Concern about finances in retirement

You can get free pension advice.

Here is a link to the government website that tells you where you can safely go for personalised pension advice www.gov.uk/plan-retirement-income/get-financial-advice

Ana

Aren't ISAs paying a derisory rate of interest now, though? I've got one with Halifax and it's hardly worth keeping my money in it!

Depends what kind of ISA you invest in. Cash or investments. You do not need to buy shares in one company. Yu can by invetsment funds that who buy shares in lots of shares to spread rsik andd some are linked to stock market indices.

Thanks Jaxjacky

I’ve noticed that Georgesgran spam posts now disappear totally when admin delete them.

Sorry kitty but I really wanted to draw attention to the thread being 12 years old, possibly with mis-information.

The post I reported has been removed by GNHQ kitty and jane. It was posted by a financial company in Missouri.

And it was 12 years ago.

And, shouty capitals are unnecessary.

I'm with jane.

Why do you think it’s spam Georgesgran?
I assume you’re upset by the link the FlicketyB posted.
FYI FlicketyB is a genuine poster, as far as I know is alive & well & frequently posts but under a different name.

I meant obviously.

I suggest saving....so when the pension comes, you have savings too. If not, enviously CAB

REPORTED

12 YEAR OLD THREAD RESURRECTED BY SPAM.

Whilst it may be an interesting thread, some of the advice given could well be out of date/redundant!

There’s an organisation called Pension Wise. They explain everything and talk you through the choices. They don’t advise but it’s a very good service.

The Money Advice service, an independent organisation was set up by the government to give free impartial advice. I give their website below and should be able to give you all the help and advice you require
.
www.moneyadviceservice.org.uk/en/categories/retirement

The rules on IFA have just changed - they charge for advice now and can't rely on just commission - the aim us for them to give you best advice and not advise product paying them most commission. Advice re union if poss very good idea - my husbands was really helpful and had all sorts of fact sheete

Roseyk If you are in the fortunate position of having a lump sum to invest I would strongly suggest you speak to an independent financial advisor, in fact, speak to several - the initial consultation is usually free but do check that first. I saw 3 advisors before choosing the one I finally went with - do check what they charge as ongoing commission. (One advisor's charges meant that if I invested through him my money would have to produce 10% income a year just to cover fees!)

Sorry but I don't agree about going to your bank as they will only offer their own products which may well not be best for you.

I really appreciate your help and will take up all the advise given, am about to check out the Later Life web site, Thank you so much everyone.

I would recommend taking advice from a professional financial adviser. They don't just deal with people with loads of money and can give a range of options. If you belong to a union one of the benefits may be a free consultation. alternatively, ask friends for a recommendation or go to your bank.

Later life is quite a good website on retirement

That's right. It's not what you don't earn but what you don't spend.

We downsized about the time we retired and although the mortgage by that time was very small we cleared that and have not had one since and we have paid for everything we have bought with no loans etc.
There are a lot of savings when you retire - depending on the job of course - you do not need as many clothes or shoes and there is no money needed for transport to work - our fuel consumption went down a huge amount. Also there is more time to cook meals but also leave time to have some fun!!

Aren't ISAs paying a derisory rate of interest now, though? I've got one with Halifax and it's hardly worth keeping my money in it!

If you are in position to save then I would suggest the first thing you should do is to get your ISA this year if you have not already done so.

Then if you have an employee pension you need to look at whether you can make additional contributions and whether that would be to your advantage. It does depend on the individual scheme.

You can contact the DWP to get a pension forecast and if you have any missing contributions decide whether it is worthwhile buying them back. Is usually is.

Apart from that your best option is probably to talk to an independent financial advisor.

I meant to say not retired yet

not retired yey

Roseyk it is too big a subject, can you break it down a little? For example are you actually retired yet or do you still have some options about your pension.