Getting FIREd up 😀

South_coast

No idea why the graph didn't come out, hopefully it's visible if you click on it 🤦‍♀️!

glass_half_full

Hi @South_coast, a couple of questions and some comments which I hope may be useful.

Questions. Are all these DC pensions? I guess so, but just checking. When you give a retirement age, is this the 'normal retirement age' recorded in each DC pension? Since you can take your pension at 55, rising to 57 in April 2028 as I understand it.

Comments

Lifestyling. I think lifestyling is fine if you want someone else to take control. In my scheme they call it 'do it for me'. Personally, I think with research and analysis a reasonably sensible person can figure this out and decide for themselves how their money is invested.

Consolidation. I think there are benefits to bringing DC pots together. Personally I had three and I moved them all into my current employer DC fund. I think it helps to have everything in one place.

Just some thoughts.

South_coast

Thank you 😀 Yes, they're all DC pensions, and the ages I've put are when they are assuming I will access them, rather than when I intend to. I'm not sure what happens if they have been de-risking on the basis that I'm taking it at 65 and I then call them up aged 58 and say I'd like to start accessing it 🤔🤷‍♀️? Does it remain at the current asset allocation, or would they rush through taking it down to the allocation they think it should be at retirement? No idea on that one! I don't want to amend the retirement ages they're set at (not even sure they'll let me take it down as low as 58 anyway), as that would mean some of them would start lifestyling now (I'm 43), which feels too soon.

I've never really fancied consolidating them all as one (don't know why, it just feels less flexible somehow), but if the current one continues to perform well but have the highest charges, then I could think about moving chunks out to either 1 or 2 over time and "bank" my "winnings" 🤔 I guess that would have a similar effect to lifestyling anyway, as those are already in lower-risk funds? This is making my brain hurt 🤣!

edinburgher

1. No, I don't think they'd "insta-lifestyle" you if there's a disconnect between stated and actual retirement age, you'd need to switch the investments in some form.
2. Consolidation reduces the brain hurt. I'd always be in favour unless there's some reason to avoid (small pots rule, guaranteed benefits etc)?

South_coast

D*mn! That was probably the closest I'll ever get to an "insta-lifestyle" 🤣🤣🤣

glass_half_full

I agree with @edinburgher re the brain hurt 😂. Regarding performance, the biggest thing you have going for you is that you are thinking about this seriously at 43. 15 years at say 6-7% which isn't unrealistic you can build a sizeable amount which will mean you can retire at 58.

South_coast

Thanks 👍

In more-immediately-concerning news, I think I may need to buy some new clothes....😱😱😱