New job

[FraserG]

(05-02-2018, 06:13 PM)Kingy Wrote:

(05-01-2018, 09:14 AM)FraserG Wrote: I've pretty much presumed that if I want to retire before the age of 80 that I will need to have my own pot, so I'm planning to set up some standing orders after the first paycheck - any recommendations on types of pension plan or savings accounts to look into?

You will be entered into workplace pension by default as thats the law. So, just consider how much you wish to add to that once you have the details. Don't go mad from the off. Whilst pensions are a good vehicle to provide money at retirement I'm not personally a huge fan because if you die - your pension dies with you. (Unless you are married and have it set up to split part of it to your spouse). Either way, die and you have wasted a shit load of money! So - I'd err on the side of caution making sure you have an adequate pension in place which you can add to if necessary. 

Otherwise - Concentrate on that mortgage. Seriously. Get it paid off as soon as is economically possible. You will benefit more this way as domestic property is unlikely (bar another crash) to drop in value. Even if it does it will climb again. Once paid off* you suddenly have a lot of money and can enjoy that for a while plus put it to good use. Premium Bonds etc. pay out better than most savings based vehicles. 
Alternatively with 'significant' spare wedge buy another property to rent out. Domestic (despite new laws) is still potentially more attractive than Commercial as Commercial doesn't increase in value the same (its only just recovering toward 2008 levels).

Thanks for the advice Kingy - I think I'm currently putting in my legal minimum for the pension to receive the minimum employer contributions. I'll speak to Doris at the weekend and see where she's at career wise to see what we can lump off quickly on the mortgage. Are there any restrictions on second-home-buying for renting? I heard rumours they were trying to clamp down on it but haven't been able to find much that answers the question online (in a non-jargon filled way anyhow).