Retirement planning advice needed I'm absolutely CLUELESS!

Bobblenose

So I have spent the last 20 years saving as much money as possible to buy my own property in London, literally nothing left to spare and well I did it.  However now I'm faced with no future savings plan, so that is my next task.  To somehow start something, anything. I know I'm very late but I'm hoping doing something late is better than doing nothing at all.  Question is where to start?  Do I start a pension?  If so what type of pension?  I have looked and I'm lost by the various types of pension.  I'm self employed so don't have any access to employer pension schemes.  Im a performing artiste registered with equity and even their performer pension scheme doesn't apply to me as I have to be employed by a main employer or theatre etc.  I work privately for clients either direct or through many agents up to 20 in a normal working year and not one anymore than the other.  I take my my working contracts on a singular, first come first serve basis. That's how my employment works.   A friend told me about a pension with Virgin some time back that matches what you put in and you don't have to be an employee for Virgin?  I looked recently but couldn't find anything and so after what has happened this year I'm wondering if this doesn't even exist anymore? 

Is there anything like this out there?
Secondly, because I'm starting a pension so late would it be better instead to save a deposit and maybe try and buy a second property? A smaller more affordable one up north?  It may bring me more income in the long run than a pension I started too late.  
Thirdly, do I invest?  I have no idea how investments work and have heard you need to be careful and know what you are doing?  Sorry, many questions, but if anyone can steer me in a better direction if would be a glimmer of hope thanks so much regards x x x 

Brynsam

Bobblenose said:

A friend told me about a pension with Virgin some time back that matches what you put in and you don't have to be an employee for Virgin?  I looked recently but couldn't find anything and so after what has happened this year I'm wondering if this doesn't even exist anymore? 

Some friends have rich fantasy existences...no such thing ever existed. No pension scheme offers you what would effectively be a 100% return overnight. A simple personal pension, stakeholder pension or SIPP claims basic rate tax relief (even if you're a non-taxpayer) and adds that to your 'pot'. Plenty of straightforward information at https://www.pensionsadvisoryservice.org.uk/about-pensions

Bobblenose said:

Secondly, because I'm starting a pension so late would it be better instead to save a deposit and maybe try and buy a second property? A smaller more affordable one up north?  It may bring me more income in the long run than a pension I started too late.  

You've not said how old you are, but the heyday of Buy to Let has long gone. A 3% second home surcharge on the stamp duty you pay, probably higher rates of interest on a BTL mortgage, and all the hassle of being a long-distance landlord; only you can do the sums on what you might realistically achieve by going that route, and it's likely to be much less than you hoped.

Bobblenose said:

Thirdly, do I invest?  I have no idea how investments work and have heard you need to be careful and know what you are doing?  

What's the alternative? Keeping money under the mattress went out of fashion a while back! Whether you are saving for a deposit on a second home, building up cash for a rainy day, or saving for retirement - all of those require some form of investment. 

If you have a sensible accountant, they might be no bad starting point for a conversation about your finances. So too would links on this website, such as https://www.moneysavingexpert.com/savings/investment-beginners/

barnstar2077

Normally it is advised that you have emergency money that can cover six months of bills first, then invest in a pension.  If you search the pension forum for SIPP you should find plenty of threads about them.  I use vanguard as my platform and invest in one of thier life strategy funds.  Read about pensions and sipps on the main MSE website and have a good read up of this forum to get you started. 

barnstar2077

Also, dont beat yourself up about it.  You have bought a home, which isn't easy to do these days, and you are starting to plan for the future.  Many people will never manage to do either. 

Bobblenose

Thank you so much for all this information.  I shall start my homework promptly. 

Albermarle

Bobblenose said:

Thank you so much for all this information.  I shall start my homework promptly. 

Some of the pension and investments providers also have some good info on their websites.
your_guide-to-investing_2020.pdf (legalandgeneral.com)
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