What's my best option???

gemjam_2

Hi I'm 30 just bought a house on shared ownership and now thinking about pensions and grown up things:) but I've been told don't touch pensions by a lot of people as they don't pay out, so I'm stuck in what to do what are my options to being prepared for the future??? Very confused and lost:mad:

mania112

The people who said that. Are any of them financial advisers?

Pensions are a must.

BobQ

gemjam wrote: »

Hi I'm 30 just bought a house on shared ownership and now thinking about pensions and grown up things:) but I've been told don't touch pensions by a lot of people as they don't pay out, so I'm stuck in what to do what are my options to being prepared for the future??? Very confused and lost:mad:

Your best option is not to listen to these people who clearly do not know what they are talking about.

Start off by reading this:
http://www.moneysavingexpert.com/savings/discount-pensions

Then consider what you can afford and come back to this thread and you will most likely get some sensible advice. Or try an IFA if you are not sure.

gemjam_2

No they are retired, they told me to invest in art, gold and properties and never in pensions

jamiefly

Some people say buying into shared ownership is a risky business, did you listen to them? No. So why listen to someone telling you pensions won't pay out?

Pensions are a mixed bag but very definitely not worth ruling out.

jamiefly

Investing in art and property carries a far higher risk than putting your money into pensions.

Gold and other precious metals is an alright hedge, I have a few maples/sovereigns. VAT on silver is off putting and I tried to avoid it by buying offshore last week and got lumbered with a hefty charge from customs and RM £8 for handling, won't make that mistake again.

gemjam_2

Very true I got worried when they said my money can be worth £10 a month if I retire in bad economy even if I've paid in 30k that freaked me right out! I guess I'm best talking to a financial adviser and getting all the facts:)

mania112

gemjam wrote: »

No they are retired, they told me to invest in art, gold and properties and never in pensions

You know, the first time I read that I thought it said !!!!!!...

mania112

jamiefly wrote: »

Investing in art and property carries a far higher risk than putting your money into pensions.

Gold and other precious metals is an alright hedge, I have a few maples/sovereigns. VAT on silver is off putting and I tried to avoid it by buying offshore last week and got lumbered with a hefty charge from customs and RM £8 for handling, won't make that mistake again.

When talking about pensions, I disagree.

Those fancy things are best left to your investment pot after life matters are taken care of.

bilbo51

gemjam wrote: »

Hi I'm 30 just bought a house on shared ownership and now thinking about pensions and grown up things:) but I've been told don't touch pensions by a lot of people as they don't pay out, so I'm stuck in what to do what are my options to being prepared for the future??? Very confused and lost:mad:

Does your employer have a pension scheme?

Do they contribute to it? If they don't do so already, then they will soon have to.

If you don't join, and the above apply then you are saying 'No' to free money.

My company gives me an extra 6% of my salary every month to put towards my pension, which I wouldn't get if I wasn't in the pension scheme... That goes up to 10% next year.

I'd be a fool not to join.

Moreover for all the cash that goes into the pension from me and my employer, the government chips in all the tax that would otherwise have been taken off me.

As a 40% taxpayer, I'd be an idiot not to join.

dunstonh

but I've been told don't touch pensions by a lot of people as they don't pay out

Are those people real or are they tellytubbies?

so I'm stuck in what to do what are my options to being prepared for the future?

You can listen to the tellytubbies or you can do something sensible.

No they are retired, they told me to invest in art, gold and properties and never in pensions

nut cases

I got worried when they said my money can be worth £10 a month if I retire in bad economy even if I've paid in 30k that freaked me right out!

That is because they are wrong.