Yes, probably. I just showed rough compound interest on a lump sum. An advisor might suggest a better way to invest it. I believe it’s a max contributions of £40k pa including tax relief and then it can’t be more than what you earn either.If the 100k was invested gradually into a fund at say 2k per month, then surely it attracts the 25% tax relief top up, so 2k immediately becomes 2,500
As you say 100k at 4% over 20 years is 220k ish, but it becomes a very much more complicated calculation if invested gradually when adding the tax relief, plus all the advice is to spread out the investment as it is far more beneficial
This is correct as far as the limits are concerned. As long as the funds you choose are well diversified and the charges are minimised, then you will be doing yourself a big favour. If I were you, I'd look for a well reviewed local IFA and ask for a free hour of their time to get the basics clear.Yes, probably. I just showed rough compound interest on a lump sum. An advisor might suggest a better way to invest it. I believe it’s a max contributions of £40k pa including tax relief and then it can’t be more than what you earn either.
Stories about the state pension age rising to 80 not many people will be claiming that then, imagine going for a job at 75 and in the interview you start pisssssshhhhhh
All depends on how much you want to live on when you retire and things like will you have rent or a mortgage? There’s loads of “advice” out there but none seem to be able to tailor themselves exactly for each individual. I just do my own calculations using a spreadsheet but it can be tricky.Anyone able to advise how well I'm doing in terms of my pension currently?
39 years old.
Got a teacher pension thay currently shows as £7665 pa OR £4927pa with a one off £32851.
No longer paying into this
Then got 2 other workplace pensions thay have a current combined total pot of £41500.
Recently increased my pension contributions to be adding in £8115 pa to the pot between mine and employer contributions.
Put your information in ChatGPT , it’s been brilliant for meAnyone able to advise how well I'm doing in terms of my pension currently?
39 years old.
Got a teacher pension thay currently shows as £7665 pa OR £4927pa with a one off £32851.
No longer paying into this
Then got 2 other workplace pensions thay have a current combined total pot of £41500.
Recently increased my pension contributions to be adding in £8115 pa to the pot between mine and employer contributions.
Where ? Could you post a link ?Stories about the state pension age rising to 80 not many people will be claiming that then, imagine going for a job at 75 and in the interview you start pisssssshhhhhh
If you’re a teacher can I ask why you wouldn’t want to keep paying into what is generally considered one of the best pension schemes out there?Anyone able to advise how well I'm doing in terms of my pension currently?
39 years old.
Got a teacher pension thay currently shows as £7665 pa OR £4927pa with a one off £32851.
No longer paying into this
Then got 2 other workplace pensions thay have a current combined total pot of £41500.
Recently increased my pension contributions to be adding in £8115 pa to the pot between mine and employer contributions.
The UK state pension age is projected to be 68. This is due to current legislation that will see the age increase from 66 to 67 between 2026 and 2028, and then to 68 between 2044 and 2046. There has been discussion about potentially raising the age further to 71 by 2050, but this is not currently legislatedWhere ? Could you post a link ?
Can only assume he's no longer a teacher?If you’re a teacher can I ask why you wouldn’t want to keep paying into what is generally considered one of the best pension schemes out there?
I left teaching so not in scheme now.If you’re a teacher can I ask why you wouldn’t want to keep paying into what is generally considered one of the best pension schemes out there?
How do you apply this? Is it in an isa?And don’t forget even non tax payers can use the £2800 ruse.
My Mrs has used it every year since it became possible.
Im aware of the changes to 67 and 68 plus maybe bringing the date of the increase to 68 forwards. But certainly not increasing it to 80 as per the post I commented on.The UK state pension age is projected to be 68. This is due to current legislation that will see the age increase from 66 to 67 between 2026 and 2028, and then to 68 between 2044 and 2046. There has been discussion about potentially raising the age further to 71 by 2050, but this is not currently legislated
Its always a difficult question as everyones circumstances are unique. The positive is that you are looking at your pension now and wanting to plan.Anyone able to advise how well I'm doing in terms of my pension currently?
39 years old.
Got a teacher pension thay currently shows as £7665 pa OR £4927pa with a one off £32851.
No longer paying into this
Then got 2 other workplace pensions thay have a current combined total pot of £41500.
Recently increased my pension contributions to be adding in £8115 pa to the pot between mine and employer contributions.
I think the poster was beingIm aware of the changes to 67 and 68 plus maybe bringing the date of the increase to 68 forwards. But certainly not increasing it to 80 as per the post I commented on.
Absolutely love what you've done there, potentially without even realising.Its always a difficult question as everyones circumstances are unique. The positive is that you are looking at your pension now and wanting to plan.
I would suggest that alone puts you ahead of many many people. It always amazes me the number of people who get into their mid 50's before taking any interest.
Just open a SIPP.How do you apply this? Is it in an isa?