SIPP or ISA for over 55s

[rfisher]

Which is better if you are over 55, a SIPP or an ISA?

[DoubleSix]

That's not a question that can be answered without asking many other questions and even then it's not black and white.

[rfisher]

How about laying out a few scenarios to illustrate situations when one would be better than the other?

[Jockman]

How much over 55?

Still in Employment?

[DoubleSix]

rfisher said:

How about laying out a few scenarios to illustrate situations when one would be better than the other?

Value of other assets/investments/savings?

Existing pension provisions?

Previous contributions? (Last three years)

Do you need freedom of access to capital?

Do you need a very wide choice of available investments in the chosen wrapper, say property for example?

Are you in a position where estate planning needs to be factored in?



These are just some examples of the things I would wish to know before advising my clients on the question you've asked, so without wishing to be unhelpful it is more complex than you might first assume as the two options can deliver very different outcomes.

[jonny70]

You need to give us more info about your financial situation before one can say what's best option