I was in a Defined Contribution Plan. I am now 60 and have to decide whether to buy an Annuity or AMFR ( I am cannot buy ARF). I am finding it all a bit overwhelming. Annuities are too expensive at the moment and am thinking of buying an AMRF initially and hopefully can buy a pension later.
I just need some advice.
1. Should I try and get 100% allocation rate. Is it best to pay a fee and not commision to the Financial Advisor so I can invest all my money.
2. Is is correct there is a 1% Government levy on the product?
3. There would a be a minimum management fee of 1% per annum?
4. For ongoing advice which I will need, I would need a yearly meeting. Should this cost a minimum of .25% of the product.
My product realistically would have to grow by 5% per annum, as I would also have to pay a minimum of 20% and universal social charge.
Any ideas or suggestions what to ask when I meet with a Financial Adviser.
Many thanks.
Mijne
I just need some advice.
1. Should I try and get 100% allocation rate. Is it best to pay a fee and not commision to the Financial Advisor so I can invest all my money.
2. Is is correct there is a 1% Government levy on the product?
3. There would a be a minimum management fee of 1% per annum?
4. For ongoing advice which I will need, I would need a yearly meeting. Should this cost a minimum of .25% of the product.
My product realistically would have to grow by 5% per annum, as I would also have to pay a minimum of 20% and universal social charge.
Any ideas or suggestions what to ask when I meet with a Financial Adviser.
Many thanks.
Mijne