Pensions whens a good time to start...

[Mart001]

still at the age of 33 I have not started any pension scheme, looking to start next year, but with all doom at the moment is now a good time to start or should i wait awhile for the market to rise... or alternatively any better solutions than a pension.

Thanks

[pmeswani]

still at the age of 33 I have not started any pension scheme, looking to start next year, but with all doom at the moment is now a good time to start or should i wait awhile for the market to rise... or alternatively any better solutions than a pension.

Thanks

There's never a bad time to start a pension. Depending on how much risk you want to take, you may want to look at taking out a SIPP (Self Invested Pension Plan), a Stakeholder Pension Scheme or another Personal Pension Scheme. The longer you leave it, the more you will have to put in.

Some people may argue that if you own a property, then you could live off the profits from your house sale for when you retire (if you decide to sell).

If you can afford to contribute to a Pension Scheme, then you will need to look at a Pension Calculator to work out how much you should contribute towards a pension scheme and use that as a basis when you make the contributions.

The more you put in (within reason), the better your retirement will be. I have a SIPP, have little investment understanding and have made my choices based on the information presented to me. Most of my investments are in high risk, some of my investments are in Gilts and Corp. Bonds (medium to low risk). I can't recommend SIPP's highly enough.

Also, if you think about it, if you invest in a pension now, the value of the investment should go up in the end, assuming that the market recovers. However, you should speak to an IFA, as any investment can go down as well as up as often as a P.o.r.n. star.

[expat]

still at the age of 33 I have not started any pension scheme, looking to start next year, but with all doom at the moment is now a good time to start or should i wait awhile for the market to rise... or alternatively any better solutions than a pension.

Thanks

Wait for the market to rise? You mean, wait for the price to go up before buying? Not really a good idea.

If you are doing any kind of saving or investing that earns interest over inflation, the key is the longer the better. Here's one example:

Janet starts saving for a pension aged 20. John is also 20 but doesn't save anything.

When they are both 30 they marry each other. Jane (I know this is old-fashioned) stops saving, but John now starts saving for a pension at the same rate as Jane did before.

When they are 60 they look to see how much their pensions are worth. In total, Jane has saved for 10 years, John has saved for 30. If they got a good return on their savings (> 6% pa), Janet has more!

Start early and don't touch it.

[Lewis]

still at the age of 33 I have not started any pension scheme, looking to start next year, but with all doom at the moment is now a good time to start or should i wait awhile for the market to rise... or alternatively any better solutions than a pension.

Thanks

You want to invest in a penson when the markets are LOW not high.

[dang65]

Here's one example:

Janet starts saving for a pension aged 20. John is also 20 but doesn't save anything.

When they are both 30 they marry each other. Jane (I know this is old-fashioned) stops saving, but John now starts saving for a pension at the same rate as Jane did before.

When they are 60 they look to see how much their pensions are worth. In total, Jane has saved for 10 years, John has saved for 30. If they got a good return on their savings (> 6% pa), Janet has more!

Where does Jane suddenly appear from in this story and what impact do her actions have on Janet's pension?

[expat]

Where does Jane suddenly appear from in this story and what impact do her actions have on Janet's pension?

Aargh, no! If Janet divorces John he's in the poorhouse!

[AlfredJPruffock]

Hope I die before I get Old.

Talkin ' bout my p-p-p-pen-pension

... or alternatively any better solutions than a pension.

Lethal Injection is quite cost effective.

[Mart001]

Thanks pmeswani, some great starting points, of course obvious the best time to invest while prices are low.

[BrilloPad]

No reason why you can't put money into a pension on deposit : saves paying it out as dividends.

[Mart001]

No reason why you can't put money into a pension on deposit : saves paying it out as dividends.

would you do this just to manouver around higher rate or are there other advantages?