how should i save a small monthly amount until i retire?

kez1_2

hello!

i'm actually getting ahead of myself a bit here as i havent really started saving yet as i am paying off debt, which should, fingers crossed be gone by the end of the year.

i turn 30 next year and although i am in my company pension (only joined in 2005) i thought that it might be good to tuck a little bit away each month for so when i do turn 65 i will have a lump sum (having to work extra hours to clear my debt has really made me get 'sensible' with thoughts for the future!)

now we arent talking huge amounts here i am hoping to be able to put aside about £25-£50 per month for 35 years so hopefully the little amounts could build into a nice nest egg for me to enjoy on fast cars and younger men when i turn 65!haha!

i am quite a low risk person, but it would also be good to be able to access the money if i need to, but not instantly. so what would you suggest?

thanx in advance!

Tia91

I would use mini cah isas, and if you use the full 3k then look for a reg saver such as the halifax

black-saturn

If your only saving £50 per month you could put it into a mini cash Isa which will give you a good interest rate.

Murtle

Cash ISA's for sure. At least that way the interest you gain will remain tax free and you can transfer them to high interest rates so you're not necessarily stuck with the one you join with.

x

claretmatt

I'd personally simply based on the investment term (35 years) consider an equity based ISA.

Although its higher risk, equities over that period of time, although not guaranteed will outperform cash.

whiteflag_3

claretmatt wrote:

I'd personally simply based on the investment term (35 years) consider an equity based ISA.

Although its higher risk, equities over that period of time, although not guaranteed will outperform cash.

Seconded! Much more investment choice as well.