Very Long Term Investment Option?

MrMoon_2

Hello,

With so many different options, I'm not sure what option would be best for me.

I would like to invest between £500 - £2000 for a very long time, 20+ years

I would like to invest it and leave it to grow and use it for my retirement, this would be on top of my pension, what would be my best option for such an investment? I have looked at stocks and shares but I'm unsure where to get started (websites etc...) and if it's good for such long term investment?

Thrugelmir

What options do you have available via your workplace pension scheme? 

bowlhead99

Do you have a workplace pension? If you have not hit the annual or lifetime allowance there, an easy thing to do would be to add the money to the pension (benefitting from tax relief) and have it invested the same way as the rest of your pension.   If your main work pension is a defined benefit one, there is usually an 'additional voluntary contributions' scheme running alongside it.  If your main work pension is a basic defined contribution / group personal pension, you could invest the extra money in the same fund which takes your usual monthly contribution.

If you don't have a workplace pension at all (i.e. you are self employed and have never bothered for some reason) then start a personal pension or SIPP now.  If the purpose is 'very long time, for retirement', pensions are a very efficient way to do it. 

If you are under 40 and basic rate taxpayer, a S&S Lifetime ISA is also an efficient way to put money away that you won't need back until age 60+. It comes with a bonus which is similar to basic rate tax relief on pension contributions but can be taken out more flexibly once you are old enough.

AnotherJoe

MrMoon_2 said:

Hello,

With so many different options, I'm not sure what option would be best for me.

I would like to invest between £500 - £2000 for a very long time, 20+ years

I would like to invest it and leave it to grow and use it for my retirement, this would be on top of my pension, what would be my best option for such an investment? I have looked at stocks and shares but I'm unsure where to get started (websites etc...) and if it's good for such long term investment?

What do you mean "on top of my pension"? Work pension?

Stocks and shares are imperative for a 20+ year investment and it woudl eb almost mandatory to put it ina pension (another one or existing one) to gain the tax advantages.

And lastly when you say £500-£2k is that a single one-off? or monthly?