Pension MoneySaving: Buy a different way to boost returns Article Discussion Area

Bigsmak

SlingShot wrote: »

Thanks Linton. I do need to be pretty brutal I think. I suppose it's just facing that kind of outlay each month. Almost feels like things like annual holidays need to pretty much be scrapped just to have enough to pay into the pension. Either that or it's time to get rich.

lol..

You need to sit down with all involved (partner for example) and work out what you really want.. When you know that, it's easier to work backwards to find out the figures you need to put away.

Also - I know one or two on this board, and one in real life, that lives the most basic lifestyle that they can right now so that in 15 years time they can retire early and enjoy life then. They miss out on a lot in my opinion, but its their choice.

So when you know what you really, really want... then its easier to work it out.

The best thing to do right now is get a pension started. You can always up your payments if you feel you can afford it.

SlingShot

Bigsmak wrote: »

lol..

You need to sit down with all involved (partner for example) and work out what you really want.. When you know that, it's easier to work backwards to find out the figures you need to put away.

Also - I know one or two on this board, and one in real life, that lives the most basic lifestyle that they can right now so that in 15 years time they can retire early and enjoy life then. They miss out on a lot in my opinion, but its their choice.

So when you know what you really, really want... then its easier to work it out.

The best thing to do right now is get a pension started. You can always up your payments if you feel you can afford it.

Thanks for your advice Bigsmak - it's been incredibly useful. I was starting to feel pretty deflated with it all. You're totally right about planning out what we want to end up with and working back from there. At least to gain some kind of starting point and target.

Interesting that some people are putting their life on hold to live it later. Not sure I could do. Feel this is probably the best time of my life right now, but equally it's all about balance.. Can't live it up then suddenly realise your old age is going to be filled with misery..

Food for thought indeed.

Thanks again.

TheLearner2008

How can I trust me financial advisor? I asked him to move my pension money to more aggressive funds and he suggested this portfolio. I have no knowledge about any of this type of stuff, can I just trust him? I am 29 years old and will only retire at 65.

AXA Property P

20%

AXA UK Equity P

15%

AXA Rosenberg European P

15%

AXA Rosenberg American P

15%

AXA Overseas P

15%

AXA Rosenberg Japan P

5%

AXA Rosenberg Asia Pacific Ex Japan P

15%

dunstonh

TheLearner2008 wrote: »

How can I trust me financial advisor? I asked him to move my pension money to more aggressive funds and he suggested this portfolio. I have no knowledge about any of this type of stuff, can I just trust him? I am 29 years old and will only retire at 65.

AXA Property P

20%

AXA UK Equity P

15%

AXA Rosenberg European P

15%

AXA Rosenberg American P

15%

AXA Overseas P

15%

AXA Rosenberg Japan P

5%

AXA Rosenberg Asia Pacific Ex Japan P

15%

We dont know your financial adviser so cant say. However, statistically, if its an IFA and not an FA you should be fine. IFAs only account for under 1.5% of complaints at the FOS.

TheLearner2008

dunstonh wrote: »

if its an IFA and not an IFA

aaah whats the difference?

dunstonh

TheLearner2008 wrote: »

aaah whats the difference?

oops. typo there which I have now corrected in the post.

It should say ...if its an IFA and not an FA you should be fine.


FAs are tied sales agents of the insuer (such as those working for the insurance company or bank). IFAs are whole of market advisers not representing any company (although some banks have IFAs in name, they have a tendancy to recommend own brand products which calls their independence into question - e..g HSBC)

TheLearner2008

dunstonh wrote: »

FAs are tied sales agents of the insuer (such as those working for the insurance company or bank). IFAs are whole of market advisers not representing any company (although some banks have IFAs in name, they have a tendancy to recommend own brand products which calls their independence into question - e..g HSBC)

My advisor is Luke White with Sable Group - I checked their website and it says he is an IFA

TheLearner2008

What is the maximum net contribution I can make into my pension pot per year?

dunstonh

TheLearner2008 wrote: »

What is the maximum net contribution I can make into my pension pot per year?

There are multiple answers to that question. For example, you can pay in an amount and not get tax relief as you are above the annual allowance or above your earnings level.

However, I think the basic answer you are looking for is £50,000. Although with Carry Forward you could go higher.

gadgetmind

I thought the £50,000 was gross contribution including another from your employer?