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57 no pension

Smurf63
Posts: 5 Forumite

New to this.
Needing advise if any. I'm 57, single, self employed. I have no pension I'm in Rented accommodation live alone. Is it worth taking a pension out for 10/15 yrs or save money elsewhere. Just to have a lump sum of money. Plan to carry on working till I'm able to. Also looking at funeral plans so my 2 boys not got that worry. All I have is a 1986 vespa which my boys tell me to get rid of but tell them thats they're inheritance 😂😂. In a pickle not knowing what to do. Any input would be welcome.
Sheila
Needing advise if any. I'm 57, single, self employed. I have no pension I'm in Rented accommodation live alone. Is it worth taking a pension out for 10/15 yrs or save money elsewhere. Just to have a lump sum of money. Plan to carry on working till I'm able to. Also looking at funeral plans so my 2 boys not got that worry. All I have is a 1986 vespa which my boys tell me to get rid of but tell them thats they're inheritance 😂😂. In a pickle not knowing what to do. Any input would be welcome.
Sheila
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Comments
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I like your boys because they are thinking of you not themselves.
Your priority is yourself not your children who are adults.
You have not mentioned how much you can save or what your net profit is.
Your state pension age is 67. Get a forecast to see if you are eligible for the full pension.
If you pay to a funeral plan and the company goes bust you have wasted your money.
Google cheap SIPPs a form of personal pension and Vanguard and Nutmeg are very competitive.
You need to save as much as possible and I would have the Vespa valued.
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Put the funeral plan money in an ISA. Chesck your state pension, as said above - and read all of it, not just the headline figure - it will tell you how many years you need to get to the full amount, because you are under the transition between the old and new SP, so the maximum number of years needed varies according to your employment / NI history.Worth paying into some sort of pension, as you get the Government tax top-up, so if you pay in £1000 HMRC puts in £250. Could be a cheap SIPP, or a personal pension.Have a look at the money advice service (guidance NOT actual advice)
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You do need to check your state pension forecast here
https://www.gov.uk/check-state-pension
https://www.moneysavingexpert.com/family/prepaid-funeral-plans/ might be worth a read.
With regard to a pension, you might consider this
https://www.vanguardinvestor.co.uk/what-we-offer/personal-pension/personal-pension-account
Perhaps one of their ready made portfolios?
https://jf-financial.co.uk/2017/11/16/self-employed-pension-tax-relief/#:~:text=In summary, if you are,above the basic tax band.
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It might be worth checking on the Benefits board in this forum. They may know more about support you might be able to get when you're trying to live on your state pension and pay rent as well, and whether savings, pension, or a funeral plan are best for that situation.Don't listen to me, I'm no expert!1
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They may know more about support you might be able to get when you're trying to live on your state pension and pay rent as well, and whether savings, pension, or a funeral plan are best for that situation.
I think that the first step is to ascertain the position with regard to state pension.
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Thankyou for taking the time with advise.
I'm up to date with state pension and should qualify for full pension when its due.
I'm looking to save £100/£200 a month.0 -
I'm up to date with state pension and should qualify for full pension when its due.
What exactly does your forecast say?
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£175.20 weekly from may 2030
2ys to contribute before then.
Sorry not good at this.
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Then this gives you a basis for your retirement planning.
Remember that the state pension is uprated each year so as to keep its value in real terms.
Currently this is under the "triple lock".
https://www.unbiased.co.uk/life/pensions-retirement/what-is-the-triple-lock-pension-and-how-does-it-affect-me
For pensioners on a very modest income, a supplement in the form of Pension Credit is available but this is below the level of a full new state pension.
https://www.ageuk.org.uk/globalassets/age-uk/documents/information-guides/ageukig50_pension_credit_inf.pdf
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