Investing my pension in gold

Rickyboy999

OK Im 49 and been with my company 20 years.  I have 23k in my pension so far. I was wondering if I invested it in gold if that's a good idea? 

ADA58

no one here should recommend , or not a specific  commodity , how do they know your willingness to risk , long term objectives , or financial priorities. 

personally I would not invest a pension in one commodity at one point in time , but I am probably on the traditional risk adverse side of the equation , spread the investments, the timing and the risk profile . if you are not sure seek professional pension advice. 

my own pension money has recently stayed in cash , the investments I am in (ie not cashed  in on my losses) , and I recently took a punt (and it is that) on non dividend paying  UK banks. 

Don't follow gold , but feel it would be a real gamble …..  

eskbanker

Most on here would say it's a pretty poor idea, compared with conventional investment, but if you go to the savings & investing board you'll find threads where a handful of devoted gold bugs wax lyrical about how wonderful it is, if you're keen to hear both sides of the argument.

An average of a grand a year isn't going to build much of a pot though - what other provision(s) for retirement do you have?

Albermarle

OK Im 49 and been with my company 20 years.  I have 23k in my pension so far

Regardless of what you invest in this figure is very low . Maybe you need to think about increasing contributions as the main priority?

tacpot12

My feeling is that Gold has a place in a sophisticated portfolio for an investor with a balanced view of risk. For someone with just £23K in their pension pot there are better ways to invest in a "balanced" manner. Buying equities within a well-diversified portfolio or fund (EFT/IT/OEIC)  is the best way to invest for the long-term and hedging against inflation - investing in your pension is a long-term investment - this money has to keep you into your 80's, so you are investing for a 40 year time-frame. 
   

Rickyboy999

Thanks everyone. My main worry is that if we hit a depression and financial collapse and WORST CASE SCENARIO they take my pension I'm screwed.... 

Dazed_and_C0nfused

Rickyboy999 said:

Thanks everyone. My main worry is that if we hit a depression and financial collapse and WORST CASE SCENARIO they take my pension I'm screwed.... 

Who are "they"?

jonnygee2

Thanks everyone. My main worry is that if we hit a depression and financial collapse and WORST CASE SCENARIO they take my pension I'm screwed.... 

I wouldn't worry about this too much because you don't really have a pension to take. If you cashed in 23k at retirement you'd get £80 a month or so to live off.

As above focus on increasing your contributions significantly. 

Gold is a very bad idea. Leave your pension in a basic managed fund (the kind of one its probably already in) for now.

[Deleted User]

Rickyboy999 said:

Thanks everyone. My main worry is that if we hit a depression and financial collapse and WORST CASE SCENARIO they take my pension I'm screwed.... 

And you think THEY will not bother with your gold?