The Retirement Thread
3 lurkers |
174 watchers
Apr 2022
11:37am, 30 Apr 2022
27,119 posts
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Johnny Blaze
I have no idea. I did consult an IFA a few years back - flat fee. His advice was pretty good although I thought the "let us manage your money for just 1.5% a year" option was never gonna fly. The fact he had a blue Bentley with personalised plates also put me right off. |
Apr 2022
11:43am, 30 Apr 2022
45,321 posts
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♪♫ Synge ♪♫
NE. You asked “what would you do?”. If this was me … If the fund needs to last seven years, you need it “on average” in three and a half years. I’d be tempted to leave it and hope for some recovery over the next two or three years. (Presumably there will also be transaction costs or a commission in moving it?) Unless of course the IFAs say it is only going to continue falling … |
Apr 2022
1:18pm, 30 Apr 2022
905 posts
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stilldreaming
NE - do you think you were badly advised? Do you have any comeback, if so? Can't offer any advice, but hope you can get things sorted 🙂
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Apr 2022
1:23pm, 30 Apr 2022
22,569 posts
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Bazoaxe
I think it is tricky but often the best thing is just to sit tight. That’s what I am doing and hoping it recovers. I am in my employers default funds but I am not convinced they are the best but not knowledgeable enough to make any changes |
Apr 2022
2:37pm, 30 Apr 2022
2,137 posts
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Totriornottotri
https://www.hl.co.uk/funds/fund-discounts,-prices--and--factsheets/search-results/v/vanguard-lifestrategy-20-equity-income/charts The vanguard life strategy fund 20% stocks 80% bonds is similar. I don’t know specifics of the fund but if it’s meant to passively track the market in general then my gut says hold. Time in the market not timing the market being the idea. Tough to say and do when it’s a lot of money.
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Apr 2022
7:09pm, 30 Apr 2022
8,772 posts
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Northern Exile
Thanks very much for the responses, I genuinely appreciate the wise counsel. I think I'll grit my teeth for the next few months and hold on, I think you have to be prepared for bumps in the road like this. Just to clarify, my little pot of gold isn't exactly doing nothing, I was being a bit scathing there - I've got it in a selection of accounts (flexible cash ISAs, limited access accounts etc) that purport to give the best return, all within the FSCS limit of course but nothing really startling. I have an ISA with NW that gives a fixed return of 1.5% until September and another flexible ISA at 1.15% with YBS, also an instant access account with LBS that historically has given the best buildng society rates. As Arbster said, the chances are that interest rates will go up this coming year so I want to be able to react to that when possible, however it will not be keeping up with inflation as we all know. I will look at Chase, thank you. I could use some of this money to live on for the coming year(s) and leave the pot to grow/even out/decline, of course that money would not be subject to taxation as my drawdown is at present. Something to consider. SD - badly advised? Well, they didn't exactly advise - more suggested that sitting on a cash investment was a bad idea and they did it in repeated letters. Reacting to that suggestion has cost me big, but I don't think I have any redress. |
Apr 2022
7:17pm, 30 Apr 2022
57,736 posts
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Velociraptor
It's only cost you big if you panic and sell, NE.
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Apr 2022
7:20pm, 30 Apr 2022
8,773 posts
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Northern Exile
True.
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May 2022
5:31pm, 1 May 2022
135,009 posts
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GregP
Thanks for sharing the story TROSaracen - I’d love to get VR in the next eleven months but I can’t see it happening.
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May 2022
6:36am, 2 May 2022
1,380 posts
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arbster
Thanks for sharing the story TROSaracen - I’d love to get VR in the next eleven months but I can’t see it happening. |
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