How to save for retirement?

[Woodworks]

I am and always have been self employed and for the first time in my life the bank account is going up faster than it's going down. I have no debts and almost no savings and just made voluntary contributions to my National Insurance but doubt thats not going to keep me in my old age.

 

Not started a private pension and am nearly 50 so time to get saving but how? ISAS, pensions, property, shares or something else? Not planning to retire but the body may have other plans. And please dont say Bitcoins 

[AHPP]

Don’t take financial advice from anyone who doesn’t have a yacht or indemnity insurance.

[Mark Bolam]

Live fast.

Die young.

Stay pretty.

[Stubby]

Bitcoine ?

[Woodworks]

I did wonder if this was the right place to ask this sort of question 

[Paul in the woods]

1 hour ago, Woodworks said:

Not started a private pension and am nearly 50 so time to get saving but how? ISAS, pensions, property, shares or something else? Not planning to retire but the body may have other plans. And please dont say Bitcoins 

How much do you know? Although I bet there's loads of people in your situation I couldn't find any specific advice when I had a look.

 

I expect the main decision is do you invest in a pension or ISA, both have their good and bad points. You could start off looking through the Governments advice service and get an estimate of what your pension will be. https://www.moneyadviceservice.org.uk/en/categories/pensions-and-retirement

 

Then decide how much you think you can save each month. Take care if you decide to pay for advice.

[AHPP]

Why on earth would you look to the government for financial advice?! They’re shit with money.

[Woodworks]

10 minutes ago, Paul in the woods said:

How much do you know? Although I bet there's loads of people in your situation I couldn't find any specific advice when I had a look.

 

I expect the main decision is do you invest in a pension or ISA, both have their good and bad points. You could start off looking through the Governments advice service and get an estimate of what your pension will be. https://www.moneyadviceservice.org.uk/en/categories/pensions-and-retirement

 

Then decide how much you think you can save each month. Take care if you decide to pay for advice.

We did get a free consultation and it was ISAS ISAS ISAS. Then he talked about the returns on ISAS and I am sure he said 1% . Sure it's tax free but it wouldn't even get close to keeping up with inflation. Got a bit in Funding Circle and that makes 6.5% but dont want to have all our eggs in one basket. 

[Paul in the woods]

10 minutes ago, AHPP said:

Why on earth would you look to the government for financial advice?! They’re shit with money.

Depends what you mean about financial advice, the government site I posted to explains what options there are to save, not what current share, bond, ETF or whatever to save in. As they wrote the laws they seem a reasonable place to start unless you know of somewhere better?

[Paul in the woods]

2 minutes ago, Woodworks said:

We did get a free consultation and it was ISAS ISAS ISAS. Then he talked about the returns on ISAS and I am sure he said 1% . Sure it's tax free but it wouldn't even get close to keeping up with inflation. Got a bit in Funding Circle and that makes 6.5% but dont want to have all our eggs in one basket. 

Who was that with if you don't mind saying.

 

First thing to know is the ISA is just a savings vehicle and so is a pension. Once your money is in there you can save it in various things which will have their own risks and rewards. So you could save £100 in each and invest them in very similar funds; some will be very low risk and low growth, others offer a chance of a much higher growth rate but there's a risk of losing what you put in.