Finish at 57yr old ? A bit to invest-What to do

Fast_Muchly

Hi


Basically im 47 years old and work as a window cleaner and I would love to finish around the age of 57.I only want a modest pot for an annuity of around £200'000.And I doubt im going to get this.I had to take a break for a few years as I started self employed but recently under advice on here I have started saving £50 a month again with standard life.But I took a look at my plans online the other day and I was shocked that one plan had so much in it and another plan had done a lot better.If I had all of my money going into the best plan I worked out I would already have a pot of 250'000 .I will post my plan details at the bottom of this.Again I trusted the then NatWest independent advisor at the time years ago with all of this.


Basically if I have another £50 soon to invest I want and I am willing to put it into a high risk strategy type fund to at least give me a shot of making another 100'000 pot by the time im 57 years old is this possible and whats the best option I would sooner stay with a standard life plan but will look elsewhere if I have to any advice or am I just pipe dreaming now and its far to late for the little I can invest.


my standard life pension as is today im 47 and want to really go at 57 if I can ( pipe dreaming ).If I can achieve a 200'000 pot making an annuity of around 11'000 to 12'000 a year I could do it.

Investment portfolio
Fund
Number of units
Selling price
Value (£)
Pension Millennium With Profits Fund
27733.018
138.7
38,465.69
Pension With Profits Fund
3182.795
914.9
29,119.39
All funds
67,585.08


You can change your investment funds online.


Transfer value at 02 Mar 2014
Final bonus/Reduction (£) *13,628.39 Adjustment (£) **-120.75 Total transfer value (£)81,092.72

greenglide

Nothing in that extract from your pension details leads me to believe that you have a pot of £200,000

If you pay £50 per month into a pension fund there is no way it will be worth £100,000 after 10 years - you will only have contributed £6,000 over the 10 years.

Am I missing something?

bigadaj

Your numbers don't seem to make much sense but that's down to interpretation and if you don't understand them you're not going to be able to explain them.

You seem to have two similarly sized plans so I'm not sure where your different performance values have come from.

At the end of the day something is better than nothing, so if you want to retire then you need to keep on saving. The variables are how much you can save for how long and how much you want out at the end.

Fifty pounds a month isn't much really, that's £600 a year so six grand over ten years, doubling with investment growth if you're lucky. Your current funds will grow but on that basis you would be doing well to get to £150k. Annuity rates will be very low at 57, so you'd be looking at quite a bit less than ten grand a year to live on, with state pension another ten years away.