Dipster:
I have only just read through this thread. Interesting. Franglais wrote earlier“We are all in differing personal circumstances and our own position changes with time. Always discuss any long term plans with others, preferably experts, but even forums such as this with non experts give insights into courses we may not be aware of at all.”
Which is not bad advice of course. But, if you seek advice pick your expert carefully. Note that banks are rarely (if ever) offering independent unbiased advice. They are looking at ways to get more out you for them.
Some years ago I was fortunate to be in a well paid position overseas. This caused me to be the target of many experts always ready to proffer their “expert” advice to me, intended of course to make me wealthier.
So many of them were slick chancers, some simply wide boys. I never took their advice. But I did enjoy putting this to them. I would say that if they are the expert, telling me that they are better qualified than me for knowing how to grow my wealth (don’t get any ideas dear reader. I am not really rich, just comfortable) then, to assist me, they will surely be asking what I actually earn and possess, no? Therefore I would say they must be quite wealthy too as they would surely be using their expertise for their own benefit. So I would challenge them to tell me what they were presently worth and how they had accumulated it. None ever accepted.
Thus I figured I might be doing well enough by my own research. And did so.
The most helpful for me was not from those who advised “do this” and “don`t do that”, but from those who Explained what taking certain course might lead to. Giving me the option to choose, after explaining the possible outcomes.
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I remember well one bank advisor (upfront clearly explained only selling policies from a limited pool) talking about health insurance. We looked at differing schemes and worked through the costs/benefits/risks etc. Looking at how different occupations were historically paid out and reasons for such. (That was an eye-opener in itself)
Looking at the workings with a professional, even a biased one, gave me the way into making a decision (having a better guess!) about what best to do for myself.