Pensions saving strategy - recent inheritance to invest

What_time_is_it

xylophone said:

Have you both checked your state pension forecasts?

What is shown at "estimate based on your NI contributions to 5/4/23"?

https://www.gov.uk/check-state-pension

Yes. We are both due to have hit 35 full years contributions before we hit the age of 55. Currently showing as £11,541.90 a year. But, like I say, I think the state pension may be delayed, reduced, means tested, or even gone by the time we hit 70!

Albermarle

 I don't think that the state pension will be available to me until at least age 70 and it could well be means tested or reduced by then too. 

Not available until 70 - possible, but unlikely to be any older age than that by the time you get there

Means tested - possible but unlikely. 

Reduced in real terms - Very unlikely. In fact in recent years it has increased significantly compared to average earnings in recent years.

What do you think might happen to a Government if they reduced the state pension? Political oblivion is the answer, so it will never happen.
Both main parties are very reluctant to even remove the generous triple lock, as old people vote a lot more than younger ones.

dunstonh

Answers to questions - Yes, the DC elements of our current pensions are also available to claim at a "protected" age of 55. For now anyway!

if they have a protected age, that wont be changed.

Would a SIPP be a good option? Any recommendations?

Potentially, but it won't be the only option.  SIPPs are just a type of DC pension.

Looking for solutions without mapping objectives and where the solutions would fit those objectives is not usually a good idea.      You need a plan.