Pension or savings?

kidmugsy

LocoLoco wrote: »

Thank you, everyone, for those replies and so quickly as well! Has been a really big help to me, many thanks

Another thread has been rather poisoned by the ranting of a grievance-monger. By contrast you, dear Madam or Sir, are courtesy itself. Thank you.

LocoLoco

atush wrote: »

And with the budget changes that came yesterday, even more reason to start that pension asap.

The PA rise to 10.5 K will help keep you into a no or low tax zone.

Thanks, Atush, none of this is particularly easy for me to understand but it's making more sense the more I read so hopefully I'll be making good choices in the future

LocoLoco

kidmugsy wrote: »

Another thread has been rather poisoned by the ranting of a grievance-monger. By contrast you, dear Madam or Sir, are courtesy itself. Thank you.

Oh thank you, that's so nice of you to say! I'm old enough to remember when you had to pay for financial advice instead of being able to get it for free on the internet so I appreciate sites like this a lot! Manners cost nothing, as my nan used to say

paul5046

claire111 wrote: »

If you were to have any earned income from say a part time job, which result in you claiming means tested benefit along with benefits for caring for your son, you could if you wanted to, deduct the amount of your pension contribution before declaring your income.

So for example if you earned £60pw you could pay £40pw into your pension, the government tops up your contribution with a further £10 and your declared income for means tested benefits would be £10pw (£60 less your gross contributions into a pension scheme)

HTH

I never knew that.

LocoLoco

paul5046 wrote: »

I never knew that.

There's some really good info about what carer's can earn on top of their carer's allowance on the Carers UK website, Paul5046, if it's something you wanted to read more about. Some things are deductible from your earnings so you can earn more than £100 a week (I think it's just gone up slightly as well) before your CA is affected. I'm still trying to get my head around it all but they have a good advice sheet if it's any use to you.

atush

First you come looking for help, now you are giving it!

Very MSE!