Scared for retirement after seeing an IFA

Another one here thinking you are in a great position, especially if prepared to downsize somewhere a lot cheaper. You could easily live off the equity from the flat sale for 10+ years until you can take your state retirement pension and private pension.

Sorry you are looking at declining health. Do apply for pip and remember that even if you don’t qualify now you should at the point of ill health meaning that you can’t work.

I think your position is good too - sorting the mortgage and a Monday to Friday lodger sound great but also think about what you want to do for you. Your costs will reduce if your capacity does and you should also invest in things you can enjoy while you are comparatively well.

Are there any places you could move to that would allow you to commute to your hospital (obviously dependent on frequency and your health and support) but also free up a chunk of equity?

Hope you stay well and your sensible planning isn’t needed until later.

No need to panic OP, and I certainly wouldn't be transferring your pension etc to SJP - that's for the salesman's benefit, not yours!

Have you thought about The Number, and what you will actually want/ need to live on in retirement? It's a fascinating subject. I would strongly recommend you go over to the forums on Moneysaving expert. There are people on there who really know their stuff re pensions and will give you good advice. ( I am no slouch financially, but have found their advice invaluable on certain points over time).

I think you would find this invaluable, and you will know they are not trying to sell you something, which could be an extremely expensive mistake for you!

Good luck. 😊

Please talk to ad least two more financial advisors. Are you in a union? Do they have contacts with finance people. I think you need a different view from St James, by the sound of it.

These recommendations are for their benefit, not yours.

If you go ahead and give them your money, they'll get thousands in commission but you'll be no better off.

Monday - Friday lodger, a professional person would work.

i would consider part time but maybe not if hoping for redundancy later.

Agree - pls go elsewhere than St James Place. You are in in a reasonably good position.

You are in a great position, If you can max invest into your pension it would be helpful but also try to enjoy life, a sunshine break?

out of interest what products were they trying to sell you?

Have you applied for PIP ? Sounds like you would be eligible , it’s not means tested and the payments would continue into retirement

Could you have a part time lodger, Monday to Friday so you still have all your personal space at the weekend?

Also medical retirement clauses in your pension as you may get an earlier payment.

Also factor in what benefits you will receive once you stop working into your calculations.

SJP does not have a great rep at the mo.

This FA will want to put the willies up you so you give him your savings so he can hit his target.

If possible can you use your income to pay off your mortgage so you at least go into retirement debt free?

Not an expert, but you sound fairly sorted. Carry on putting as much away as you can. Then live off your savings for as long as you can before drawing on your pension.

Yes, I looked into these companies and options a couple of years ago. I was 47 so I had 20 years to save before retirement. If there is a "product" that gives you back as much as 75 per week in retirement for the cost of 75 per week in my working life, he couldn't tell me about it.

300k will buy an annuity of £18k ish at 60. So I guess about £15k at 55(I may be wrong but not by much). You can check your state pension on line. Also as you are over 50 you can have a free chat with a government pensions expert.
Write down every thing you spend month by month and look at exactly how much you will need per year. For us it's 19k but that includes 2 cars an expensive holiday every year..now I'm retired at 55 I realised I don't need my car.
You can also enter your details into, say Aviva and someone will ring you to try to sell a pension. At least you will know what you can get

Ps, i could rent out a room in my house too, but I'd rather not. I could rent to a student who returned home to their own town at the weekend I guess. But not dying for a lodger.

Your mistake was using StJames Place. They have a terrible reputation. Of course he wants you to put savings into a pension - so he’ll get a shed load of commission but he’ll rebate it to you in lieu of his fee which will be a few thousand! He’ll also have scared you into thinking you need more money to live on in retirement without considering all the costs you won’t have anymore! Walk away and see a local independent financial advisor.

Ask around your friends from recommendations for IFAs. St James's Place have an awful rep.

Please think extremely carefully before you pay for any services or products from St James Place. If in any doubt read all the articles in The Times about their charging proactive and huge commissions. You will be far less able to retire after a paid session with one of these

Would getting a lodger be feasible? If the rent can cover your small mortgage and the bills then that would be a great way to stretch your savings

i would also recommend speaking to someone else as I have also heard they aren’t great