pension for retirement

joanne2008

Hi,

I am 27 and am a self employed Childminder and have been for 4 years. I am now thinking of the future and providing for my daughter and my retirement.
I already have an ISA which i will be saving for university or a car for my daughter.
For my retirement what pension would you recomemnd i dont have a clue about them and desperately need some direction.
I can only really afford to save £30 per month by the age of 57 i will only have just over £8000 is this enough?
Any advice??

Jo

jem16

Not sure where you are getting your figures from but £30pm for 30 years is £10,800 not £8000. You are also forgetting the miracle of compound interest. At 6% interest you would have £29,378.

However saving isn't an option for long term planning. You need to be investing in either a S&S ISA or a pension.

Perhaps seek advice from an IFA?

joanne2008

Hi Jem16, yea i worked it out until im 50 but if i can do it until im 57 then even better.
Do we need to pay for IFA?

Jo

EdInvestor

First of all, check out what you're likely to get from the state pensions.

Forecast here: https://www.thepensionservice.gov.uk