Many women start seriously investing in their 40s or even 50s, after years of focusing on cash savings, mortgages, or family expenses. Starting later does cost — but starting at 45 still produces enormously better outcomes than starting at 55, and the basic framework is the same.
The maths of starting later
£400/month invested in a low-cost global tracker from 25 to 65, returning a historical 6% real (after inflation), grows to roughly £780,000. From 35 to 65 at the same rate: £390,000. From 45 to 65: £180,000. The penalty of starting late is real, but £180,000 still vastly beats nothing.
What partially closes the gap: higher monthly contributions in later years (most people earn more in 40s-50s than 20s), tax-advantaged accounts (ISA + pension stack), staying in equities (don't shift to bonds prematurely — you still have 20+ years of growth left if starting at 45).
The simplest possible portfolio
Vanguard FTSE Global All Cap Index
One fund, global equity exposure, 0.23% fees. Suitable for 80-100% of long-term money.
HSBC FTSE All-World Index Fund
Similar exposure, 0.13% fees. Even cheaper alternative.
Adding bonds as you approach retirement
From age 55, consider 10-20% in bonds (Vanguard Global Bond Index). Not before.
Where to hold the money
Stocks and Shares ISA first (£20,000/year, tax-free growth and withdrawals). SIPP (self-invested personal pension) for additional retirement-specific saving (tax relief on contributions). Workplace pension always — at minimum to capture employer match.
Platforms: Vanguard direct (cheapest for Vanguard funds), Trading 212 (commission-free), AJ Bell (full-service). All FSCS-protected to £85,000 per platform.
What to skip as a beginner
Individual stocks (research shows most retail investors underperform index funds long-term). Cryptocurrency (speculative, not investment). 'Smart beta' or thematic ETFs (higher fees, no consistent outperformance). Anything an unprompted financial advisor sells you on commission.
Starting at 45 isn't ideal. It's also infinitely better than not starting. The path is simple: low-cost global tracker in a Stocks and Shares ISA, regular monthly contributions, leave it alone for 20+ years.