savings help

mboro

Hello All :j

After being in debt (and still being there) it has occured to me that I should start saving for when I am old and frial :A

The plan is to start putting away £20+ away per month, BUT should I open up a savings account, get a pension fund or stick it under the mattress???

any advice is greatfully recieved. :T

dunstonh

clearing debt is important. However, so is making sure you have enough money to living in retirement. Basic state pension of just over £4000 doesn't go very far.

However, £20pm unless you are in your late teens, isnt going to do much for you. Indeed, it could do more harm under the current rules.

Pal

I would also suggest that clearing council tax and rent debts is more important than any saving.

EdInvestor

Get a forecast here of what you might get for your state pension: as you are entitled to two state pensions when you pay NI, you may be surprised about how much it is

Clear the debts first before thinking about saving.

dunstonh

Get a forecast here of what you might get for your state pension: as you are entitled to two state pensions when you pay NI, you may be surprised about how much it is

Perhaps we should say that you may be entitled to two state pensions. You may not.

Self employed don't get the second state pension
Those in final salary occupational schemes may not get the second state pension.
If the govt abolishes SERPS/S2P, then you may not get any of those benefits at all, even if you think you are. - this one is a political risk and a total unknown. Its a case of wait until you retire and you will find out