Saving to top up pension

Chivvy_2

I'm female & will not be able to claim my state pension until I am 66 years old. I have pensions from previous jobs that I am able to claim when I am 60 yrs but I only paid into them for 9 & 13 years plus I have a private pension which I have been paying in to for 13 years. However adding all these up they will not amount to much as a monthly income. As I would like to take early retirement & retire when I am 60 yrs (in 3 yrs time) I would like to start putting money aside so that I can use the money to top up my pension incomes until I can claim my state pension. I would like to know what is the best account to open. I will not be able to put away a regular amount of money every month as it will be extra money I receive when I do overtime or extra payments for working bank holidays

Notfarfromtheborder

Without more detail it's difficult to offer discussion points, however one thing you should be considering is personal pension (adding to the one you have or setting up another), get tax relief on the way in, 25% TFLS and then draw down after 60.

maximumgardener

a personal pension is a great idea & may work best if you are putting in a reasonable sum

you may also consider a stocks & Shares ISA which allows input of £15240 pa
(benefit here is tax free on withdrawal)

or combine the two?

maximumgardener

or low risk access to cash

santander 123 account??

greenglide

or low risk access to cash

santander 123 account??

High interest current accounts could be appropriate but the Santander 123 current account would not be the first choice.

If we are talking serious amounts of money (retirement does not come cheap) then these accounts may not be the best choice depending on the period over which the funds will be drawn down.

Eco_Miser

Before a Santander 123, there's some £30k that can earn 3%-6% without fees, even more if you can open joint accounts: https://forums.moneysavingexpert.com/discussion/5374614
Cycle your existing saving to meet the funding requirements, and to keep up minimum contributions to regular savers.

3 years to save, then 6 years to spend - how much do you think the total will be?