Q&A

Answer a question


Do you want to follow this topic? You need to be signed in for this feature
Do you want to save this article to read later? You need to be signed in for this feature


32 year old - looking at the future

I have been reviewing my financial situation and would like any helpful advice if possible. I am 32, still living at home paying rent to my parents each month. I am earning £29.5k per annum and have had a company pension plan since 2001. I currently have £31k in the policy at the moment. The company contributes to the pension:- I pay £54.33 and the company payss £67.91 a month. If I keep doing this till I retire how much would I have? Should I put more money in? I have a ISA which has £2k. I would like to buy a flat/house with my girlfriend, she has £3k savings and agreed to save hard so we can move out. She is a primary school teacher and has just started. I live in London and the property prices are so far out of reach at moment. Any advice what I should do with my pension, savings, investments for the future would be great. Thank you, halpino

2
Answers


Do you want to answer this question? You need to be signed in for this feature

Answers




write to the independant on saturday, they do a weekly analysis on people such as yourself (or at least they used to). They then get a number of professionals to look at each area and give their opinion.



You should continue with your pension scheme, If you didn't you would lose those company contributions. It is very difficult to estimate at this stage how much it will be worth. It should be predominantly invested in equities. We also can't estimate how much movement there will be in pension rates before you retire. State pension age is likely to be at least 70 within 20 years. Pooling your assets with your girlfriend is a good idea if you consider the relationship has a long term future. If not, it could result in problems if you split. If she is a teacher, you might be able to get assistance with a mortgage under the key worker scheme. Mike