financial adviser. 

This is usually for those with bigger pension pots, for example around £50,000.

Yet while you do pay, getting it wrong on big amounts can cost more, so it’s usually worth it, says Money Saving Expert.

By booking a free appointment with Pension Wise, you can begin to understand what options you have for retirement.