Best use of £20000 a year for retirement

Qwerk1972

Hello, 
I’m looking for some advice. I’m fortunate to be able to save £20000 a year and I’m currently putting this into a cash isa. However I’m looking forward to when I retire and I’m wondering whether to just live off this money when I retire, or am I better to invest it in a property (when I’ve saved up enough) and rent it out and live off that instead? 

Any other suggestions would be greatly appreciated.

Dazed_and_C0nfused

Qwerk1972 said:

Hello, 
I’m looking for some advice. I’m fortunate to be able to save £20000 a year and I’m currently putting this into a cash isa. However I’m looking forward to when I retire and I’m wondering whether to just live off this money when I retire, or am I better to invest it in a property (when I’ve saved up enough) and rent it out and live off that instead? 

Any other suggestions would be greatly appreciated.

Have you considered a pension?

Depending on how much you are currently earning you could turn your £20k into £25k within the pension and 25% could be taken as a TFLS when you come to retire.

Albermarle

If you have employment earnings then best place to save for retirement is normally a pension, due to the tax breaks.
Also pension money is normally held in investments and over the long term the return should at least beat inflation and a bit more, unlike cash savings.

mebu60

Qwerk1972 said:

Hello, 
I’m looking for some advice. I’m fortunate to be able to save £20000 a year and I’m currently putting this into a cash isa. However I’m looking forward to when I retire and I’m wondering whether to just live off this money when I retire, or am I better to invest it in a property (when I’ve saved up enough) and rent it out and live off that instead? 

Any other suggestions would be greatly appreciated.

No.

How old are you and what are your existing pension arrangements? 

HedgehogRulez

If only there was a tax advantageous product that caters specifically for retirement planning….

LHW99

If you don't have employment earnings, you can still put £2880 in a pension and get the tax relief - and an S&S ISA would be better than a cash ISA for building up a retirement fund with the rest.