Use ISA for pension pot??

felinefancy

Hello,

I have two cash ISAs, total 30k.

Would it be better financially to use these to bump up our pension?

Or, as we rent, would it be better to use some of this as a deposit - but we're both over 50..? (Houses in London are not cheap so probably not viable with our salaries.)

I just stuck the money into ISAs because I don't know what to do with it for the best!

Thanks!

Effy;

FatherAbraham

felinefancy wrote: »

Hello,

I have two cash ISAs, total 30k.

Would it be better financially to use these to bump up our pension?

Or, as we rent, would it be better to use some of this as a deposit - but we're both over 50..? (Houses in London are not cheap so probably not viable with our salaries.)

I just stuck the money into ISAs because I don't know what to do with it for the best!

Thanks!

Effy;

What pension provision do you currently have?

kidmugsy

Do you plan to retire in London?

Mortgages are available to people over 50. But this may not be a good time to buy in London. The newspapers assure me that house prices are falling in parts of London. In that case keep your money as cash (within ISAs if you prefer) and wait to see what happens, perhaps?

Usually you have a pretty free hand about when you contribute money into pensions; usually there's no rush. But you've not told us enough to let us go much further. If investment assets start falling in value that might be another good reason to stay in cash for the time being. I'm certainly not rushing to invest at the moment.

felinefancy

Hi, we won't be able to afford to retire in London - most likely have to move to Wales or somewhere else cheap.

What info do I need to provide to illustrate our situation more fully?

I've got two frozen work pensions, a private one (frozen) and current workplace pension.

I really don't have a clue about pensions.. sorry, so need help!