Invest more into my work pension or have a work pension and a personal Isa? Need help please
Hi,
The title probably doesn’t make much sense to be honest. I’m fairly savvy when it comes to investing and saving. However, I’m just wondering what people think the best thing to do in my position is.
Bit of background: I’m 26, homeowner with a mortgage still to pay, about 32k per year, with a 5% pension, 3% matched by employer. >£6k invested in pension, 3 months emergency fund saved. >£5k invested in personal investment Isa.
Currently. I’m averaging £150-200 saved into my work pension before tax. And I am saving £200 per month into a personal isa which is after tax (haven’t been able to do this for around 6 months). The isa is just a pie of S&P, ftse all world, and gold which has done really well in the past 2-3 years but I have no intention of taking it out. I also like to do individual stocks but haven’t been able too recently as I’ve had no disposable income.
I’m struggling with bills at the moment and haven’t been able to save into my personal Isa in a while. It’s really starting to annoy me.
I know I am doing better than most with money, however, I don’t feel like I’m leaving the month with extra money and seem to be struggling.
My current work pension is set to 55 before I can take it out. I was thinking that if I was to bump up my contributions to 15-20%, it would stop me from worrying so much about investing my £200-250 per month into my personal pension. I would also get the benefit of investing more before tax.
I would love to know what you have to say. I hope this makes some sort of sense.
Any questions please ask. Thank you lots