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last minute savings spurt
beachhutman
Posts: 8 Forumite
This is probably a naive question, but I don't know where to start, what questions to ask, but did remember Martin's site. So. Here I am.
Due to disasterous divorce and other pension chaos, I have almost no employer's or personal pension worth anything. Even my state pension is reduced owing to many years overseas. At just under 60 I have cash savings lets say under £25,000, and I have unexpectedly just got a decent job for what may be my last five years of employment. The worst case scenario for me is owning my small house outright - I can manage that - but being on the minimum income garrantee whn work ends. I am able now to put about 500 a month away, but need (I think) to go for the highest return I can get, as the defualt (MiG) is already so bad I might as well take a bit of risk. I don't think a new stakeholder pension with my new employer will do anything for me. Nor do I trust pension providers any more. And obviously, the more commission I pay the less I save. So, what is the highest growth/ best return I can get on regular savings of say 6000 a year for just over 5 years? Or is it just not worth trying, and sticking the cash in a bulding society?
Due to disasterous divorce and other pension chaos, I have almost no employer's or personal pension worth anything. Even my state pension is reduced owing to many years overseas. At just under 60 I have cash savings lets say under £25,000, and I have unexpectedly just got a decent job for what may be my last five years of employment. The worst case scenario for me is owning my small house outright - I can manage that - but being on the minimum income garrantee whn work ends. I am able now to put about 500 a month away, but need (I think) to go for the highest return I can get, as the defualt (MiG) is already so bad I might as well take a bit of risk. I don't think a new stakeholder pension with my new employer will do anything for me. Nor do I trust pension providers any more. And obviously, the more commission I pay the less I save. So, what is the highest growth/ best return I can get on regular savings of say 6000 a year for just over 5 years? Or is it just not worth trying, and sticking the cash in a bulding society?
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