Pre retirement advice

Littleowl007

Thanks to all every piece of advice helps.As you can probably see growing up I knew very little about investing.

ali_bear

When we talk of topping up a pension from other cash savings, the actual mechanism is usually by living off the savings while ramping up the pension contributions. Whether that is by salary sacrifice, deductions at source, net contributions that are then grossed-up, etc. 

jimjames

Littleowl007 said:

Yes I would like to invest more if I could but with the £20000 limit on Isas I will have to do this over coming years.
At my age is it really a good thing to put more in my pension?

You can transfer cash ISA to S&S ISA that would increase investments without needing new money in tax shelters

Littleowl007

Can I ask if the Vanguard Global All Cap Index Fund is ok for my Sipp at the moment?

At the moment I'm looking at drawing my pension in 4 years if not earlier,would I be better transferring to a Target/ Life Strategy fund ?

MallyGirl

Littleowl007 said:

Can I ask if the Vanguard Global All Cap Index Fund is ok for my Sipp at the moment?

At the moment I'm looking at drawing my pension in 4 years if not earlier,would I be better transferring to a Target/ Life Strategy fund ?

No one can answer that. Even if you had given lots more info on all your pensions and savings, your personal circumstances and your goals, then it would be advice which is a regulated activity and not something for this forum 

Littleowl007

Thankyou,something to remember.

Secret2ndAccount

Vanguard Global All Cap is a decent fund:
    ●   It is spread across many countries
    ●   It is spread across many sectors - transport, energy, finance, tech, retail, ...
    ●   It invests in both large established companies and smaller companies with the prospect to grow.
so it gets the seal of approval.

You say you are planning to draw your pension in 4 years: all of it? or just a little bit, and some of it has to last (hopefully) 30 years or more?  Having all of your investments in stocks if you need them in 4 years is considered pretty risky. It is alway possible you could see them halve in a short period, and they could take more than 4 years to grow back. So, many people set aside their short term needs (up to 5 years' essential spend) in something less risky. For the longer term, a fund like the one above has a good chance of outpacing inflation, and protecting your wealth for the rest of your days.

Littleowl007

Regarding pension not sure at the moment if I will take it as drawdown or buy an Annuity.

What I need to know is if my state pension plus my wife's DB pension will be enough?Of course we should have enough to top up if and when we need to.We are not big spenders we have done a lot of the long haul holidays,been having our hols in the UK the last few years?Would be nice to know how others manage and how much they need to get by?

bjorn_toby_wilde

Littleowl007 said:

Regarding pension not sure at the moment if I will take it as drawdown or buy an Annuity.

What I need to know is if my state pension plus my wife's DB pension will be enough?Of course we should have enough to top up if and when we need to.We are not big spenders we have done a lot of the long haul holidays,been having our hols in the UK the last few years?Would be nice to know how others manage and how much they need to get by?

If you haven’t already done it, put together a budget. Work out your essential spending such as utilities, mortgage etc and then add in the non essential items and you’ll have a much better idea of what you need.

Littleowl007

Thanks will do.