Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Have you not seen "inside llewyn davis". guitar playing doesn't pay any bills! Better to waste the peak days of your life doing some soulless job in front of a computer knowing you are replaceable.
the pension system is broken, but the monetary system ain't. Nothing wrong with money or monitoring of it, It's the greed which kills it. As for artists, scientists musicians, all are unique none of them are replaceable.
If you rely entirely on pensions you'll have to downgrade your lifestyle when you retire or rely on your children to give you pocket money to keep up with your current lavish lifestyle.lol. People have always had the mentality that pensions are a safe haven - not anymore, UK pension system is just an absurd broken sytsem not built for your own benefit .
Guitarman, IMO you need to build your own infrastructure of investments. business es etc. I.e.build your own pension.
FWIW I'm with AJ Bell for my LISA and never had a problem with them so far, they certainly seemed the best bet a couple of years ago when I opened it.
Yeah I think you're right guitarman, just been reading, which is useful as I also didn't realise it counts towards your yearly isa allowance too so max 16k into the other I guess... 25% is really good for free though plus anything you can make from shares on top of that!
Last post before Vino quicks in, LISA good for retirement strategy especially balancing with pension (lifetime and annual allowance), vct’s have a place and finally , don’t just look at traditional ISA but. AIM ISA which attract BPR ( IHT planning).
Once again not advice but observations
I could be wrong guitarman but I think you can't get a LISA if you're already a home owner which it sounds like you are? I have a lisa and it's great but 4k a year wasn't going to be enough so went for a normal ISA on top which I will use to then pay into the LISA each year for the bonus 1k into that... it's definitely good but I think it's more for people like me trying to save for a first house.
UK must be one of the worst countries to put money into a pension in as it such a broken system. I'm guessing the Nordic countries or Asian tiger economies like Singapore , for pensions the return must be amazing. Instead of a UK pension., Just stick it eua imo
Guitarman,
Clearing mortgage is a good emotional transaction but as I say to my clients, manage your money I.e look at mortgage rates and investment returns on a yearly basis. HL are expensive, AJ Bell cheaper and if you are happy to invest into AIM you should not discount VCT’s !
Going for a glass of vino, good night all
AJ Bell is a platform so you can invest which we know over the longer term is better than cash.
Yep LISA, £4K max contribution £1k from HMRC ??, personal pension no income I.e kids, £3600 per annum gross 20% tax relief or £300 per month costs £240 pm ! Not many LISA providers but I have used AJ Bell for my clients
Depends on the age of your children but you should look at pensions, JISA or LISA or even a combination.
Accessing personal pensions will be linked to basic state pension age I.e 10 years of bsp age !
I am a Chartered IFA, not looking for new clients but happy to give guidance.
If you could do both that would be ideal. With a pension the downside is they are moving the goal posts on when you can access it. I can get mine at 55 but if a bit younger it’s 57. Then there is the tax side of it to consider. With an isa it’s tax free and accessible anytime. If I could do it again I would say an isa and I’m 51.
I should add it's a stocks and shares on they only have 3 shares at present I'm waiting to see how they plan out first. They have a small holding of eua and 2 others
They do have bank acts as well with 3% interest / 2 % interest ones.
Many thanks
Skankerman, from my understanding if you open a pension earliest they might be able to get it is 50 or 55. In theory by then you would hope they would be self sufficient :o).
I've personally opened a junior isa I'm not planning on letting them have or know about until they are 21 or buying first home I think in my view this would be a better way to go but entirely upto you
Evening All
I have 2 young sons and would like to help them out some years in the future, I never recieved any financial help from my parents when growing up, purely down to the fact money was very tight, so not sure whether to open an ISA or start them off with a pension.
Sure there are some experience posters that can steer me in the right direction.
Thanks