Just wondering what i should be sorting out for later in life.

Ill admit im not one for all this, never really spoke to anyone about it, shockingly never had a canvasser knocking my door down about it.

Thinking to myself what i should be doing? What do you lot do?

Also, what if i wanted to invest some cash, how do i go about it etc?

Thanks

Have you got a pension?

Have you got any dependents?

Quote from: BigSoyHave you got any dependents?

No dependents, no pension

Life insurance only pays out if youre dead, so baring canoe based scams theres very little point unless theres someone who would need looking after financially after youre gone.

Health insurance is potentially another matter

Quote from: Bacon

Quote from: BigSoyHave you got any dependents?

No dependents, no pension

Why do you want Life Insurance then?

Start here... http://www.moneysavingexpert.com

Quote from: BigSoy

Quote from: Bacon

Quote from: BigSoyHave you got any dependents?

No dependents, no pension

Why do you want Life Insurance then?

Start here... http://www.moneysavingexpert.com

No idea.

But people buy pensions, insurance or whatever and people invest in stuff and i have no clue.

If you have no dependants/partner forget life insurance, theres no point in it for you. Almost inevitably medical insurance will be a waste of money too.

The best Pensions are normally job based ones from your employer, it depends on how long you work for companies though and if they actually have one.

Get an ISA and put money into it every year. Keep some more money in a high interest savings account. Shares is only for money you are prepared to risk, you might lose most or all of it.

At the end, providing you have paid in enough to the government, youll get a pension off them, this rates little more than subsistence. Its also presently being discussed by the Tories to move the pension limit to 66 for everyone, that might go further too.

------

Egg alternative: save up a good bit then spend it all on alcohol and drink yourself to death before you reach 65...

Quote from: Bacon

Quote from: BigSoy

Quote from: Bacon

Quote from: BigSoyHave you got any dependents?

No dependents, no pension

Why do you want Life Insurance then?

Start here... http://www.moneysavingexpert.com

No idea.

But people buy pensions, insurance or whatever and people invest in stuff and i have no clue.

Soy is right, life insurance is for when you die and your wife needs looking after.

gimme £20 a month & Ill give you £10k when you die.


sorted.

I came to the conclusion your better doing baccy runs or some such with your cash then banking the profit you make each time, it works out a lot more than putting into ISAs or savings.  

I did read MSE as well. Think ill just settle on a pension for now.

What to do with your cash:

Income Protection : If youre out of work due to accident/illness this will pay a major % of your normal salary : Usefull if you have Mortage/Rent & Other high bills. Take this out as young as you can for the cheapest deals. Be carefull of the small-print many policys have detailed specific clauses that can make them difficult to claim. i.e. No payout for lung cancer if youre a smoker, no payout for broken bones if you drive a sports car etc...

Life Insurance : If you die - A Lump sum is paid on death to your next of kin. Good for wife/children other dependants.

Pension : Pay into a pension plan, on retirement the plan is auctioned for the highest pidder to provide you a yearly income. You can not withdraw/invest or otherwise move money once its paid into a Pension. - Persoanly I suggest paying the minimum and investing your cash in real savings.

Savings:

ISA - TAX FREE Savings : Limit is over £3600 soon to rise higher, all interest is tax free and best place to saves money

Shares - Gambling on the market - Dont invest anything you cant afford to loose.

Bank Account - Minimal Interest & Taxed against as income - So you dont get all the cash.

Quote from: dogbertWhat to do with your cash:

Income Protection : If youre out of work due to accident/illness this will pay a major % of your normal salary : Usefull if you have Mortage/Rent & Other high bills. Take this out as young as you can for the cheapest deals. Be carefull of the small-print many policys have detailed specific clauses that can make them difficult to claim. i.e. No payout for lung cancer if youre a smoker, no payout for broken bones if you drive a sports car etc...

Life Insurance : If you die - A Lump sum is paid on death to your next of kin. Good for wife/children other dependants.

Pension : Pay into a pension plan, on retirement the plan is auctioned for the highest pidder to provide you a yearly income. You can not withdraw/invest or otherwise move money once its paid into a Pension. - Persoanly I suggest paying the minimum and investing your cash in real savings.

Savings:

ISA - TAX FREE Savings : Limit is over £3600 soon to rise higher, all interest is tax free and best place to saves money

Shares - Gambling on the market - Dont invest anything you cant afford to loose.

Bank Account - Minimal Interest & Taxed against as income - So you dont get all the cash.

blow it on hookers

Youll get screwed out of it anyway

Quote from: dogbertPension : Pay into a pension plan, on retirement the plan is auctioned for the highest pidder to provide you a yearly income. You can not withdraw/invest or otherwise move money once its paid into a Pension. - Persoanly I suggest paying the minimum and investing your cash in real savings.

Mixed economy probably best if youre looking to live to retirement... pensions in general are much more tax efficient than normal savings.

Quote from: BigSoypensions in general are much more tax efficient than normal savings.

Exactly. And the one thing about a pension is the longer the funds have to mature the more you get out in retirement, so the earlier you start the better. In the future especially, the pressure on retirement age will be high, so if you want to be able to afford to retire at 60 or before, start now. Most people on this forum wont have ever considered when they are going to retire, but in 40 years time, therell be so many oldyuns roaming the streets HM Gov will be making you work til 70