Requested - opinions on my finances plus advice on impending £5000 inheritance

Albermarle

foldydog1234 said:

Albermarle said:

As this is more of a personal finance question, than a housing/house buying one, you would probably have been better off posting it here.
Savings & investments — MoneySavingExpert Forum
The mortgage vs savings vs pension etc is a very regular topic on there.

If you invested £5K say in a medium/high risk, mainstream low cost multi asset fund, over 25 years, you could maybe expect an average growth of 2 or 3 % above inflation based on historical data.
If you put it in a pension that was invested in the same way, you would also get the benefit of tax relief, but you would not be able to access the money until your late 50's.

ah apologies, my bad! seems like we are maybe reaching a conclusion here anyway.

ok that's a good point RE the inflation. perhaps the pension is the way to go, as I will be saving continually in other streams some of which I will leave accessible in case of requirements, I feel secure with locking away 5k until that age.

No need to apologise, but for these types of questions you would tend to get more/better feedback from that forum. 
Remember that your pension is also invested, so make sure you aware of the detail ( most people are completely oblivious)

foldydog1234

Albermarle said:

foldydog1234 said:

Albermarle said:

As this is more of a personal finance question, than a housing/house buying one, you would probably have been better off posting it here.
Savings & investments — MoneySavingExpert Forum
The mortgage vs savings vs pension etc is a very regular topic on there.

If you invested £5K say in a medium/high risk, mainstream low cost multi asset fund, over 25 years, you could maybe expect an average growth of 2 or 3 % above inflation based on historical data.
If you put it in a pension that was invested in the same way, you would also get the benefit of tax relief, but you would not be able to access the money until your late 50's.

ah apologies, my bad! seems like we are maybe reaching a conclusion here anyway.

ok that's a good point RE the inflation. perhaps the pension is the way to go, as I will be saving continually in other streams some of which I will leave accessible in case of requirements, I feel secure with locking away 5k until that age.

No need to apologise, but for these types of questions you would tend to get more/better feedback from that forum. 
Remember that your pension is also invested, so make sure you aware of the detail ( most people are completely oblivious)

Very good point! Thankyou for your input. I’m about to review my pension investment strategy too and where it’s currently being put into (within the optjons available on the scheme)

Yorkie1

Given the announcements in the Chancellor's Spring Statement this week, it might be worth checking your affordability figures if it's at all possible that you might have PIP withdrawn from you at its next renewal.