Talk Of The Town Posted January 11, 2017 Report Share Posted January 11, 2017 Any advise would be greatly received. I'm approaching 40 with no pension plan. I need to get my ass in gear. I can comfortably invest £400 per month into a plan. do I start a pension or a sip? pay into an isa? high interest savings account? or overpay on the mortgage and clear it in 9 years? many thanks. Link to comment Share on other sites More sharing options...
Spoons Posted January 11, 2017 Report Share Posted January 11, 2017 £400 on red 30 , it's a winner. Link to comment Share on other sites More sharing options...
Barrs Court Red Posted January 12, 2017 Report Share Posted January 12, 2017 9 hours ago, Bobby Bollax said: Any advise would be greatly received. I'm approaching 40 with no pension plan. I need to get my ass in gear. I can comfortably invest £400 per month into a plan. do I start a pension or a sip? pay into an isa? high interest savings account? or overpay on the mortgage and clear it in 9 years? many thanks. I know a Nigerian Prince who might have a scheme to invest your capital.... Link to comment Share on other sites More sharing options...
Fordy62 Posted January 12, 2017 Report Share Posted January 12, 2017 9 hours ago, Bobby Bollax said: Any advise would be greatly received. I'm approaching 40 with no pension plan. I need to get my ass in gear. I can comfortably invest £400 per month into a plan. do I start a pension or a sip? pay into an isa? high interest savings account? or overpay on the mortgage and clear it in 9 years? many thanks. I don't know a great deal about it... I'm blessed with a job that'll have a good pension, but I assure you that there's no way you'll ever get as good a return on your money as paying your mortgage off early. Then when you've paid it off start making hay. Link to comment Share on other sites More sharing options...
Talk Of The Town Posted January 12, 2017 Author Report Share Posted January 12, 2017 1 hour ago, Fordy62 said: I don't know a great deal about it... I'm blessed with a job that'll have a good pension, but I assure you that there's no way you'll ever get as good a return on your money as paying your mortgage off early. Then when you've paid it off start making hay. That's what I'm leaning towards. Link to comment Share on other sites More sharing options...
daored Posted January 12, 2017 Report Share Posted January 12, 2017 11 hours ago, Bobby Bollax said: Any advise would be greatly received. I'm approaching 40 with no pension plan. I need to get my ass in gear. I can comfortably invest £400 per month into a plan. do I start a pension or a sip? pay into an isa? high interest savings account? or overpay on the mortgage and clear it in 9 years? many thanks. Many options available, benefit of pension advice is tax relief on your initial contributions plus if higher rate tax you can reclaim the additional tax relief. More flexibility will regards to taking your pension now than in the past, can take 25% tax free but any additional payments taken are taxed at your highest marginal rate. Another benefit or downside is you can't touch it at this time! I'm assume from your comments your self employed? Saving regularly, at 400 a month you'd probably get a decent interest rate if investing in cash deposits but potential limited growth. With regards to your mortgage, I would just add a lot of uncertainty going on at the minute with Brexit and what may happen with interest rates going forward. Would suggest you seek financial advice to discuss what options are available and go from there Link to comment Share on other sites More sharing options...
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