Can I retire in a years time at 57??

Audaxer

To find a good IFA I think you need to see a few for initial interviews to compare costs and find one that you consider suitable. However to enable you to ask the right questions if would be beneficial to research as much as you can about investing and managing a portfolio of funds etc., on here and on sites like Monevator.

You could also learn about low cost, globally diversified multi asset funds that are discussed a lot on here, and popular with many DIY investors. They would be a good option for investing at least some of your cash savings if you didn't want to instruct an IFA.

Linton

dave_hendy wrote: »

..L..My wife says she wants to retire when I do, although getting her full SP is important so she needs to find out for sure if she has done enough years and stay a bit longer if required or at least drop her hours or days.

She can pay voluntary NI contributions after she stops working until she reaches SP age or has earned the maximum SP, which ever comes first. Each year costs around £750. The increased SP pays for this in about 3-4 years so it's an amazingly good deal. However she needs to get an SP forecast first so she knows where she stands.

Linton

Audaxer wrote: »

To find a good IFA I think you need to see a few for initial interviews to compare costs and find one that you consider suitable. However to enable you to ask the right questions if would be beneficial to research as much as you can about investing and managing a portfolio of funds etc., on here and on sites like Monevator.

You could also learn about low cost, globally diversified multi asset funds that are discussed a lot on here, and popular with many DIY investors. They would be a good option for investing at least some of your cash savings if you didn't want to instruct an IFA.

The real value of talking to an IFA wont be the choice of funds but rather for the OP to get a good understanding of how much income and when he can sustainably drawdown over the period of retirement and what types of investments would enable him to minimise the associated risks.

dave_hendy

Linton wrote: »

She can pay voluntary NI contributions after she stops working until she reaches SP age or has earned the maximum SP, which ever comes first. Each year costs around £750. The increased SP pays for this in about 3-4 years so it's an amazingly good deal. However she needs to get an SP forecast first so she knows where she stands.

Yes, I will get her to do it in the new year.


I won't tell her she can finish work earlier than she thinks;)

dave_hendy

Linton wrote: »

The real value of talking to an IFA wont be the choice of funds but rather for the OP to get a good understanding of how much income and when he can sustainably drawdown over the period of retirement and what types of investments would enable him to minimise the associated risks.

Would seeing a IFA be a one off or would this need to be a regular thing?

jaybeetoo

dave_hendy wrote: »

Thanks, I am starting to realise this and as such I contacted my pension company today and changed my proposed retirement age from 60 to 65 to stop them changing the funds to safer ones too early.


I will start doing research into s&s isa's before the next tax year.

Why are you lifestyling? With all your savings it may not be the best option for you. I think you need the help of an IFA.

dave_hendy

Audaxer wrote: »

To find a good IFA I think you need to see a few for initial interviews to compare costs and find one that you consider suitable. However to enable you to ask the right questions if would be beneficial to research as much as you can about investing and managing a portfolio of funds etc., on here and on sites like Monevator.

You could also learn about low cost, globally diversified multi asset funds that are discussed a lot on here, and popular with many DIY investors. They would be a good option for investing at least some of your cash savings if you didn't want to instruct an IFA.

I will look into this and come up some questions for them.

dave_hendy

jaybeetoo wrote: »

Why are you lifestyling? With all your savings it may not be the best option for you. I think you need the help of an IFA.

That's what the default company pension is, I just went with the flow, apart from transferring my 2 previous (same) company pensions into it as the rates are low as we are now part of a big American company and they managed to get us a good deal.

jaybeetoo

dave_hendy wrote: »

That's what the default company pension is, I just went with the flow, apart from transferring my 2 previous (same) company pensions into it as the rates are low as we are now part of a big American company and they managed to get us a good deal.

The default option may not be the best. I’m sure there are other options available within the company pension. An IFA would be able to help you.

dave_hendy

jaybeetoo wrote: »

The default option may not be the best. I’m sure there are other options available within the company pension. An IFA would be able to help you.

I am sure this is true. I just left it as this as I don't know enough to pick anything else that might be worse.