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gadgetmind wrote: »Sounds pretty silly to me!
I agree. Anyone who saves in cash only for the long term is foolish.0 -
Glen_Clark wrote: »OK I should have said a few hundred £k in cash accounts.
Maybe someone who doesn't have a public sector pension, and was too smart to waste money in a private pension.
You need to rephrase that- someone who was too Stupid to invest in a Personal pension and invest in equities instead of cash plus tax relief.0 -
Someone that thinks they were too smart to waste money in a pension and use cash savings clearly isnt smart.
Whilst pensions are not the perfect answer for all your money, they do serve a purpose and will provide the highest income of all the conventional options on a like for like contributions. That is ignoring the shortfall risk and inflation risk that someone using cash for long term is likely to experience. Cash ISA has its place and pensions have their place. 100% into either is foolish. It also ignores the other options like S&S ISA which are frequently more suitable.
Have you not heard how much of a personal pension goes in charges, or are you purposely ignoring it?“It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair0 -
Glen_Clark wrote: »Have you not heard how much of a personal pension goes in charges
About 0.4%pa for mine, which is the same as my stocks and shares ISAs.
Given the 40%+ tax savings, and employer's contributions, I'd need my head examined to not make full use of my pension.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Have you not heard how much of a personal pension goes in charges, or are you purposely ignoring it?
Have you not heard how much of a savings account goes in charges or are you purposely ignoring it?
Just because one discloses the charges and the other does not does not mean the other is provided out of love. The net interest margin for savings accounts typically far exceed the charges on pensions which nowadays are very low.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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