Any suggestions for a 6 year Investment of £500 per month?
17 May 2021
Question by Frank
Hi I am 54 and intend to retire at 60, I have approx £500 per month spare cash at present and I am looking for an investment to supplement my pension. I would be unlikely to continue investing after I retire. Any suggestions for a 6 year Investment of 500 per month. Thank you Frank
Answered by Anna Sofat
I would suggest you invest in a pension wrapper, you can use one of your existing pensions or set up a new one with one of the low cost providers such as Vanguard, Pension Bee or such like. You will benefit from at least 20% uplift via tax relief - this is assuming that you do not have any annual allowance or life time allowance issues and have earnings to be able to make a pension contribution. If a pension is not viable then a S&S ISA - again Vanguard is a good low cost option. What fund you actually invest in will depend on your appetite and capacity for risk and you should review this and ensure you know the anticipated returns as well potential downside you could experience.
Anna is a multi-award winning financial planner and has been advising enterprising women and their families for nearly twenty years. She is highly regarded as ‘the Voice of Women’s Wealth’ and is the founder of the ‘Are You In?’ movement, which seeks to transform the financial sector towards diversity, inclusivity and greater democracy.