Saving in cash (i.e. in a safe deposit box or safe)

pip895

I admit to being no expert but my suggestion wold be

1. Pay enough into your pension or a SIPP to get out of 40% tax
2. Fill your + OH cash isa
3. Fill your + OH SS isa

If you were to still have more to invest after that, then I would probably look at more into pension for you and/or OH -more research would be required.

Eco_Miser

Parsimonia wrote: »

unsure if he'll be entitled to receive a state pension when he hits 65 in 2027.

He definitely won't receive a state pension when he hits 65 in 2027. However, he should receive one when he hits 66 in 2028. Unless the rules have changed again.

Parsimonia

Eco_Miser wrote: »

He definitely won't receive a state pension when he hits 65 in 2027. However, he should receive one when he hits 66 in 2028. Unless the rules have changed again.

Sorry, I meant age 66 in 2028.

atush

Sounds like he has 35 years so enough for the new state pension.

Parsimonia

Thank you all so much for being so generous with your time, your advice and your wisdom - I really appreciate you making such an effort to help such a hopeless newbie!

As I said, I'm not usually so ill-informed, but for some unfathomable reason I've always been amazingly complacent about savings, thinking that being in a pension scheme was all I really needed to do to safeguard our retirement.

You've opened my eyes and showed that I have a lot to learn! Thanks to you all!