10 Year Goal Putting Away £1000 Per Month

rob3770

We need somewhere that we don't have to worry about which funds etc

Eco_Miser

You don't have to worry about which funds, you can look at the resources listed earlier, then make a one-time choice of a well diversified, low cost,  multi-asset fund, and buy it in an ISA every month for the next 10 years in an automated procedure.

If you really want more hand-holding than this forum can give,  employ an Independent Financial Advisor (IFA), not a bank's salesforce.

wmb194

rob3770 said:

We need somewhere that we don't have to worry about which funds etc

Another option is to use a robo investor platform like Nutmeg, Moneyfarm and/or Wealthify.

jimjames

rob3770 said:

We need somewhere that we don't have to worry about which funds etc

I would suggest that you should worry about which funds. If you aren't planning to take out an annuity then the choice of funds is a very important part of the process to ensure that they are appropriate to meeting your retirement needs. That doesn't mean you need to select them all yourself or to change them regularly but knowing the setup will help inform the decision.

rob3770

Where would be the best place to put £1000 per month for 10 years, a stocks and shares ISA?

wmb194

rob3770 said:

Where would be the best place to put £1000 per month for 10 years, a stocks and shares ISA?

An Isa is just a tax wrapper. You still need to decide what to invest in.

Emmia

wmb194 said:

rob3770 said:

Where would be the best place to put £1000 per month for 10 years, a stocks and shares ISA?

An Isa is just a tax wrapper. You still need to decide what to invest in.

Unless you choose one with one of the robo platforms like Moneybox, where the choice is high, medium or low risk and they select the investments accordingly. I have a medium risk S&S ISA with moneybox which I'm happy with. 

OP I think it can be easy to get bogged down/paralysed by the choices available... It's probably best to just start putting that money away in something whether it's a S&S ISA, premium bonds, cash savings etc. you can always change your mind later and move the money. 

AlanP_2

I agree, starting is the main thing.

Why not look at a Robo option if you are really unsure about picking your own investments? Most of them use a serious of fairly straightforward questions and then suggest an investment mix / profile based on your answers.

Alternatively use someone like Fidelity or Vanguard and invest in a multi-asset fund such as one of the HSBC Global Strategy series or Vanguard Life Strategy series. Both options come in a range of "ready mixed" one stop shop investments that cover major global markets and asset classes with no real effort for you once you are underway.

MX5huggy

rob3770 said:

Where would be the best place to put £1000 per month for 10 years, a stocks and shares ISA?

Without any further information £1000 per month for 10 years would be better in a pension by probably 6.25% than an ISA. You can hold the same investments in a pension or ISA. 

rob3770

MX5huggy said:

rob3770 said:

Where would be the best place to put £1000 per month for 10 years, a stocks and shares ISA?

Without any further information £1000 per month for 10 years would be better in a pension by probably 6.25% than an ISA. You can hold the same investments in a pension or ISA. 

That is an idea. Place the £1000 per month in my pension and in 10 years use my entitlement to draw 25% tax free