Best way to invest 5k

AlanP_2

I think you need to be clear about what you have got now, what you are likely to have at 50/60/67 or whatever ages and what you are likely to need.

Are you currently working in the NHS and a member of the pension scheme? If you are then you can make an estimate of the future pension value as you know the accrual rate, your salary and the number of years to go. There may even be an online calculator on the scheme website.

How much you will need starts from having a view on what you spend now and categorising it. For example for many people the money spent out of salary on mortgage, or childcare and such like won't be costs in retirement. We have no idea on your typical spend and everyone has different hobbies, holiday expectations etc so you need to calculate your "number".

Compare likely income to likely costs and see how it looks, revise as time passes.

What about your housing / family situation - Are you building a plan for a single person renting, or for a family with a mortgage or some combination?

Investing £5k now, via a LISA for example, and topping up when you can will form part of that plan.

Alexland

AlanP_2 said:

Investing £5k now, via a LISA for example, and topping up when you can will form part of that plan.

Slightly pedantic but that would be contributing £4k now and a further £1k+ in the next tax year. Although with the 25% bonus I guess it could be investing £5k this tax year if the OP didn't hold anything back in the account cash balance to pay platform fees....

AlanP_2

Alexland said:

AlanP_2 said:

Investing £5k now, via a LISA for example, and topping up when you can will form part of that plan.

Slightly pedantic but that would be contributing £4k now and a further £1k+ in the next tax year. Although with the 25% bonus I guess it could be investing £5k this tax year if the OP didn't hold anything back in the account cash balance to pay platform fees....

True - £4k now and £1k in April.

Thrugelmir

1813 said:

Thrugelmir said:

1813 said:

Thrugelmir said:

Are you currently contributing to a pension scheme? 

My dad suggested this but what real shot do I have with them at making anything somewhat decent by the time I get to retirement?

With £5k very little. Unless you are extremely lucky. Continue to add to this over the coming years and it's a far better chance. 

Thats why i am prepared to take chances

More often or not one regrets such a choice.