I am 57 and want to get some coaching/advice on my pension to try and avoid any silly errors. Please help!

14 September 2021

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Question by bruno

Hi, I am 57 and due to finish with my current employer in a few months. After this I will work part time in lower paid jobs for a few years. I have approx £650k in a Standard Life defined contribution scheme currently invested in 8 funds that I have selected.

I feel reasonably confident about managing my 'pot' in medium terms but want to get some coaching/advice to try and avoid any silly errors. I can't seem to find the right product - it seems to be all in (1% plus of my pot per annum) or no help at all. Any ideas?

(I also have a £15k per annum civil service pension so not entirely reliant on pot).

Many thanks


Answered by Matt Angell

Hi Bruno,

Firstly congratulations on reducing your hours and I hope you're looking forward to enjoying life after work.

I would take a look at your current plan to identify what your current cost base is as this can sometimes be fairly high given that some of the older pension plans were created some time ago and whether it is competitive going forwards as costs really do depreciate your assets going forward. Although you have managed your portfolio of assets I think considering gaining some coaching or advice would be very beneficial for you as would you really want to be spending your time managing the investments and dealing with the emotional side of investing?

I think a really good starting point would be to put a plan in place going forwards that focuses on your life now and in the future and how your assets can complement this, this would allow you to have a vision for how you can utilise what you have now to live the life you want too and also explore if you have any barriers in regards to your beliefs around money that will stop you doing some of the things you want to in the future without worrying about the financial side of things.

Please feel free to drop me a line and we can talk through the options and it won't certainly be aligned to your assets as in my opinion that isn't fair on the clients that have been successful in accumulating their wealth. If I can't help I will certainly help you in sourcing someone that can.

Have a great weekend

Matt

Answered by

Matt Angell

Founder & Financial Planner

I am the founder of Creative Lifestyle Planning, an independent financial planning firm that works with many families across the UK. Matt specialises in helping families to answer those all important questions they have on their mind and helping many clients gain a clearer, simply understanding of when and how to they can retire.