If you’ve got all the details you could put them in a SIPP with Hargreaves Lansdown for example. Quite simple if you know all the details. You would then have to pick investments yourself. No charges other than platform charges.I’ve got about 10 different work pensions as have been an “agency” worker for years and before that worked at different local authorities.
Is there anywhere that would look at them all for me and perhaps “bring them all into one place” so I know how much I’m on for copping for?
Hi, GPCDribbling and smelling of piss
MateIm now 65 and my retirement pot is around 240k, thanks to trump is obviously going down now.
But I have a big problem in knowing and trusting financial advisors.
I would like to think that pot is big enough for me to have a good retirement. But when I see my figures breakdown its about 4k a year !! I would need to live to about 145 to use up my pot. I just dont understand it and scared to trust a financial adviser.
Do I get help with paying private rent from the government once I retire ? Cos that's 1k a month :(
I want to retire but scared as to what to do and if i can afford to retire.
If the ex hadn't got the house I would be laughing but private rent is a bastard
Can’t see you getting help with rent bud with a pension pot that big.Im now 65 and my retirement pot is around 240k, thanks to trump is obviously going down now.
But I have a big problem in knowing and trusting financial advisors.
I would like to think that pot is big enough for me to have a good retirement. But when I see my figures breakdown its about 4k a year !! I would need to live to about 145 to use up my pot. I just dont understand it and scared to trust a financial adviser.
Do I get help with paying private rent from the government once I retire ? Cos that's 1k a month :(
I want to retire but scared as to what to do and if i can afford to retire.
If the ex hadn't got the house I would be laughing but private rent is a bastard
Have you got a defined benefit pension (final salary or fixed pension with increases mostly built in) or a defined contribution pension where the pot is yours to do what you want.Im now 65 and my retirement pot is around 240k, thanks to trump is obviously going down now.
But I have a big problem in knowing and trusting financial advisors.
I would like to think that pot is big enough for me to have a good retirement. But when I see my figures breakdown its about 4k a year !! I would need to live to about 145 to use up my pot. I just dont understand it and scared to trust a financial adviser.
Do I get help with paying private rent from the government once I retire ? Cos that's 1k a month :(
I want to retire but scared as to what to do and if i can afford to retire.
If the ex hadn't got the house I would be laughing but private rent is a bastard
Have you got a defined benefit pension (final salary or fixed pension with increases mostly built in) or a defined contribution pension where the pot is yours to do what you want.
I had a defined contribution but took action to get control of my pot because like you I’d have to live until my mid 90’s to start making a profit, in my case the pension wasn’t index linked and had no provision for an annual increase. It took me a long time and you need a registered IFA who has the indemnities to deal with the issue. There’s a lot to it and it ain’t cheap, probably cost you around 7k but it’s worth it and you can pay out of the crystallised pot meaning the fee comes out of your pension before any tax implications.
You have to use a FA for any amount over 30k, it’s compulsory for FCA regulations.
Once you have the money you can invest in funds, based on your attitude to risk your FA will choose for you. You can also draw money out annually any leave the balance to grow.
I finally got mine last July and it’s currently 12.7% up even with the Iran shit. I’ve not drawn anything out yet as I’m living on savings and investments plus state pensions for me and my wife, I estimate I only need around £6k per year to finance our lifestyle but our house is paid for so you may need more.
£4K per year for a £240k pot is too low, should be around £9k minimum from what I was looking at.
Try and transfer if yours is a DB pension but go and see a FA, it’s well worth it. I used Haven Protect in Altrincham, if you’re not local it doesn’t really matter as my meetings were on Zoom with just the last one in person, I can highly recommend them.
Because he's not spoken to an FAAm I being stupid? If give it to Gordon has an estimated £240k, why isn’t he able to access it as a whole amount?
I’m dreading all this nonsense, me.
Have a look at my post above, if it’s a Defined Benefit pension it’s not easy to take but it’s doable, the Financial Adviser (who you have to use) can block you for transferring but it’s pretty nailed on they wouldn’t if £240k only had a yield of £4K, the FCA can also block. If it’s a Defined Contribution Gordon can invest and draw down money as he wishes, also if he pegs out any money left goes into his estate.Am I being stupid? If give it to Gordon has an estimated £240k, why isn’t he able to access it as a whole amount?
I’m dreading all this nonsense, me.
That’s why you need to get the pot as a drawdown. Your £240k will earn £7200 in one year at 3%. Draw £15k out second year, and after a further 12 months your pot will still be worth over £239k, keep doing that and it should see you into your box! Also, the older you get the less money you need.Only 9k !! Thats only 9 months rent let alone food and bills.
Don't know how you managed to qualify for the state pension at 62Retired at 62 with just a state pension and a few grand savings, enjoying life to the fullest, don’t need ££££’s
I am in a similar situation we have 2 state pensions ( 1 till july) a small final salary pension and a DC pot of around £250k which i currently draw down at £750 a month (will drop to £200 a month from July) pot is still growing every month.That’s why you need to get the pot as a drawdown. Your £240k will earn £7200 in one year at 3%. Draw £15k out second year, and after a further 12 months your pot will still be worth over £239k, keep doing that and it should see you into your box! Also, the older you get the less money you need.
You’ll be surprised how much you save being retired on things like snacks,lunch and drinks, and travel to and from work.
Works well for those in DC schemes. As you say the growth element makes it an attractive proposition. Not so good when it’s a DB scheme paying smaller annuities.I am in a similar situation we have 2 state pensions ( 1 till july) a small final salary pension and a DC pot of around £250k which i currently draw down at £750 a month (will drop to £200 a month from July) pot is still growing every month.
Sorry, received my pension at 65, managed on savings until thenDon't know how you managed to qualify for the state pension at 62
I would assume its a CETV (Cash Equivalent Transfer Value), which depending on the state of the gilts markets and inflation will change, but as a ball park at retirement age would be worth between 20 and 25 times the annual payable income.Am I being stupid? If give it to Gordon has an estimated £240k, why isn’t he able to access it as a whole amount?
I’m dreading all this nonsense, me.
That’s the way to do it, plenty of people don’t retire until they think they have enough, just cut your cloth accordingly, don’t need the latest car, TV & stuff.Knocking it on the head at 50. I'll have a few quid plus no mortgage. The next 9 years will be solid graft. Travel the world whilst I'm still able to. 6 months in Asia and 6 months here with the Mrs. Life is far too fucking short
You may be lucky and get a PM from an IFA on BM. I don't think they're allowed to actively approach a potential client though, it has to be the other way round. Have a look on "Vouched for" or "Unbiased" for reviews together with the FCA website to help you choose. Youtube has a site called Meaningful Money and he is very good at keeping it simple.I’ve got about 10 different work pensions as have been an “agency” worker for years and before that worked at different local authorities.
Is there anywhere that would look at them all for me and perhaps “bring them all into one place” so I know how much I’m on for copping for?