Portobello
Registered User
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- 8
Hi
I work for a large Irish financial institution.
I am 50, married no kids, my retirement age is 65.
Started pension aged 37, salary 85K, contribute 40% of gross salary made up of
Projected pension pot 1.12million in today's money will give me
Projections based on 4% etc - I would rather go with 1.5% to 2%
I would be quite a cautious investor.
As a PAYE worker, all the decisions on fund allocation are mine, and I find that quite scary. I believe the single biggest factor in building up pension pot is making regular contributions (approx 32K pa).
I've been riding the equity bear last number of years, and it seems that stocks are going down (tracking global indices shows we are at another trough now so recession imminent and bonds will go up). Someone could say switch to bonds or hold on and buy cheap etc but what I would really like to know is how do you go about getting a trusted financial advisor who actually knows about pensions and could meet you once or twice a year to go through things. What do you look for? I remember meeting someone before trying to sell me an insurance product based on tax benefit and I knew more about it than him, I didn't go for it, so sometimes I am skeptical about advice but I recognise I need some advise and would pay for it, noting that it is only advice and things can go wrong
Any advice
I work for a large Irish financial institution.
I am 50, married no kids, my retirement age is 65.
Started pension aged 37, salary 85K, contribute 40% of gross salary made up of
- 5% employee
- 15% employer (10% + match my 5%)
- 20% avc
- DB from prior employer - approx 2K pa @ 65
- "hybrid" (DB/DC) - closed - approx 5K pa @ 63
- Current DC
Projected pension pot 1.12million in today's money will give me
- 128K lump sum
- 40K pension DC - this would be based on annuity, would be less if index linked and allocate for my wife - estimate down to 28K
- 2K DC - locked in
- 5K Hybrid - locked in
- 10K state pension (@ 68)
Projections based on 4% etc - I would rather go with 1.5% to 2%
I would be quite a cautious investor.
As a PAYE worker, all the decisions on fund allocation are mine, and I find that quite scary. I believe the single biggest factor in building up pension pot is making regular contributions (approx 32K pa).
I've been riding the equity bear last number of years, and it seems that stocks are going down (tracking global indices shows we are at another trough now so recession imminent and bonds will go up). Someone could say switch to bonds or hold on and buy cheap etc but what I would really like to know is how do you go about getting a trusted financial advisor who actually knows about pensions and could meet you once or twice a year to go through things. What do you look for? I remember meeting someone before trying to sell me an insurance product based on tax benefit and I knew more about it than him, I didn't go for it, so sometimes I am skeptical about advice but I recognise I need some advise and would pay for it, noting that it is only advice and things can go wrong
Any advice
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