Best use of DB, DC, ISA, and savings for retirement at 60

MallyGirl

A bank is never going to be the best choice - IFA or DIY

michaels

You ned to consider what your partner would get from your DB on your death and deduct that and one state pension from the post retirement planned household income with you both alive and decide whether that is enough for her to live on.  In our case DW only gets 35% of my DB by default but there is the option to take a lower pension that she will then get 100% of which I plan to do so on the first death the surviving partner only loses the value of one state pension (we go from household income of about 62 gross to 50 gross, rpi linked)

ParkingEyeSore

MallyGirl said:

A bank is never going to be the best choice - IFA or DIY

Thanks.  I've made an appointment to see an IFA

Albermarle

ParkingEyeSore said:

I had an initial meeting with a financial advisor at my bank.  This meeting was free but didn't really provide me with anything other than what I already know.  However they charge a one-off 2.75% capped at £10k if I choose to go back for tailored advice.  Also, the tailored advice is likely to involve a managed option which I'm sure they will assert can add value.  Without a guarantee of outperforming passive investments (which I doubt very much they or anyone would  give) I'm loathe to part with £10k + the additional annual management charge.

If you want financial advice, then best to avoid banks, big wealth companies etc and find a local IFA ( I is for Independent) 
There will still be a cost, but if you found a good one with competitive pricing, you could find the initial cost capped at say £3K, and the ongoing charge at 0.5% . Plus they should be happy to go down the passive fund route .
Of course it will cost more than DIY, but most probably significantly less than your advisor at the bank.