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How to save for retirement
first78
Posts: 1,050 Forumite
I'm 30 years old and apart from my pension that I get with work I have no savings to help me when I retire. I was wondering if anyone could tell me what the best savings plans would be to look at as I want some sort of long term savings scheme that is risk free.
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Comments
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It depends how much you have to save. Personally, I use a cash ISA, tax free for up to £3600 p/a this tax year. If so have a look at the ISA forum http://forums.moneysavingexpert.com/forumdisplay.html?f=18 you'll probably find some good advice there.
Also worth having a look at the MSE website http://www.moneysavingexpert.com/banking/.0 -
It doesnt exist. Your comments suggest cash but as your state retirement age is 68, you are looking at around 38 years of provision. Cash would have inflation risk and shortfall risk. Investments have varying risks, more so in the short term but you are looking at 38 years so the risks are diluted.I want some sort of long term savings scheme that is risk free.
However, before you do anything you should make sure your short term savings are built up.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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