Where to invest from 50

gledders72

I will turn 50 this year. I don't have any savings, but have paid into work pensions all my working life and I should have paid off my credit card debt in the next year.   What kind of investments are going to make me the biggest nest egg over the next 17 years.

Thanks.

jimjames

Pensions but if you have zero savings then that should be addressed first even if less return as it means you won't need debt in an emergency.

Thrugelmir

Focus on saving as much as you are able to. Rather than expecting investment performance alone to do the heavy lifting. 

bostonerimus

It's good that you will be debt free soon.

The first things to do are to do a budget so you can see where to save and how much you might have to invest each month , then save 6 months spending in the bank and understand your pension. ie is it a defined benefit pension of a define contribution pension. If it is the latter you must learn how it is invested. Once you have done all that you can start to think about investing in an ISA, probably in a multi-asset fund that has a mixture of various investments that will balance growth and some capital preservation.

eskbanker

bostonerimus said:

The first things to do are to do a budget so you can see where to save and how much you might have to invest each month , then save 6 months spending in the bank and understand your pension. ie is it a defined benefit pension of a define contribution pension. If it is the latter you must learn how it is invested. Once you have done all that you can start to think about investing in an ISA, probably in a multi-asset fund that has a mixture of various investments that will balance growth and some capital preservation.

Additional pension contributions are often a more tax-efficient option than an ISA if the money is earmarked for retirement, as here....

Albermarle

Which investments do you hold inside your workplace pension ?

gledders72

Albermarle said:

Which investments do you hold inside your workplace pension ?

I don't hold investments as such, it's an NHS pension.

bostonerimus

eskbanker said:

bostonerimus said:

The first things to do are to do a budget so you can see where to save and how much you might have to invest each month , then save 6 months spending in the bank and understand your pension. ie is it a defined benefit pension of a define contribution pension. If it is the latter you must learn how it is invested. Once you have done all that you can start to think about investing in an ISA, probably in a multi-asset fund that has a mixture of various investments that will balance growth and some capital preservation.

Additional pension contributions are often a more tax-efficient option than an ISA if the money is earmarked for retirement, as here....

Yes, depending on income levels and tax bands that is often true, but I like the flexibility and diversity of having both pre tax and post tax investments. Tax efficiency is an important factor, but so is convenience and options.

Thrugelmir

bostonerimus said:

eskbanker said:

bostonerimus said:

The first things to do are to do a budget so you can see where to save and how much you might have to invest each month , then save 6 months spending in the bank and understand your pension. ie is it a defined benefit pension of a define contribution pension. If it is the latter you must learn how it is invested. Once you have done all that you can start to think about investing in an ISA, probably in a multi-asset fund that has a mixture of various investments that will balance growth and some capital preservation.

Additional pension contributions are often a more tax-efficient option than an ISA if the money is earmarked for retirement, as here....

Yes, depending on income levels and tax bands that is often true, but I like the flexibility and diversity of having both pre tax and post tax investments. Tax efficiency is an important factor, but so is convenience and options.

As a non UK resident of many years you are ineligible to apply for an ISA.   

Alice_Holt

gledders72 said:

I will turn 50 this year. I don't have any savings, but have paid into work pensions all my working life and I should have paid off my credit card debt in the next year.   What kind of investments are going to make me the biggest nest egg over the next 17 years.

Thanks.

  I would first build up easily accessible emergency savings before looking at investments.
Generally about 3-6 months salary is recommended.

 https://www.moneyhelper.org.uk/en/savings/types-of-savings/emergency-savings-how-much-is-enough

 Then you won't need to borrow money and pay interest in the future.

 You can then look at long-term (stocks & shares) risk investments, and should be in a better placed to retain them for the long-term (and thus hopefully benefit from long-term growth and ride out market volatility).  

enthusiasticsaver

I would agree you need some sort of emergency savings before you consider investing further and definitely pay off the credit card debt unless it is at 0% interest so not costing you anything. 

No one has a crystal ball so asking what investments will do well for you is not a question anyone can answer. Also the NHS is a DB pension so you do not get a say on where the money is invested.  Your projected income from that pension depends on your income and length of time you have been saving into the pension.  You can up contributions or pay additional AVCs and you should ask your pension administrator for details and projections.