need very best ssip for making the most money?

markyboy156

hi

im a newbie to pensions
i want to start my own ssip
im 54 i want to retire and draw on my money/pot when im 67
i want the very best pension provider
for making the best amount of money/potback
i want to pay in £125 a month
into the pension providers
that you recommend
so i can really boost my state pension
i want it to be straight forward to setup
i need your help asap thanks
over the next 12 years?

Baldytyke88

markyboy156 said:

i want to pay in £125 a month into the pension providers that you recommend so i can really boost my state pension. i want it to be straight forward to setup
i need your help asap thanks
over the next 12 years?

£125 per month is not a large amount, although it's more than I invested. I seem to have accumulated £40k over the last 5 years.

What is your intended investment, that is more important than less than 0.5% in fees.

Bostonerimus1

A SIPP is just a tax advantaged wrapper for investments. So do you know what type of funds you will be buying inside your SIPP?

markyboy156

Baldytyke88 said:

markyboy156 said:

i want to pay in £125 a month into the pension providers that you recommend so i can really boost my state pension. i want it to be straight forward to setup
i need your help asap thanks
over the next 12 years?

£125 per month is not a large amount, although it's more than I invested. I seem to have accumulated £40k over the last 5 years.

What is your intended investment, that is more important than less than 0.5% in fees.

intended investment around 80k
what pension providers do you recommend?

markyboy156

Bostonerimus1 said:

A SIPP is just a tax advantaged wrapper for investments. So do you know what type of funds you will be buying inside your SIPP?

what do mean by types of funds
as im only a newbie?
and what pension providers do you recommend

Sea_Shell

I suggest you watch Martin Lewis' show this Tuesday 9th December, on ITV1 as he's having an investment special.

OK, so he's coming at it from an ISA point of view, but the principals will be very similar.   e.g. which platform, charges and funds/equities choices available.

SIPP is just a wrapper, just like an ISA is just a wrapper.    It's what is under the wrapping that counts!!


However, with the figures you've given of 13 years of contributions at just £125 a month, that only equates to putting in just under £20,000, plus tax relief.   Not a huge sum to boost a state pension with, but better than nothing.

I'll have to defer to someone else to do the sums as to what that might compound into, IF you could get, say 5-7% return per year?    Plus the added factor of inflation over those 13 years.

I wouldn't have thought you'd get anywhere near £80,000 in 13 years time, as that's a 400% increase, so even if you invested £20k as a lump sum, you'd need at least 30% growth per year to achieve that.

But you're dripping it in, so after year one, you'd have only invested £1500.  Even 10% growth would only add £150.

Sea_Shell

Baldytyke88 said:

markyboy156 said:

i want to pay in £125 a month into the pension providers that you recommend so i can really boost my state pension. i want it to be straight forward to setup
i need your help asap thanks
over the next 12 years?

£125 per month is not a large amount, although it's more than I invested. I seem to have accumulated £40k over the last 5 years.

What is your intended investment, that is more important than less than 0.5% in fees.

@Baldytyke88

Care to share how you turned less than £125 per month into £40,000 in 5 years!!!

dunstonh

need very best ssip for making the most money?

A proper SIPP (and not one pretending to be one) is whole of market.  So, on your criteria, all proper SIPPs would meet that objective.

i want it to be straight forward to setup

Probably not a SIPP if you want it really simple.    Maybe a robo-provider pension given your lack of investment knowledge.

ColdIron

A pension or a SIPP is a bit like a supermarket shopping trolley. You can't eat them. It's what you put in them that matters

Alexland

Do you have access to a workplace pension?

If so that may be a more efficient way of investing for retirement.

ali_bear

ColdIron said:

A pension or a SIPP is a bit like a supermarket shopping trolley. You can't eat them. It's what you put in them that matters

That is a great analogy. If there was one thing I could take away from this year's worth of MSE forum reading, this would be the one.