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    • Gurses
    • By Gurses 10th Jul 17, 11:03 PM
    • 10Posts
    • 1Thanks
    Pension at a young age
    • #1
    • 10th Jul 17, 11:03 PM
    Pension at a young age 10th Jul 17 at 11:03 PM
    Good evening,

    I'm 21 years old and make just over £19,000 at the moment, and I'm still going university (had a year off).At the moment I'm just a typical 21 year old, I blow my money when I get paid, live month to month. But I feel like this is a waste.

    Do you guys suggest I take out a private pension scheme? I don't have to pay for rent or any rent at the moment, so I can easily deposit £300 or so into the account. I have no debts apart from my car finance, which I'm happy just paying it off month by month.

    Do you suggest I take out a pension or a savings account such as an ISA? The earlier you start the better for when you retire. I'm interested in pension schemes as you obviously can't withdraw, which is good as I don't want to.

    How will I go around setting one up? What's the best service providers, what options do you suggest etc..? I don't taking a few risky steps as I'm starting early so it will compensate for any mistakes I make before I'm 30 or so. Thanks very much!

    I pay £50 into my company pension at the moment, which I believe is matched by my employer.
Page 2
    • ViolaLass
    • By ViolaLass 14th Jul 17, 1:20 PM
    • 5,015 Posts
    • 6,936 Thanks
    You can't tie all your money up (you need an emergency fund, for example). At some point you will need to learn to control your impulse to spend.
    • bigadaj
    • By bigadaj 14th Jul 17, 6:28 PM
    • 9,944 Posts
    • 6,347 Thanks
    That's a fair point about the charges - a cheaper way to invest would be via the Index tracker funds, since you are paying for HL's own research for the Multi-Manager funds and hoping that the managers at HL will be able to beat the market enough to offset the extra charges.

    I only have holdings in the HL Multi-Manager Special Situations Trust and HL Multi-Manager Strategic Assets, neither of which are particularly core holdings. I made most of my fund investments over the years after looking through HL and third party companies' research on funds.
    Originally posted by Vaskor
    There are obviously far cheaper alternatives to hl as a platform, whether that is important to you depnds on your preferences and the amounts you have invested.

    There is still the opportunity to pay extra to an active fund manager in one or more sector if you believe they provide added value.
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