Real Life Stories #1

I first sat down with Wyn at his favourite venue in 2007 (Borders/Starbucks). I had a small pension fund that was going nowhere (valued around £27,000). At that meeting we agreed that carrying on doing the same thing hoping for different results was not wise, and that the pension should be managed differently and funded more realistically. Wyn also suggested that we set a target of having a fund valued at £100,000.

This was a target I did not believe was achievable. However, when we sat down in another Starbucks in 2012 the pension was valued at £112,504 and by now February 2013 it is worth £126,972.

The target was reached and although annuity rates are depressingly low it was good to know that there were other options for me to draw an income from my fund when I needed to benefit from it.

On reflection I wish I’d taken decisions to fund my pension earlier and set a target of £250,000.
I’m looking forward to finishing work that I’m paid for in a couple of years and spending time working on a project I love, a decision made easier knowing that I’ll meet my overheads from pension income.

Disclaimer: Real Life Stories are written by clients of iPlanning Wealth Management. The views expressed in this post are those of the author only and are not necessarily those of I Planning Wealth Management Ltd. All material in this post should be considered as general information only and should in no way be construed as a recommendation of a specific product or course of action. Each circumstance is different and professional advice tailored to your circumstances should be sought from a qualified financial adviser.

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