I am 52 and have have 5 different pensions
1. Current employer worth about 425K which I’m contributing to monthly with Zurich
2. Last employer - 260K in a PRB with Irish Life
3. Previous employer - Buy out bond 150K with Zurich
4. UK pension about 55k GBP
5. 15K in a really old Private pension plan with XZurich
If possible I’d like to retire comfortably at 60, not sure ill really have enough in the pot by then, i am contributing the max amount Tax free for the last couple of years and i would hope to continue to do that through to 60-61 That would be about 350K more plus employer contributions 100-150 depending on a number of variables.
Regarding my current pensions, I don’t think any of them are performing particularly well, i would expect they could minimally track the S&P, that’s a pretty safe bet but not so. Consequently I’m thinking of moving some of it to self administered, however I’m not sure which ones i would be allowed to do that with, obviously not the current active one, and i understand I’m best to leave the UK one where it is for the moment.
I have 3 separate qquestions where I’d appreciate any opinions and insights:
1. Which of the above could i move to self administered and how does that work, I am a member of MyWallst Horizon( i have about 125K invested already), so I’d probably lump it into those stocks, are the fees exorbitant to do that if self administered? Am i mad?
2. I’m thinking about buying a place in Portugal, I know i could draw down 25% or 200K as I’m over 50, howecvwer is it the larger of the 2 and does it all have to come from the same fund Or could i take it from #2 above?
3. My wife is a public servant but jobshared most of her life so will not get a full public servant pension, I’m thinkking we should be aggressively ‘buying back’ her years of service as her pension is defined benefit, so zero risk assuming no changes by the gov compared to the usual cornmarket AVC option? I don’t see any real upside to an AVC its just more risk aand i have enough risk in my own pension. Am i missing anything there?
thanks in advance!
1. Current employer worth about 425K which I’m contributing to monthly with Zurich
2. Last employer - 260K in a PRB with Irish Life
3. Previous employer - Buy out bond 150K with Zurich
4. UK pension about 55k GBP
5. 15K in a really old Private pension plan with XZurich
If possible I’d like to retire comfortably at 60, not sure ill really have enough in the pot by then, i am contributing the max amount Tax free for the last couple of years and i would hope to continue to do that through to 60-61 That would be about 350K more plus employer contributions 100-150 depending on a number of variables.
Regarding my current pensions, I don’t think any of them are performing particularly well, i would expect they could minimally track the S&P, that’s a pretty safe bet but not so. Consequently I’m thinking of moving some of it to self administered, however I’m not sure which ones i would be allowed to do that with, obviously not the current active one, and i understand I’m best to leave the UK one where it is for the moment.
I have 3 separate qquestions where I’d appreciate any opinions and insights:
1. Which of the above could i move to self administered and how does that work, I am a member of MyWallst Horizon( i have about 125K invested already), so I’d probably lump it into those stocks, are the fees exorbitant to do that if self administered? Am i mad?
2. I’m thinking about buying a place in Portugal, I know i could draw down 25% or 200K as I’m over 50, howecvwer is it the larger of the 2 and does it all have to come from the same fund Or could i take it from #2 above?
3. My wife is a public servant but jobshared most of her life so will not get a full public servant pension, I’m thinkking we should be aggressively ‘buying back’ her years of service as her pension is defined benefit, so zero risk assuming no changes by the gov compared to the usual cornmarket AVC option? I don’t see any real upside to an AVC its just more risk aand i have enough risk in my own pension. Am i missing anything there?
thanks in advance!