Watty's Awakening

ladybird1106

maybe pig is a boar and he’s been off entertaining the ladies.

Love 🐞

Watty1

Pig is - ahem - shall we say a little low to the ground and of substantial size to be entertaining ladies in an athletic fashion 😂

Watty1

Busy day at work combined with spends. My ISA does not accept my ID for its renewal because my driving licence is about to expire and I do not have a valid passport. I've got to go to the nearest town to sort out driving licence because I do not have passport so cannot renew on line

Am giving serious consideration to getting a passport while I sort out my driving licence just to prove my identity even if it is £102 (Given that the inland revenue also sent a letter today requiring my next instalment of income tax, I feel proving my identity should be so much easier than it currently is).

Also found out car insurance was about to run out - as it was on a multi car policy with VNM as it substantially dropped the cost of his insurance. So had to sort out (£146) but VNM was doing his as well and somehow seemed to cover both (?) so I shall not mention cashback sites etc as that would seem ungrateful.

Then had a phone call to remind tractor insurance also about to run out. Now, I never take the tractor on the road - but- VNM did point out actually in the last couple of years it has been out possibly once every year maybe 9 months -so I should insure it at £89.79 which is really expensive imho given the car that is frequently used is just £56.21 more - but - there are no comparison sites for old tractors. Just gone to pay it and I have to call the NFU office so that will have to wait until tomorrow.

Humdinger1

https://forums.moneysavingexpert.com/discussion/comment/82043492#Comment_82043492

It's in the post

Watty1

Post so erratic pig returned before post card 😀

Pain in arm significantly reduced so now time to start on next steps on life plan. Have roughed out a to do list of business projects, life projects and the never ending “to do” list

First step is to see about retirement plans. Maybe not entirely retiring but this year has felt very tough and never ending. I really don’t want every day to be filled with answering emails in my spare room. So I’ve contacted three potential financial advisors and drawn up a list of questions. My spread sheet shows I could manage to slow down but I’m not going to trust my future to poor spreadsheet skills and being frugal

Need to get initial interviews booked in.

greenbee

I've had 3 initial chats with financial advisors, and I liked ALL of them! I'd be interested to know what your questions for them are. Mine are along the lines of:

• Do I have enough in my pension pot(s) to retire at 67? If so, do I have enough to retire earlier and how much earlier? (I think the answer to this will be 'how much do you want to spend?)
• Which of the pots can I consolidate, and is it worth the saving in management fees? (I think the answer is 'most of them' and 'yes').
• Do I have enough savings to be able to retire a bit earlier than my pensions would allow, or do I need to keep those to pay for unexpected expenses during retirement?

Apparently one benefit of not having kids is that there is no one expecting to inherit, so retirement planning can include equity release/downsizing.

My biggest issue is I genuinely have no idea what my day-to-day living expenses might look like (both while working, and when retired) as I've been doing up my houses for the last 10+ years. I've got as far as working out a few bits around bills/mortgage/animals - but can't face doing the rest :) Things like clothes are difficult - I go several years without buying them, then spend lots. Food spend depends on so many factors. Garden is a bottomless pit… etc.

I like the idea of being able to gradually work less. The plan was originally to pay off the mortgage and stuff as much as possible into my pension to minimise tax. I've neglected ISAs, which should have been more of a priority. And the animals' premium bonds haven't paid out, so they can't afford to pay me to do nothing!

Watty1

@greenbee

my questions are fairly simple. I've 2 chats booked so far and exchanged emails with 3rd. Really did not like one - but - the advisor might be ok even if the person who was answering the phone was not. Not yet found a 4th option.

I've only one pension pot so I'm looking to see if their modelling is better than my spreadsheet. Looking to work out a retirement date - as in when is the most sensible point to stop - could I start winding down now? From a purely financial perspective I want to know if I am gaining enough by continuing to justify my current level of work and stress - how much of a difference will extra years really produce?

I really want to know what value an IFA will bring to the table bearing in mind I don't have multiple pensions and I've only really built my exit from full time work after getting shot of PPH so I'm not talking vast financial fortunes but my spreadsheet shows I could potentially start looking at a work exit strategy now although that won't be complete retirement next month naturally.

I'm not sure I need an IFA really but the initial 3 calls will help me find that out. I don't want to reach my 80s and realise I should have sought financial advice. My accountant is great for tax efficient strategies on withdrawing funds from company so again not sure if I need an IFA. I neglected so much when I was PPH but I am where I am and I want to move forwards positively. I've some rough questions worked out - but - my primary one is around the value an IFA will bring given I'm not after investment strategies but exit strategies

Slinky

There was quite a comprehensive pensions programme on ITV a few weeks back. That chap, wotsisname, Martin Lewis Money Show…….. It's worth digging back and watching it as there was information about free financial review services, which depending on your level of investments, may give you a clue as to whether you need the services of an IFA.

Watty1

Good call @Slinky Do you know the channel? I'll see if I can find that.

teapot2

Mr Lewis usually appears on whatever your version of ITV is [STV up here :)]

Search for The Martin Lewis Money Show