united we stand
Life President⭐
I haven’t heard if thatWhat was your takeaway from speaking to the financial advisor?
Are we just talking about things like the rule of thumb being contributing 0.5% of salary for every year old you are when you start contributing (ie 12% if you’re 24)?
I simply started putting in significant sums into my pension,Basically the maximum allowance for 5 years.
I took out a personal pension at 20 at £30 a month with the intention of increasing it every year——- and never did . That £30 became significantly more in one hit
I moved a personal very small pension( the £30 mentioned above), and found that the pension provider was VERY happy to move me ( pot was £18,000, transfer value £22,000). Sometimes apparently they will effectively pay to have you move.
Over time they moved another pension from Morgan Stanley which was not doing as well as my new one, but it hada special free tax element that could only be moved if done in a group. They found one other person in the same position as me which meant they could do it as “a group”. This in itself has saved me £10,000
I found out that if you are likely to hit the lifetime allowance you can ask your employer to pay your pension in salary- not something I would have thought to do.
I found out how final salary pensions worked with regard to the lifetime allowance and how this impacted decisions on moving a final salary pension over to your own provider. ( it always make you trust someone more when their advise is- don’t give us your money)
They asked me when would I like to retire , how much I thought I would want a year and then showed me what I would need to do to achieve it.
It was very sobering but I thought ok their advice and it was hard for a few years but it’s the best thing I have ever done.
But the BIG thing was simply to put more money in each month, even if the scheme you are in is crap, doing “something “ is better than doing nothing.
My advisor is at at James place, I can send on his details if helpful