Best product - sipp/ssisa/Lisa???

what7

I have 6 months emergency money. 

dunstonh

You need to look at this focusing on your life objectives.   What you want now, in the short term, medium term and long term.    Then make sure you are funding enough for those needs.

6 months emergency fund and £20k in investments for the long term is no reason to think you should stop.    However, it does appear you have a little for now (emergency fund) and a little for the long term (LISA).  Nothing for the medium term.  However, you may have no medium-term objectives and it may be that you are just looking for higher returns than a bank or building society.     I personally would prefer some money above the emergency fund that is potentially accessible without tax that I dont intend to draw but could do if needed.   You seem to have nothing in that respect. 

what7

I totally agree with you there, I guess I am planning for the far future, and working backward.

I certainly do not think what I have now is enough for retirement, that is exactly what I try to find out, what is the next best product available. Is the SIPP or SSISA? 

Nurse2047

Hi @what7 could you not open a S&S isa and if later want to transfer that into a SIPP you can-then you have the money if you desperately need it and its not tied up until retirement.

MX5huggy

I totally agree with you there, I guess I am planning for the far future, and working backward.

I certainly do not think what I have now is enough for retirement, that is exactly what I try to find out, what is the next best product available. Is the SIPP or SSISA? 

You’re doing well compared to many, even just being on here is a good thing. You should be saving as much as you can now so compounding works it’s magic. 

Who do you work for? While DB schemes are good they aren’t all created equal? What options if any does the scheme give for increasing pension benefits? These can be better than using a SIPP. 

Your salary is quite low, what opportunities are there for promotion? Do you need to invest in qualifications to open up opportunities. £8000 on a masters degree would be well spent to access a £30k job. The pension will benefit too.

What is your LISA invested in? 

As said SIPP beats ISA but you can move it to SIPP closer to retirement date. 

Thrugelmir

Don't underestimate the power of compounding. Like rolling a snowball takes time for momentum to build. Easy to become impatient. 

Albermarle

what is the next best product available. Is the SIPP or SSISA? 

SIPP , or any pension , comes with a tax benefit of at least 6.25% and maybe more . However it is not accessible until your late 50's at the earliest.

ISA has no tax uplift but is accessible at any time . However all investments should be viewed on a long term basis and not used as something to dip in and out of just because that is possible . Long term means > 10 years.