Should I invest?

bowlhead99

Annie1612 wrote: »

It is a subject I find difficult to get my head around but I am improving. My husband has absolutely no interest in financial matters and won’t engage with any financial planning.

You could consider an upgrade, but most options have their drawbacks

Annie1612

Thank you Spiggle for the phone number. I have hit a brick wall with trying to verify my identity in to view my pension records and had given up in frustration today.

Bowlhead - hahaha I have considered an upgrade, but what he lacks in IT and financial skills he makes up for in his ability to build absolutely anything out of bricks and wood, wire a house, plumb a bathroom, landscape a garden, fit a kitchen etc. So he is pretty useful in other ways ☺️

I am very grateful for everyone’s suggestions. I am taking things slowly, having a long think. I will definitely be looking to open a SIPP, will try to find out if I am eligible for extra state pension contributions, and will be thinking carefully about consulting an IFA and investing in a stocks and shares ISA.

I have been reading the pension board and will perhaps post there.

Jackthedog

Read Rodney Hobsons books

Open an account with the likes of Hargreaves Lansdown... do not invest in funds

Open SIPP invest 2800 annually 20% return even if left as cash!

Open isa and use investment trusts that have record of increasing dividend such as city of London or Henderson Far East income 4 to 6% dividend

Reinvest dividends

Top up isa and SIPP every year

Use a share account to buy investment trusts also ... so long as dividends max out below tax free allowance

Ignore capital values... focus on income

Use dividends/capital to add to voluntary ni payments

Enjoy the magic of compounding over the next 10 years

Don’t pay advisors

I have done this (except ni payments) and have done VERY well.

Rapace

I would always recommend that you start investing!

The earlier you start investing, the more time you have to compound your investment.

The 21st century also allows you to invest from your phone, just as you'd shop for a new dress or suit! (These are called investment apps, and are generally low or zero commission trading)!

bowlhead99

Rapace wrote: »

The 21st century also allows you to invest from your phone, just as you'd shop for a new dress or suit! (These are called investment apps, and are generally low or zero commission trading)!

Although, just because you can shop for a new suit on your phone, it doesn't mean it's the best way to do it

LHW99

Did you work when you were accumulating the 15 years NI? if so, may be worth seeing if you accumulated any work pension then.

Dougeee

Annie1612 wrote: »

I have hit a brick wall with trying to verify my identity in to view my pension records and had given up in frustration today.

Find your NI number from past payslips. Call inland rev and set up gateway account. Then login and it will show all your years of NI contributions.

Sue58

Jackthedog wrote: »

Read Rodney Hobsons books

Open an account with the likes of Hargreaves Lansdown... do not invest in funds

Open SIPP invest 2800 annually 20% return even if left as cash!

Open isa and use investment trusts that have record of increasing dividend such as city of London or Henderson Far East income 4 to 6% dividend

Reinvest dividends

Top up isa and SIPP every year

Use a share account to buy investment trusts also ... so long as dividends max out below tax free allowance

Ignore capital values... focus on income

Use dividends/capital to add to voluntary ni payments

Enjoy the magic of compounding over the next 10 years

Don’t pay advisors

I have done this (except ni payments) and have done VERY well.

Do not invest in funds - why not?

LHW99

Open an account with the likes of Hargreaves Lansdown... do not invest in funds

IMO that's a little OTT. Funds are a good start when you are building up investments because there are a range of good multi-asset and tracker funds that give you an instant geographic spread, and which invest in a range of things (shares / equity, bonds, proerty and others). A lot easier (and safer for someone new to investing as they can be less volatile than individual shares) as the manager keeps their eye on things and may adjust what they hold according to themandate they have.
However once you get more than about £30k at HL, their costs for holding funds becomes significant. Other platforms are available that can be cheaper.
If you go with a personal pension, as mentioned above, you probably won't be doing that with HL, and these are also good for those starting out, who don't want to be too "hands on"

Jackthedog

Funds attract high fees on hl
Investment trusts generally do better and are more liquid.. (ie can buy and sell instantly)