Really very interesting conversation, and from members from very different age groups which shows how talking generally about pensions is complex because we (the readers) have such different requirements.
Personally I’m in the middle - way beyond the time I should have started but not yet close enough to consider retirement, so I feel it is a potentially exciting time to get more involved in managing my pension.
I’ve had a few realisations about pensions (and investments) recently, including how we rarely get joined up advice that suits us as individuals.
One moment the advice is about pension planning, and how you should maximise your plans to take advantage of top-ups, etc. Next article will be about savings for the medium term, including ISAs and fixed-term deals, so that you can make ‘savings’ work for you. Some will be about day to day spending and budgeting / planning.
But as @Gaoler points out, it is up to us to find a way to balance these competing choices - and the consequences can be serious to us in future.
I also, however, have realised that investing is a bit like growing your own food. We get used to having everything packaged and presented to us, but if we decide to get more actively involved, there are thousands of decisions to take and suddenly you realise what you are paying for … and that the juicy tomato you had hoped for turns out to have some blemishes … .
Am I really better to grow my own, or should I just be shopping better? Personally, I am conflicted.
My IFA helped me move all my pension pots to a platform so I could manage them myself, but I am way too nervous to change anything. Have I really gained anything (other than this insight) from the move?
I guess some of it is simply experience (and not just confidence!), and until recently I didn’t have any investment experience, so am taking my first steps in this direction, and hopefully will feel more empowered to take bigger decisions before it gets too late