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31 August 2010

How best to save for my retirement?

I am 31 years old. For the last decade I have been poor (£2500 p.a. income) as I have been a student, so N.I. contributions have been small. I am employed in a shop that doesn't offer a pension plan. I earn at present £8840 p.a., despite having a BA, MA and soon a PhD (I can't find a decent job, but keep trying trying trying, but that's a whole other problem) and so have opened a Stakeholder Pension with Scottish Widow. I admit I did it without much research - I just know I need to think about my future, as my father didn't and only receives £60.00ish a week. Like him I haven't much money to play around with, but am paying £125 into the pot each month (starting Oct 2010), but a few glances around this site has confused me. Should I be putting money into other mediums as well? ISAs? My knowledge of finance is shoddy. I pay little rent (55 p.w.), have no car, don't take holidays (my last holiday was a year ago, and only because the flight was free; the time before that was in 2002) and have no expensive hobbies so I do have more money than some in similar situations. What would be my best choices? I just know I need to save for my future in the best possible way.

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