Would welcome feedback regarding nearing-retirement portfolio
Posted: August 21st, 2019, 9:24 am
OK, I've just turned 56 and realised that if I want to retire like my father (at 60), I need to start making more detailed in plans !
(The difference being that my father worked for the UK government for the last 30 years of life had a pension plan effectively defined for him, and whilst he died at 81 [generally fit, but his moderate smoking probably caused a brain aneurysm], I'm assuming that ons.gov.uk estimate of my life expectancy, 85 with a 10% chance of reaching 98, is something I should plan around.
I started saving into pension schemes at 24, and over the years built up a range of older L&G "With Profits" (£33K), and Aegon "final bonus" (£76k) a Hargreaves SIPP (£224k created by moving out of another scheme) plus my current company personal pension with Aviva(now at £780k). So yes, the last year has pushed the total above the "life time allowance".
I also have a range of ISA's etc. in cash and shares for my wife and I too.
My immediate thoughts are to leave the L&G and Aegon ones alone, but move the Hargreaves SIPP to Fidelity, topped up with a £300k transfer from Aviva - this would reduce the Fidelity fees (which reduce to 0.2% over £500k) and if some time in the future there was a problem getting money out of Aviva/Fidelity - I would have recourse to the other.
Obviously the big question is - how much can we live on ?
My wife is a carer, and doesn't work (although prior to PiP changes she had built up her NI years), but I have been paying as much as I could into a personal pension for her (with Scottish Widows, now at £62K) - but with two daughters at school/uni the answer is probably we're spending at quite a high rate (we're in the process of creating a budget to build up a better idea). Maybe 65 might be a more realistic age
Anyway..... Moving to Fidelity gives me a chance to start a portfolio from scratch, and here's my current draft. I would welcome feedback !
(The difference being that my father worked for the UK government for the last 30 years of life had a pension plan effectively defined for him, and whilst he died at 81 [generally fit, but his moderate smoking probably caused a brain aneurysm], I'm assuming that ons.gov.uk estimate of my life expectancy, 85 with a 10% chance of reaching 98, is something I should plan around.
I started saving into pension schemes at 24, and over the years built up a range of older L&G "With Profits" (£33K), and Aegon "final bonus" (£76k) a Hargreaves SIPP (£224k created by moving out of another scheme) plus my current company personal pension with Aviva(now at £780k). So yes, the last year has pushed the total above the "life time allowance".
I also have a range of ISA's etc. in cash and shares for my wife and I too.
My immediate thoughts are to leave the L&G and Aegon ones alone, but move the Hargreaves SIPP to Fidelity, topped up with a £300k transfer from Aviva - this would reduce the Fidelity fees (which reduce to 0.2% over £500k) and if some time in the future there was a problem getting money out of Aviva/Fidelity - I would have recourse to the other.
Obviously the big question is - how much can we live on ?
My wife is a carer, and doesn't work (although prior to PiP changes she had built up her NI years), but I have been paying as much as I could into a personal pension for her (with Scottish Widows, now at £62K) - but with two daughters at school/uni the answer is probably we're spending at quite a high rate (we're in the process of creating a budget to build up a better idea). Maybe 65 might be a more realistic age
Anyway..... Moving to Fidelity gives me a chance to start a portfolio from scratch, and here's my current draft. I would welcome feedback !