P.S.
If she has previously indicated that she wanted to retire at 55, there might be some 'lifestyling' going on with the investments. Near retirement the usual thing used to be to move over a period of years into gradually safer (and lower return) investments, to avoid being caught by a big dip just before buying an annuity. Sometimes this was done automatically, and if that was the case it would have started possibly 5-10 years ago and the whole lot could be sitting in some very low return (but safe) funds now.
We actually stopped doing this with our DC section because people now are much more likely to use some form of drawdown, which often means they remain long term investors for a large part of the pot.
But if she has been 'lifestyled' because of her planned retirement date then she might actually have dodged the recent drops.
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