PENSION ADVICE -22y/o

rjh090384

HI

I hacv come to the conclusion that by the time i am meant to retire that there probably will be no state pension. obviously i dont want to have to work at that age. would anyone know where i cna get free advice on what kind of pension i can get?

i am not in a job that will provide a pension and neither is my oh. can we get a joint pension even though we arent yet married or do u get individual ones.

it seems like a bit of a minefield out there.

any advice appreciated

dunstonh

There almost certainly will be a state pension although you will be waiting until age 68 for it and its not exactly an amount you can retire comfortably on (currently basic state pension is £4381 p.a.).

would anyone know where i cna get free advice on what kind of pension i can get?

No advice is free. You either pay for it on fee basis or the adviser takes commission on the products sold and the cost of the advice is built into the charges. Although you shouldnt make the assumption that if you dont use advice, you will get it cheaper. A number of providers keep the charges the same but pocket the commission for themselves.

any advice appreciated

Yep. Two options. Research and DIY or seek advice. If you dont know what you are doing and dont feel inclined to research (and remember that its not just a product you are researching here but an investment and there are thousands of areas to invest in) then you should seek advice.

EdInvestor

Before writing off the two state pensions completely, why don't you find out what you and your OH are on target to get by requesting a forecast?

Apply here

To avoid poverty in retirment, you need to accumulate a pot of money.It doesn't matter how you do this.Most people start off by buying a house.Have you considered that?

As far as savings/investment are concerned, if you're a basic rate taxpayer, and have no company pension, an ISA will probably be your best bet.

rjh090384

iwe have a house already. been in in for 5 months.

cheerfulcat

rjh090384 wrote:

HI

I hacv come to the conclusion that by the time i am meant to retire that there probably will be no state pension. obviously i dont want to have to work at that age. would anyone know where i cna get free advice on what kind of pension i can get?

Hi there!

Unlike Ed and dh I am not sanguine that there will still be a state pension for all by the time you retire ( in 46 years' time? ). I think that you are wise to want to make your own provision.

You do not have to put money into a pension to save for retirement, though if you find it hard to keep your paws off readily available money it may be a good idea to lock it away . But if you are fairly disciplined you can save/invest in ISAs and whatever, if anything, follows in the way of tax-free savings plans.

You can also invest outside of tax wrappers; everyone has an annual capital gains tax-free allowance, currently £8800. IMHO this is not used often enough.

i am not in a job that will provide a pension and neither is my oh. can we get a joint pension even though we arent yet married or do u get individual ones.

Individual ones. But don't get too hung up on the pension idea; work on the investment part.

CIS

Thers no eveidence that the pension will be done away with, quite simply it would be political suicide for the PM that did it and if they did succeed in getting rid of it, the next PM would soon have it back.

The value may not be guaranteed, but the its actual existance is.

dunstonh

I think the main state pension will be there but I have my doubts about the second state pension. That is why I never suggest anyone includes it. Plus self employed dont get it so if you are self employed, you are in for a shock if you have relied on that.

I always try to get people to plan without taking account benefits and at the age of 22, you certainly have that possibility but you need to take it seriously.