Hi, have a topic on my mind and thought it worth asking if anyone else had any insight on the issue, or could point me at any good advice.
Touch wood, things are going okay for me right now, but having had more than my fair share of health issues over my life, I’m struggling with the usual financial advice for longer-term planning. It always seems to revolve around “You’re likely to live to 80! Maybe longer!!” and honestly that just seems a whole lot less likely after several rounds of cancer o.O
One common bit of advice is to pay as much into your pension as you can. I have been pondering upping my payments a little, maybe with an eye to early retirement, but can’t decide if this would be wise or a silly waste of money if I’m less likely to hit a ‘ripe old age’. I’m mid-40s now.
Appreciate any advice!
Hi
To help you make decisions you need to think income now and in the future and your fixed and variable expenses now and on the future alongside your emergency or rainy day money…think personal budget planner or cash flow
Once you know your real leftover money you then need to think about how much you’re going to need in retirement ( you can normally take private pensions from age 55 onwards) to pay for fixed and variable expenses
It might be useful to use retirement calculations to aid this…there are lots on line but my particular favourite is on Just web page
@wearejust.co.uk
Seeing an independent financial adviser would help …you can search on the Financial Conduct Authority register or use a Later Life adviser registered with society of Later Life Advisers (SOLLA)
Appreciate it, but also would say this is the ‘standard’ advice. It really doesn’t touch on the idea that I can’t assume a life expectancy of 82-ish, and the FSA I’ve spoken to before had the same blind spot.
Hi
An actuary will base your pension on you and your medical history alongside national statistics for age and death tables as underwriting is there to give an enhanced outcome for those who might not reach their statistical death age
But first you need to know if you can afford to put extra in now in order to potentially benefit you in retirement. It might be that a mix of pension contributions, using an Isa or other investments give you choices which is why an adviser is always best so they get to know you and your plans and needs