too late?

newcastlebelle

I am 48 and " looking forward "to receiving the state pension at 66.
I have 30 years NI behind me, but no other type of pension.
My ISA's have been filled for the past 4 years and I have £35,000 saved elsewhere and no mortgage.
Is it worth me taking out a pension plan now, as I'm only earning £8,000 a year?
went to a local FSA 6 months ago to ask the same question, but it was like listening to a foreign language!
all I would like to know is : is it worth starting a pension now?
how much should I save?
how much is it likely to be worth at 60 ?
would my savings be safe?

any advise would be welcome please
could put the £35,000 in to start the pension up.......can I do this?

EdInvestor

How much state pension are you expecting? S2P/Serps can double the size of the basic. Talk to these people for an idea:

https://www.thepensionservice.gov.uk

For someone in your situation whether to invest via a pension or a stocks and shares ISA is going to be largely a matter of tax.So we need to know how much of your 10k old age tax allowance will be taken up by your state pensions.

If there is any money left over, it would be worth aiming for a pension to pay the remainder, as it will then be tax free.

Otherwise,there is very little advantage in using the pension, better to go with the S&S ISA ( the investment options are the same).