My wife & I are aged 50 & 53. Recently we were offered a stakeholder/ISA pension plan that starts with a lump sum investment of £2028, then continues with a monthly investment of £65. If we keep this up for 10 years we get a tax free lump sum of £4000 & an index linked taxable monthly income of £32, if 15 years £6770 lump plus £63 monthly. This is meant to be more tax efficient.
Instead we could just put the money into a savings account at 5% & pay tax on the interest.
According to my spreadsheet, we'd still be better off in 30 years by putting the money into the savings account & paying tax. Are we just too old to start a pension scheme, or are the stakeholder & ISA arrangements not as good as they seem?
2007-03-08 10:02:27 · 3 answers · asked by dzerjb 6 in Business & Finance ➔ Personal Finance
You are not too old to start a pension plan but I would urge you to seek advice from an INDEPENDENT financial adviser on this.
2007-03-08 10:10:18 · answer #1 · answered by Bexs 5 · 1⤊ 0⤋
You have left it to late ! get financial advice from IFA
2007-03-10 03:32:52 · answer #2 · answered by FRANK W 2 · 1⤊ 0⤋
never too old
2007-03-08 10:24:57 · answer #3 · answered by www.japanvideogames.com 3 · 0⤊ 0⤋