[Misc] Retirement

[Herr Tubthumper]

Blimey, I have 34 already and still 15 years from "normal" retirement age.

My online account shows I made full contributions from 16 years of age onwards….I didn’t have a proper full paid job until I graduated.

 

[Flounce]

This thread has veered from retirement stories to how much money/income everyone has/will/could/hope to have

I bet Steve Foster wishes he’d never quit NSC, his finances could have grown even more if he’d trawled this thread

 

[Tim Over Whelmed]

Is that your Project 2025? Hope your ankle is not so poorly.

I hope so, to be honest I had a couple of looks at it for this year but it's not going to work. So likely Apr '25. Will be a fundraiser for The Chestnut Tree Children's Hospice, the important thing is how I cost it, rightly I'll be paying my own food, and accommodation, so every penny goes to the charity, there are too many events these days that just gobble up funds by looking after the participants!

 

[Tim Over Whelmed]

I don’t have a pension as such, but plan to either live of investments or cash these in and buy a life annuity or a mix of both. Guess I should talk to an IFA….can anyone recommend a non-racist IFA for this?

Amy guy is really good but alas not taking anyone else on, the only reason I raise this is a good IFA will come recommended and only have the amount of clients they can effectively handle

 

[Half Time Pies]

I know the ambulance chasers are slating the largest IFA group, St James’s Place, but in my experience they’ve been great, solid, sensible advice and better returns than in other investments.

Get some solid advice as it’s easy for a poor IFA to tell you something he or she feels is right but you could lose out significantly

I think the difficultly with St James Place is that people go to them believing that they are independent Financial Advisors and people refer to them as IFA's (as you have done) when they are not. The advisors work for St James Place and only offer restricted St James place products. No issue using them if you understand that distinction, and are happy to go down that route, but it's not the same as going to a properly independent financial advisor.

 

[Tim Over Whelmed]

This thread has veered from retirement stories to how much money/income everyone has/will/could/hope to have

I bet Steve Foster wishes he’d never quit NSC, his finances could have grown even more if he’d trawled this thread

To be honest, when retired, or just prior to retirement, it’s fairly important to us. You’re right though, it can come across the wrong way!

 

[Tim Over Whelmed]

I think the difficultly with St James Place is that people go to them believing that they are independent Financial Advisors and people refer to them as IFA's (as you have done) when they are not. The advisors work for St James Place and only offer restricted St James place products. No issue using them if you understand that distinction, and are happy to go down that route, but it's not the same as going to a properly independent financial advisor.

That’s true, but I’d also say I’ve been told to leave some products where they are, as they can’t improve what I have in place and they’ve also recommended I look at some options outside of their portfolio.

 

[Half Time Pies]

That’s true, but I’d also say I’ve been told to leave some products where they are, as they can’t improve what I have in place and they’ve also recommended I look at some options outside of their portfolio.

I am sure some may do this sort of thing but as they earn their money only out of what you have invested in St James Place products they are effectively being incentivised not to. As I said no issue if you are happy with the products they offer, the fees that you are being charged and the returns you are getting.

 

[Weststander]

I think the difficultly with St James Place is that people go to them believing that they are independent Financial Advisors and people refer to them as IFA's (as you have done) when they are not. The advisors work for St James Place and only offer restricted St James place products. No issue using them if you understand that distinction, and are happy to go down that route, but it's not the same as going to a properly independent financial advisor.

Not forgetting the scandal of their high fees.
https://www.telegraph.co.uk/money/investing/st-james-place-puts-aside-426m-advice-fee-refunds/

 

[Flounce]

To be honest, when retired, or just prior to retirement, it’s fairly important to us. You’re right though, it can come across the wrong way!

Oh don’t get me wrong, I am in the same situation, it was just how “look how many holidays I am going on” has turned into financial advice and questions, it just amused me that’s all! It’s a great thread

I even had a mild panic reading about cashing in investments on this thread as the stock market is about to crash comments too!

 

[happypig]

To be honest, when retired, or just prior to retirement, it’s fairly important to us. You’re right though, it can come across the wrong way!

The most important thing, in my opinion, is to manage your money to ensure income and expenditure are balanced. You also need to think in terms of phases of retirement.
My view of it is that there are several stages to retired life :
1. First stage (retirement until State Pension Age): you've got your lump sum and a monthly income (or draw down) and lots of things to do. You may be waiting for a spouse/partner/bit of fluff to retire. You spend some of your savings on enjoying yourself.
2. SPA and still active (aged 66/67 to mid 70s): All of a sudden your monthly income goes UP by 11 grand a year. Double that for a couple. You have quite a decent income but may have depleted some of your savings. You get a bus pass.
3. Slowing down (mid 70s to 80s): Probably done the big spending. Probably give up driving and use the bus pass.
4. Misery and death (mid 80s onward) : Ensure a lot of money is passed on to my son before I have to go into a care home. Large enough dose of Oxycodone to ensure I don't go into a care home.

 

[Professor Plum]

…it was just how “look how many holidays I am going on” has turned into financial advice and questions,

Two sides of the same coin?

 

[BLOCK F]

Polar Cap is still up 26% in the last 12 months despite being down 15% in the last month.

Yes and I still own a reasonable chunk of this which is a ‘forever hold’ for me.

Polar Cap is still up 26% in the last 12 months despite being down 15% in the last month.

 

[A mex eyecan]

The most important thing, in my opinion, is to manage your money to ensure income and expenditure are balanced. You also need to think in terms of phases of retirement.
My view of it is that there are several stages to retired life :
1. First stage (retirement until State Pension Age): you've got your lump sum and a monthly income (or draw down) and lots of things to do. You may be waiting for a spouse/partner/bit of fluff to retire. You spend some of your savings on enjoying yourself.
2. SPA and still active (aged 66/67 to mid 70s): All of a sudden your monthly income goes UP by 11 grand a year. Double that for a couple. You have quite a decent income but may have depleted some of your savings. You get a bus pass.
3. Slowing down (mid 70s to 80s): Probably done the big spending. Probably give up driving and use the bus pass.
4. Misery and death (mid 80s onward) : Ensure a lot of money is passed on to my son before I have to go into a care home. Large enough dose of Oxycodone to ensure I don't go into a care home.

That’s the big balance isn’t it. Trying to get the most out of life but not overly spending so you runout of money before you run out of breath. Likewise not doing enough and not enjoying yourself by being overly cautious and ending up with too much money left over. No point being richest man in the graveyard is there.

 

[Tim Over Whelmed]

I am sure some may do this sort of thing but as they earn their money only out of what you have invested in St James Place products they are effectively being incentivised not to. As I said no issue if you are happy with the products they offer, the fees that you are being charged and the returns you are getting.

I agree, based on the advice I’ve been given and the returns I’ve made I’m happy, and the fees, whilst “strong” are justified with these returns, against other products I have invested outside of SJPP

 

[Tim Over Whelmed]

Oh don’t get me wrong, I am in the same situation, it was just how “look how many holidays I am going on” has turned into financial advice and questions, it just amused me that’s all! It’s a great thread

I even had a mild panic reading about cashing in investments on this thread as the stock market is about to crash comments too!

That’s the worry, isn’t it. Yes, you’d possibly cash in some if you needed the money now, but if you can sit 6-18 months all will, be fine. And I know what you mean about holidays etc

 

[Tim Over Whelmed]

The most important thing, in my opinion, is to manage your money to ensure income and expenditure are balanced. You also need to think in terms of phases of retirement.
My view of it is that there are several stages to retired life :
1. First stage (retirement until State Pension Age): you've got your lump sum and a monthly income (or draw down) and lots of things to do. You may be waiting for a spouse/partner/bit of fluff to retire. You spend some of your savings on enjoying yourself.
2. SPA and still active (aged 66/67 to mid 70s): All of a sudden your monthly income goes UP by 11 grand a year. Double that for a couple. You have quite a decent income but may have depleted some of your savings. You get a bus pass.
3. Slowing down (mid 70s to 80s): Probably done the big spending. Probably give up driving and use the bus pass.
4. Misery and death (mid 80s onward) : Ensure a lot of money is passed on to my son before I have to go into a care home. Large enough dose of Oxycodone to ensure I don't go into a care home.

100% agree, Mrs OW is a bit younger, as well, so need to take that into the plan.

 

[happypig]

That’s the big balance isn’t it. Trying to get the most out of life but not overly spending so you runout of money before you run out of breath. Likewise not doing enough and not enjoying yourself by being overly cautious and ending up with too much money left over. No point being richest man in the graveyard is there.

Yep. My mother-in-law squirreled away money in retirement; she had twice as much coming in as going out. Aged 83 she was sitting in a care home bemoaning all the things she hadn't done and place's she'd like to have seen.
When she died my wife's share of her estate was enough to pay our mortgage off.

 

[essbee1]

The most important thing, in my opinion, is to manage your money to ensure income and expenditure are balanced. You also need to think in terms of phases of retirement.
My view of it is that there are several stages to retired life :
1. First stage (retirement until State Pension Age): you've got your lump sum and a monthly income (or draw down) and lots of things to do. You may be waiting for a spouse/partner/bit of fluff to retire. You spend some of your savings on enjoying yourself.
2. SPA and still active (aged 66/67 to mid 70s): All of a sudden your monthly income goes UP by 11 grand a year. Double that for a couple. You have quite a decent income but may have depleted some of your savings. You get a bus pass.
3. Slowing down (mid 70s to 80s): Probably done the big spending. Probably give up driving and use the bus pass.
4. Misery and death (mid 80s onward) : Ensure a lot of money is passed on to my son before I have to go into a care home. Large enough dose of Oxycodone to ensure I don't go into a care home.

In London, we get a freedom pass at 60. Loser!

 

[Me Atome]

Not forgetting the scandal of their high fees.
https://www.telegraph.co.uk/money/investing/st-james-place-puts-aside-426m-advice-fee-refunds/

Yes, I wasn't keen on their fees. But if you still do well after paying their fees, I suppose it is a win-win.