Scared for retirement after seeing an IFA

^^This. I have an IFA, and from my more experienced eyes (and I am retired) you are actually in pretty good shape.
Get an opinion from a recommended IFA and don’t use St James!

Do not move your ISA money in to your pension. It becomes taxable as soon as you move it in to your pension, it’s in a tax free wrapper currently

Except as you get given all the tax back, that’s irrelevant. As it’s grossed up, it also beneficial. Your maths is off, and understanding…. perhaps an IFA might help

I’d suggest speaking to an independent financial advisor.

St James place only sell their own products and have been in the press a lot recently. Do a quick Google and you will see what I mean.

Ive recently discovered https://womens-wealth.co.uk/ and really like their openness and fee transparency. Take a look as you might find you get a different perspective on your situation.

There are lots of good reasons to put as much money into your pension as possible, particularly if you earn over £100k to reduce your tax liability however your circumstances may mean a different approach is actually more suitable.

It doesn’t sound like you’re in a terrible position so try not to worry. I appreciate that’s easier said than done.

SJP are not independent, you should always look for an independent financial advisor. (And they’re rubbish)

recommendations usually work best.

and they are just advisors so they can give you a plan and explain why and you can decide whether or not to take that advice. They shouldn’t be pushing you into anything and scaring you.

also, I would apply for pip as soon as you start struggling with your illness, you can claim it whilst still working and whilst you may not get it straight away you can appeal (don’t give up if you don’t get it because it seems that lots of people get it refused but then are successful at appeal)

How much are you expecting your pension pot to give you annually? It doesn’t sound large to me though you will also have your state pension eventually.

Another person to say not to use St James Place. You don't sound like you are in an awful position and a lodger to hammer the mortgage down before you stop work sounds fairly sensible to me. Look into benefits and have a chat with a different adviser.

St James Place charges are very high compared to many others! If you need someone to manage your money best to look elsewhere.

What did they say was the problem?

AVOID SJP. Con artists.

They are trying to scare you on purpose.

DH has worked as an IFA (not his current role) and he’s always said St James does not have a good reputation. I don’t think your situation sounds awful. I would recommend getting some advice from an IFA personally recommended to you

Hi OP…

You seem to be in a good position to start planning your final years of working.

One thing I would do if you haven’t already is to work out your current budget and then work out a realistic retirement budget. Then at this point I’d realistically max out what you can for your pension to realize any tax benefits then start a a non retirement investment account to allow for both investment benefits + flexibility.

I’m not familiar with your laws and rules regarding withdrawals from retirement accounts with no penalty at an early age so make sure that you understand them.

In my experience, IFAs will rarely view that you have enough money in pensions.
I take my own view. My danger point is if I lose my Job north of 60. I think it would be hard to find another. So my focus is on saving enough by 60 to bridge the gap between that and state pension age.
I think when you factor in your overall assets you are doing fine. If you want to stay put, I'd focus in paying off the mortgage.

It sounds like you're in an excellent position, close on a million pounds in savings,pension and assets. I would sell the flat and buy somewhere for half the price, and live off the proceeds. I wish I was in your position but unlikely to be anywhere near that in another eight years.

What about ill health retirement if these are the circumstances? Or reducing hours? Have you looked at benefits? Obviously you'll not get means tested benefits but could you claim PIP? When you finish work it may also be advisable to look at claiming esa for the national insurance years. I'm not an expert but I had to take ill health retirement at 35 and have a lot less than you and managing to currently raise 3 dc on my own. My plan is I will sell up when dc are 18 as I'll loose most benefits and than buy a small flat out right. It's not ideal as it means dc can't come back after university long-term but it has to happen so I'm just accepting of the situation.

Don't use St James Place, they don't have a very good reputation and their fees are very high.

Does the disease you have have a support group? For instance, MS has the MS Society etc. They will usually have people who can help you sort out your finances and check your benefit entitlement to make sure that you are as secure as possible as your disease progresses. They can also help you plan for the future and make you aware of things you need to consider. There's lots of help available, it's just knowing where to access it.

Retired IFA here. I would not recommend SJP.

Charges can really eat away at fund performance even if they appear small. Also I may be biased but female advisors are more likely to listen to their clients and work with them to come to the best solution for them rather than trying to fit the client into a box

If someone did that via Facebook, you'd probably assume (correctly) that they were scammers.
The fact they're using LinkedIn doesn't make them trustworthy
I had a connection request from someone from the same place and I rejected it after doing some googling on SJP.....

Yes exactly this. Hard to get and isn't about people only being able to work part time as quite a few posters have suggested. PIP is awarded based on scoring enough points on certain descriptors to get an award - things like washing and dressing yourself, mobilising, managing medications, being able to cook a simple meal and mange your medications. Lots of people who are still working will be able to do these things. Also there's no guarantees the criteria won't be changed as so many people are trying to claim it and the current situation is unsustainable. It wouldn't surprise me if in the future they change the criteria regarding mobility given that people claiming disability benefits after state pension age cannot get a mobility component and given how many people are currently applying for PIP. I'm just saying op should be wary of depending on this money in retirement, although as others have said it doesn't seem , in any way that she is going to be struggling ! Op if you did have to give up work you could also look at claiming contributions based ESA but if taking private pension s early this could affect ESA.

What was the advisor trying to scare you into buying? Their schemes, perhaps?

A number of PPs are suggesting you ‘will’ get PIP, but I’m afraid it is not a certainty, the conditions are quite stringent and you need more than just an inability to work to qualify. There are other benefits for people who can’t work…it is quite complicated and it would be worth contacting a CAB for advice about exactly what you’d be entitled to in the event you are no longer able to work.

I have also read newspaper articles saying St James Place have been experiencing difficulties.
I read they have charged very high fees and previous clients are claiming back the money they paid to them so presume their financial advice has not been great.

It sounds like you will live comfortably even if you take early retirement. As everyone is saying the issue is SJP (unless you seriously think you are going to struggle with £100k in ISAs etc).

Someone upthread mentioned the HM Gov pensions advice service and I'd recommend that too: https://maps.org.uk/en#

Paying off mortgage depends on interest rate and whether OP is getting a higher rate from her savings.

Can you pay off your mortgage out of earnings before you retire? This should be a priority. I would then write yourself a budget - essential costs like council tax, utilities etc. then set aside a monthly food shopping budget and a modest leisure budget - how much do you really need to live on without a mortgage? Getting rid of your car seems an obvious choice, a lodger has more implications but could work for you. We plan to rent out our house and go travelling somewhere where it's cheaper to live for a year or two (or more) we reckon we can live off the proceeds.