Pension Advice for people with Mental Health

SkyFae

Hi,
I hope someone knows either a link or an advice site for people like myself who have various Pensions growing but also suffer from Mental Health issues.
I'm approaching my middle 50's and that seems to be the time that a lot of the companies I have pensions with keep sending letters about giving advice, online financial forums, and planning for what to do with my pension(s) pot - but I don't like (ok panic badly) when I have to talk to people (any people).  So how can I get accurate pension advice?
I've always earnt well as I spend my time fixing databases and other software, computers make so much sense.
I've looked at some of the online calculators, but they seem to think a single person will need more than a couple (I'm on own), and also seem to be automatically coded to assume a level of annual spending that just doesn't link up to my real life now or how I would like to live in future at all.
Martin's site and others like Mind, etc have lots of advice for Debt, however that has never been an issue for me as I am more likely to squirrel all my money away in pensions and savings than spend it.
So now in a final attempt to find some advice and because I don't know how to get someone like Martin himself to add a bit on Pension advice in his Mental Health & Finances section, I am hoping that someone on Forums has been through something similar and can point me kindly in the right direct.
Thank you for any links, advice and help it will all be very gratefully received.

dunstonh

I'm approaching my middle 50's and that seems to be the time that a lot of the companies I have pensions with keep sending letters about giving advice, online financial forums, and planning for what to do with my pension(s) pot - but I don't like (ok panic badly) when I have to talk to people (any people).  So how can I get accurate pension advice?

Advice comes from an adviser.    So, communicating to someone is going to become necessary.   However, if you feel more comfortable using a computer and writing emails etc then many IFAs will work on that basis. i.e. you use their portal to record your information and then you message each other back until whatever advice you need is completed.

I've looked at some of the online calculators, but they seem to think a single person will need more than a couple (I'm on own), and also seem to be automatically coded to assume a level of annual spending that just doesn't link up to my real life now or how I would like to live in future at all.

You mention your experience with databases and software.  So, you will probably understand that many of these calculators use synthetic figures and can suffer from garbage in/garbage out.   Assumptions have to be realistic for them to be of any use.

MallyGirl

If databases and software are your thing then I would start with some facts. Create a spreadsheet which lists all your outgoings - using actual figures as much as possible (from bills/bank statements etc). I split mine into 'fixed' costs and 'variable'. My definition of variable is that I could shop around/cut down if necessary.

My categories are - 

Fixed	TV license Bills
	Eyecare Bills
	Council Tax
	Broadband/landline
	Car & van tax insurance breakdown
	house insurance
	Health Insurance
Variable	electric & gas
	Water
	Mobile Phones
	Vet plan
	window cleaner
	Petrol
	Car maintenance/MOT/service
	Property maintenance
	Groceries
	Entertainment

This will give you an idea your needs in retirement as everyone is different. Once you know what you are aiming for you can start to look at what you need to do to achieve that.

Pat38493

Hi - I am a bit similar to that in that I work in IT and I have always earned well in that field, deven though I was actually diagnosed with autism at age 52!

I'm also nearly 55 and I have been looking into the same topics.

I do have to talk to a lot of people in my job, but that doesn't mean it's my favourite part.

From what I've seen on other threads here, if you post some basic figures about your situation e.g. what pensions do you have available, what is your current salary and/or spending, when do you want to stop working, what you intend to change after you stop working, there are people on here who can give you a kind of "sense check" - i.e. is that completely crazy or does it roughly make sense.

You may also want to check out the following tools:
- Firecalc
- Retireeasy (you have to pay for that one).
- Timeline (this is normally a (very expensive) paid tool but I think you can use it for free if you only have yourself as the only customer).

You can put some basic info about your investments and your requested spending through your retirement and they will give you an analysis of your probability of not running out of money, sometimes based on historical data, sometimes based on assumptions about inflation and so on.

All that said, I doubt that you need to panic about it now - when you reach 55 you have the option to start taking money out of your pensions, and in particular, if you have defined contribution pension funds built up, you have the option to take 25% of the value out of them tax free. 

However, just because you could do something doesn't mean it's the best thing to do - for a lot of people, unless you desperately need cash right now, it may be better to leave it where it is until you want to retire. 

You are not obliged to do anything at age 55 and quite often doing nothing is a perfectly good solution for the time being.

MallyGirl

Another free one that is worth a look is Guiide (https://www.guiide.co.uk/)

wjr4

Martin is not a financial adviser. 

Most IFAs can work via emails. However, it might be a good idea to see if someone will go with you to see an adviser? I suffer with mental health issues myself so always take a lot of extra care with my clients. Maybe send an email to a few local firms and explain your situation? Most will understand and be willing to help you. You will be treated as a ‘vulnerable client’ but this is nothing bad, it just means take extra care. I really hope you find someone who can help and well done with being brave and taking the first step. 

xylophone

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

For individual, focused and independent advice you might try here

https://adviserbook.co.uk/

You would tick "confirmed independent" and other specialisms/method of providing advice etc when the menu comes up on the left hand side.

Albermarle

MSE site ( and forums) only offer options/information/ general guidance/tips etc. 

It sounds like finding a professional independent financial advisor, who you get on with, might be a good solution in your situation. The actual mechanics of pensions remain the same whether you have mental health issues or not

Even then it will pay to get better informed your self and detailing your expenditure ( as suggested by Mallygirl) is a good idea. 

as I am more likely to squirrel all my money away in pensions and savings than spend it.

Welcome to this forum where you will find many people with a similar attitude to money !