Invest £20,000 in ISA and the Taxman pays in £4000? Is that correct?

crazyvish

From your feedback and what I am reading, yes, looks like I missed the boat with regards to pension
Thank you all for taking the time and providing your suggestions. I'll take them on board all the points raised and start looking into Lifetime ISA, my current state pension and  Private Pension.

Alexland

crazyvish said:

Thank you all for taking the time and providing your suggestions. I'll take them on board all the points raised and start looking into Lifetime ISA, my current state pension and  Private Pension.

Don't bother looking at Lifetime ISAs as if you are already 40 then you cannot open a new one.

ColdIron

crazyvish said:

From your feedback and what I am reading, yes, looks like I missed the boat with regards to pension

No you haven't, you can make pension contributions for a several decades to come. I would make this your No 1 financial priority. State pension is just over £9,000 pa. That will be a pretty grim retirement which itself could be several decades

You have missed the boat for LISAs but it's not the end of the world

Sack your accountant

sevenhills

ColdIron said:

No you haven't, you can make pension contributions for a several decades to come. I would make this your No 1 financial priority. State pension is just over £9,000 pa. That will be a pretty grim retirement which itself could be several decades

You have missed the boat for LISAs but it's not the end of the world

Sack your accountant

My 69 yr old relative was asking about interest-bearing savings, I have told her to get a SIPP. They are good up to the age of 75

Sailtheworld

crazyvish said:

From your feedback and what I am reading, yes, looks like I missed the boat with regards to pension
Thank you all for taking the time and providing your suggestions. I'll take them on board all the points raised and start looking into Lifetime ISA, my current state pension and  Private Pension.

You're kidding? You've got decades of tax relief and investment returns ahead. Unless you enjoy paying tax just jump aboard.

grumiofoundation

sevenhills said:

ColdIron said:

No you haven't, you can make pension contributions for a several decades to come. I would make this your No 1 financial priority. State pension is just over £9,000 pa. That will be a pretty grim retirement which itself could be several decades

You have missed the boat for LISAs but it's not the end of the world

Sack your accountant

My 69 yr old relative was asking about interest-bearing savings, I have told her to get a SIPP. They are good up to the age of 75

Although since she was asking about savings I would assume you enquired as to why she wanted savings (ease of access, couldn't afford to risk capital etc) rather than investments before advising her to pay into a pension (less accessible, capital most likely subject to investment risk). 

dunroving

crazyvish said:

From your feedback and what I am reading, yes, looks like I missed the boat with regards to pension
Thank you all for taking the time and providing your suggestions. I'll take them on board all the points raised and start looking into Lifetime ISA, my current state pension and  Private Pension.

I was 39 when I first started paying into a pension, and retired at age 60, so no, you haven't missed the boat.

Getting piecemeal advice on here is all well and good, but I'd recommend you get a few decent books on investing, ISAs and pensions and educate yourself at the same time as you are asking questions online. Don't just make your investment decisions based on a few brief exchanges with strangers on the Internet (albeit the strangers on this forum are overall very knowledgeable and well-intentioned).