New pension for old person

M0neysav3r

Hi 
What would be your advice to a person aged 50 without a private pension? 

Is it best to save or start a new pension? 

How much would you recommend putting in per month? 

Dazed_and_C0nfused

M0neysav3r said:

Hi 
What would be your advice to a person aged 50 without a private pension? 

Is it best to save or start a new pension? 

How much would you recommend putting in per month? 

Bit light on detail to be able to say much.

But for most people a pension will beat savings, if only for the tax relief.

Are they earning?  If not then they will be limited in how much they can contribute to a pension.

GibbsRule_No3.

Also if in work, they will get a contribution towards a pension.

LHW99

GibbsRule_No3. said:

Also if in work, they will get a contribution towards a pension.

As long as they haven't opted out!

Marcon

M0neysav3r said:

Hi 
What would be your advice to a person aged 50 without a private pension? 

Is it best to save or start a new pension? 

How much would you recommend putting in per month? 

Starting a pension is saving.

Get on with it!

Albermarle

M0neysav3r said:

Hi 
What would be your advice to a person aged 50 without a private pension? 

Is it best to save or start a new pension? 

How much would you recommend putting in per month? 

You will get more targeted advice if you give more detail, especially about your current employment situation.
Also can you clarify that you have no pension at all, either private or linked to a current/old employer?

Brie

So what you and we need to know is:

• are you in a work pension? if so can you contribute more, if not why not?
• have you got your state pension forecast?  it's all part of the big picture!
• how much do you have to "save" and what's your tax rate?
• when do you want/need to retire?

westv

Someone aged 50 is an "old person"!!??

Beddie

If a person aged 50 really has no pension at all, from any employer or personal pension, then there's no point starting now. They'll lose more in benefits than they'll gain, unless they suddenly have a high income and can afford to put away the maximum each year. 

But that's unlikely, as most will have built up some employer pension. 

badmemory

Beddie said:

If a person aged 50 really has no pension at all, from any employer or personal pension, then there's no point starting now. They'll lose more in benefits than they'll gain, unless they suddenly have a high income and can afford to put away the maximum each year. 

But that's unlikely, as most will have built up some employer pension. 

Sorry but I do not agree & 50 is no where near old.  These days it is barely middle aged.  I would suggest maximising employers pension if any to get the max employers contribution as a start.

M0neysav3r

Sorry that was vague. 

Employed but opted out of pension scheme.
private pension with Prudential is years old but only contributed £50 a month, is it best just to increase the prudential contributions? Could contribute £500 Per month