The wife is due to give birth late April/early May to our first child and I wanted to ask what all the parents do with regards to savings for when they are older.
So the situation is this. We both work full time and earn over the threshold to receive any sort of child benefit from the government. We both work for the same company and both put into shares, although these don't make a massive amount, but a few thousand every few years helps.
Over the past 7 years we've managed to be rather frugal with our money and have been able to purchase 4 properties, one of which we live in ourselves and the rest we rent out. The aim would be to try and pay them all off within the next 20 years, though we have yet to decide whether these will be passed onto our child to carry on renting or we sell and have towards our retirement.
I've been looking online and found a few options with regards to savings. Annoyingly the child trust fund stopped in 2011, though they now have junior ISA's in it's place or do I go for something long term like a stakeholder pension for our child?
What do you all think would be the best option to consider given our circumstances?
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Investing for our children's future...decisions!
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StorryDaddy · 09/01/2017 10:17
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