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Pension or isa
Sandybunkers
Posts: 1 Newbie
I have both ISA and a personal drawdown pension plan and would like to know which one would be the best option to invest into . I am 70 and looking to invest up to £10,000 .
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Comments
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Pension beats ISA for most people. (i.e. if you are a basic rate taxpayer when paying in and a basic rate taxpayer when drawing out then its a 6.25% uplift over ISA
Unless you are working, you are limited on how much can go into a pension. So, you could do ISA and pension. Then move some more to the pension next year and the year after.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1 -
If you are not earning any income, then you can not add more than £2880 to a pension each tax year ( and £720 tax relief will be added) .Sandybunkers said:I have both ISA and a personal drawdown pension plan and would like to know which one would be the best option to invest into . I am 70 and looking to invest up to £10,000 .1
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