Stocks and shares ISA advice

[keo]

Hi I am just after some advice please.

My plan is to open a stocks and shares isa and put £100 a month into it. I will then forget about it for atleast the next 18 years. Possibly longer I am nearly 32 now.

I like the idea as hopefully over that time it will go up (I understand I could lose the lot as well!)

Is this the best option for me? I was just going to go to my bank (Halifax/Lloyd’s) and ask them to set one up for me. I don’t want to pick shares or anything like that I would prefer it done for me.

Little bit lost with it all at the minute everything I read seams to be different.

Any advice much appreciated thanks

[forest172]

Read the IM sticky at the top. Or do one with vanguard. Easiest thing ever. Just chose a life strategy fund that suits

[mike9009]

I would be putting that into a pension, not a s&s ISA.

Dependent upon what rate tax you pay. You could either put less in or get an instant 40% boost to your £100 each month.

If saving until you are at least 50, you can remove 25% of your total pension aged 55 (unless the rules change which obviously they could over the next 20years)

Calculate the compound interest on £100 and £140. Your pension should allow investment in different funds too (or get a SIPP).

My figure are not precise, but definitely worth checking this as an option. Only disadvantage is it is locked away for those years and you cannot dip in and out.


Mike

[keo]

Thanks I will check the sticky.

Thanks mike. I should of said I fancy the isa compared to pension just incase I need to access the money but I will try not to. I am doing ok with my pension. So it was just something else to run a long side.

[droopsnoot]

keo said:

Is this the best option for me? I was just going to go to my bank (Halifax/Lloyd’s) and ask them to set one up for me. I don’t want to pick shares or anything like that I would prefer it done for me.

Banks aren't generally seen as the best people to do this for you, as they're generally quite limited in the range of investments they can offer and, because their people aren't independent, they can't really tell you that there may be other much better options available. If they're any good, they'll make that clear, though.

Keep in mind "Stocks and Shares ISA" is just a tax-free wrapper, but you do have to decide what your money is invested in, inside that wrapper. You don't have to pick individual company shares, or individual funds, or keep an eye on things and move stuff around, start reading the FT or anything, there are plenty of places (such as IM, as already suggested) that will offer a managed investment based on what level of risk you'll accept, and any other preferences. But you do need to pick one (or more).

[emicen]

At £100 a month and with a genuine commitment to an 18 year window, I would be going S&S Lifetime ISA.

Ok, there’s a penalty if you withdraw before 60 but as a retirement booster that’s there if absolutely needed, I think it’s a good idea.