Last role of the dice!

ultrafox

richard101 wrote: »

Thanks sleepymans. too-easy for me to fixate on novel boat solution.

Solution to what? I'm unclear on what your trying to solve.

Whether you're earning 10K, 96K or whatever a year, if you have no cash saving and no asserts then my advice would be to start saving ASAP and quickly increase your pension pot. Its not rocket science.

ishmeister

Here's what I would do:

I would not go anywhere near buy to let if this was me. I can't see how making a leveraged bet on the property market at that age is a good idea as a retirement investment plan. A deposit is needed and if house prices fall you stand to lose more than your deposit - a horrendous risk, particularly in this toppy market IMHO.

I would use up my entire pension and ISA allowances to save hard. Maximise tax-free savings. Saving, investing in low risk assets via the tax-free wrappers.

It'll be hard living on a low (ish) income for the next 10 years+, but it will minimising tax, keeping more for the future. Saving hard, making sensible investment decisions in pensions/ISAs could still end up with a decent savings in that time. I wouldn't rely on the state to pick up the bill for anything in future.

I'd avoid debt (including a mortgage) and continue to rent somewhere cheap and buy somewhere with cash later (be it small property or boat).

That is just what I would do, it's of course not advice.