Pensioner advice
Discussion
Hello finance gurus
Asking for a friend who is aged 69 and has two pensions incl state and a part time job so cash flow is fine, but whom also has approx 40k in cash sat in an ISA, along with another 60k in stocks and shares ISA.
In brief, is it worth getting a financial advisor involved and what would I do to vet one for suitability? Also I guess for an IFA to be effective they'd need to know objectives of some sort which I think are preservation of capital and perhaps a small income later. If anything right now is paying tax, so wondering if deferring into a SIPP is sensible. Can an IFA advise on that?
Or perhaps at this time of life 40/60 cash to equity probably not a bad place to be anyway.
Any ideas please welcome!
Thank you.
Asking for a friend who is aged 69 and has two pensions incl state and a part time job so cash flow is fine, but whom also has approx 40k in cash sat in an ISA, along with another 60k in stocks and shares ISA.
In brief, is it worth getting a financial advisor involved and what would I do to vet one for suitability? Also I guess for an IFA to be effective they'd need to know objectives of some sort which I think are preservation of capital and perhaps a small income later. If anything right now is paying tax, so wondering if deferring into a SIPP is sensible. Can an IFA advise on that?
Or perhaps at this time of life 40/60 cash to equity probably not a bad place to be anyway.
Any ideas please welcome!
Thank you.
bmwmike said:
Hello finance gurus
Asking for a friend who is aged 69 and has two pensions incl state and a part time job so cash flow is fine, but whom also has approx 40k in cash sat in an ISA, along with another 60k in stocks and shares ISA.
In brief, is it worth getting a financial advisor involved and what would I do to vet one for suitability? Also I guess for an IFA to be effective they'd need to know objectives of some sort which I think are preservation of capital and perhaps a small income later. If anything right now is paying tax, so wondering if deferring into a SIPP is sensible. Can an IFA advise on that?
Or perhaps at this time of life 40/60 cash to equity probably not a bad place to be anyway.
Any ideas please welcome!
Thank you.
It seems like financial planning is the first step before paying for any financial advice.Asking for a friend who is aged 69 and has two pensions incl state and a part time job so cash flow is fine, but whom also has approx 40k in cash sat in an ISA, along with another 60k in stocks and shares ISA.
In brief, is it worth getting a financial advisor involved and what would I do to vet one for suitability? Also I guess for an IFA to be effective they'd need to know objectives of some sort which I think are preservation of capital and perhaps a small income later. If anything right now is paying tax, so wondering if deferring into a SIPP is sensible. Can an IFA advise on that?
Or perhaps at this time of life 40/60 cash to equity probably not a bad place to be anyway.
Any ideas please welcome!
Thank you.
Your friend could have another 20 years of good health ahead, or conversely not. In the absence of any reliable indicator they would effectively need to cover for both eventualities.
A SIPP (or any other type of personal pension) would seem to make no sense whatsoever though.
It may very well be the case that where they currently are is in a good place. There is no point moving for the sakes of it.
Equally, there maybe things that would be better off moved.
It is difficult to comment given the information you have provided is (quite rightly, on a public forum) just an overview.
I think you would do well to have a chat with Nik from the Intelligent Money thread at the top of this section.
Please just shout if there is anything else.
I'm an IFA myself in Kent. Go to https://www.unbiased.co.uk/ and find someone local to you.
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