What Am I Doing Wrong?

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  • cashbackproblems
    cashbackproblems Posts: 1,826 Forumite
    Main thing is you are investing in the future in areas your money can grow e.g. certain funds, property etc, instead of just keeping it in cash ISA's. it makes a huge difference long term to your wealth


    SIPPS also are great if you are HR tax payer, just putting in £2/3k per year on top of you company pension will knock a few years off the retirement age and mean your not tempted to touch that money. PLus you can invest in very high risk given you age. I am in a similar age/position to you but have been investing in S+S since 23 so have much bigger investment pot.
  • cashbackproblems
    cashbackproblems Posts: 1,826 Forumite
    Also bare in mind in case of divorce you need to keep some things hidden her having her own SIPP would at least separate it from yours. this can only be done with forward planning and not last minute
  • badger09
    badger09 Posts: 11,200 Forumite
    First Post First Anniversary Name Dropper
    cashbackproblems wrote: »
    Also bare in mind in case of divorce you need to keep some things hidden her having her own SIPP would at least separate it from yours. this can only be done with forward planning and not last minute

    Care to explain?
  • justme111
    justme111 Posts: 3,508 Forumite
    First Post First Anniversary Combo Breaker I've been Money Tipped!
    With almost half of marriages ending in divorce is not it logical for prepare to the outcome likelihood of which is as high as 50% ?
    Ps. It may not make any material difference , all pots are added anyway in divorce.
    The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
    Often people seem to use this word mistakenly where "quandary" would fit better.
  • eskbanker
    eskbanker Posts: 30,912 Forumite
    First Anniversary Name Dropper Photogenic First Post
    badger09 wrote: »
    cashbackproblems wrote: »
    Also bare in mind in case of divorce you need to keep some things hidden her having her own SIPP would at least separate it from yours. this can only be done with forward planning and not last minute
    Care to explain?
    This recent thread will likely explain that poster's comment, as they're one of those who advocates concealing assets: http://forums.moneysavingexpert.com/showthread.php?t=5669317
  • MallyGirl
    MallyGirl Posts: 6,610 Senior Ambassador
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    fiisch wrote: »

    Pension: 10% salary (non-contributory), circa £6k/yr. Option to increase AVC to 5% - each 1% matched by employer with additional 0.5%, up to 2.5% - i.e.: AVC's 5%, Employer additional contribution 2.5%, + initial 10% = 17.5%. (Matched contributions increase to 1% per 1% over age 36).

    I'd increase AVCs to 5% and get the employer 2.5% match. This is free money.
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
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