Looking ahead to the future - what should I start considering?

Trebor2013

Not sure if this is something I'm able to pick up the information elsewhere, but when it comes to money, I very much prefer it broken down into simple terms - so any help appreciated.

Recently turned 32 and whilst I don't want to wish my life away, I do know that I'd like to start considering my finances for later in life rather than leave saving too late.  I recently became a Police Officer, so I have started paying into the 2015 pension scheme from July. I previously worked in a civilian role in the same organisation and have transferred my pensions savings (3.5 years) across from a Local Government Pension Scheme, as it seemed to make sense to move into one, rather than have separate.

I currently pay £80 a month into 3 x fixed savings schemes which 'mature' in 2028, 2029, 2030 respectively. Two of these are children's savings schemes, so have nominated my two boys to receive the first two and the third is just a general savings scheme, so accessible to anybody.

My question really is; is there anything else worth considering that would put me in good stead for future life? As my income increases over the coming years, I will naturally be in a position to put extra aside, but based on current incomings / outgoings, I could probably spare an extra £100 per month to begin with; anticipating £75-100 increase per year after that.

cattie

Do you have any isa's? At your age I'd give serious consideration to a S&S isa & select based on your outlook ie, cautious, balanced, adventurous. You could for instance consider one of Vanguards Life Strategy funds as they are low cost & are often recommended here. I hold 2 in an isa myself. At 32, you're young enough to be able to wait out any downturns in the stock market, to give yourself the chance of seeing a very positive return as you head towards retirement.

El_Torro

I know nothing about the police pension scheme, but it would be a good idea to estimate what kind of income it will give you upon retirement. If it's enough then great. If it's not then consider paying extra into it (if that's even an option, needs exploring) or opening your own private pension / SIPP. 

Investing for retirement in ISAs is an option of course, with the added benefit that you can access the money pretty much whenever you want. A pension has more tax benefits though.

A LISA could be a good option too, if you're planning to buy a house (your post doesn't say whether you own one already) or even for retirement. If it's for retirement then you need to be happy to not access the money until you're 60.

Albermarle

I know nothing about the police pension scheme,

Same for me , but normally these public sector schemes are very good and a great basis for a good guaranteed income later in life . So the OP should first investigate if there any possibilities to add more money to it to get even more improved benefits .

veryintrigued

You'll get some great info on this thread so little point me even trying to add to that aspect but two observations:

1) Well done on taking stock at such an age. Fantastic move.

2) Thanks to you for being involved in such a vocation. Whilst it won't feel like it some times in your career, the overwhelming majority of the UK are tremendously proud of you - our Police Force.