Whats best

digi_d

I can see the light at the end of the tunnel retirement wise, 9 years to go and counting....now the BUT.. The government have just added a year for me so its now 10 years to go. My dad had five year retirement and died. I just heard another bloke I worked with had three years retirement and died the week before crimbo. So no guarantees on a long retirement, but I still want to go at 65. I need 12 grand to tell my boss to go forth at 65 and this will tide me over for a year along with the wife's wages. Lucky she is 8 years younger than I. (Sorry dear) What is the best place to stash £50 a month for that 9 years so I at least get a head start. Is an ISA any good or does that have to be renewed every 5 years? So but fiances are not my forte.

CLAPTON

50 pm would seem to add up to 50x12x9 =5,400 plus a little bit of interest minus alot of inflation so will be nowhere near 12,000 you say you need


cash ISAs allow you to deposit 5,640 per annum tax free so would be a suitable savings account.

atush

If you put 50 into a pension, it will be worth 62.50 each month so that will help. but you really need to save more like 80 (into a pension) or 100 into an ISA.

digi_d

Many thanks all. £50 was a starting point so point taken.