ICP076 - Listener personal finance questions

In this episode of the Informed Choice Podcast, Martin answers listener personal finance questions.

If you’re new to the Informed Choice Podcast, this might not be the best episode to start with.

Most of our podcast episodes are a different format this; either our weekly episodes on a Friday which take a deep dive into a particular topic, or our mid-week expert interviews.

Listener personal finance questions

-Do I need a financial planner or a stockbroker? I need some help managing my money and making investment decisions for the future. Is there is a difference between financial planners and stockbrokers, or are they just different names for the same thing?

-I run a small business with 6 employees and have been sent letters about the new pension rules. I have to set something up by July or we risk being fined. Which pension provider should I choose for my company pension scheme?

-I like the sound of the new lifetime ISA. Can I open one for my 3 year old son? With the way house prices are going, I’m worried he won’t be able to afford to buy a property when he is older unless we can afford to give him a lot of financial assistance. The new Lifetime ISA seems to be a good way to save for him and give him a helping hand onto the property ladder.

-How much money do I need to have to be able to afford to retire? I’m 43 years old and want to retire by the time I’m 60. What’s a sensible target to save?

-I’m 58 and planning to retire in about five years time. My pension fund is currently invested in a fairly aggressive mix of funds. Is now the right time to start cutting back on the level of risk and moving it to more conservative assets?

-My financial adviser is recommending that my wife and I transfer all of our pension plans to a single provider. Is this a good idea? We’ve got eight pensions between us, from previous employment and periods of self-employment in my case. Should we really be putting all of our eggs in one basket?

Martin and Informed Choice

Martin Bamford is a Chartered Financial Planner, Chartered Wealth Manager and SOLLA Accredited Later Life Adviser. As Managing Director of Informed Choice, the award-winning firm of Chartered Financial Planners in Surrey, he is responsible for nearly £200m of client assets.

Martin is the author of several bestselling personal finance books and produced his first feature-length documentary in 2014, about the post-war Baby Boomer generation in retirement.

“Bamford excels at making even the dullest topics interesting” – Pensions Management

Visit www.icfp.co.uk to find out more about Informed Choice, or follow us on Twitter at www.twitter.com/informedchoice.