Saving for the future

muzer

Ive recently paid off my mortgage and have around 10k to put away. Obviously with no longer having a mortgage payment to make im also able to save around £500 per month. Im 46 and work for the home office so have a reasonably good civil service pension. Im looking to put the 10k jnto an S&S isa which i would be looking to leave in for about 12-14 years ( until retirement hopefully), im looking at something basic like evestor (I have no knowledge of investing so im looking for a safe place with a decent chance of growth). I have two children who both have junior isas with a reasonable pot in each for them. I have no other debts. Is there a better option for the 10k and the 500 per month in my position? Any help gratefully received.

eskbanker

An S&S ISA sounds like a good idea, but if you search the forum for previous references to Evestor you'll see that they're not renowned for offering great value for money, so you'd probably be better buying into one of the low-cost global multi-asset funds (Vanguard LifeStrategy, HSBC Global Strategy, Blackrock Consensus, L&G Multi-Index, etc) on one of the mainstream platforms where you can hold them for annual costs of 0.15-0.25%.

Make your choices in that order, i.e. decide on what to invest in first, and then choose the best platform for your anticipated investment profile, using comparison sites such as:

http://monevator.com/compare-the-brokers/
http://www.comparefundplatforms.com/
https://forums.moneysavingexpert.com/discussion/5583030

DrSyn

1. I agree with the post of eskbanker.

Use tax shelters and keep charges to the minimum.

2. Make sure you clearly understand the difference between savings and investments, as some persons do not.

Savings means putting money in the bank or building society. Just make sure the bank is covered (up to £85000 at present) by the FSCS .

Investing is a another word for "long term gambling" your money is at risk. The longer the better, with a minimum of 5 years.

Investments are not covered by the FSCS.

https://www.moneysavingexpert.com/investments/


3. I suggest you look at these following two videos before you begin investing:-

http://www.kroijer.com/

https://www.ifa.com/indexfundsthemovie/

Also this,

https://forums.moneysavingexpert.com/discussion/5879942/multi-asset-funds-differences&highlight=multi+asset


4. These may be of interest or useful to you:-

https://monevator.com/compare-uk-cheapest-online-brokers/

https://lipperleaders.com/index.aspx

Good Luck!