37yr, Mortgage Free with £170k savings - Advice Appreciated

badger09

OP

As well as echoing other posters' advice to boost your pension before the end of this tax year I would also ensure you have both paid the max £15k into an ISA this year. If you haven't paid anything in this year, stick £15k each in any instant access cash ISA just to protect this year's allowance. You can transfer to S&S ISAs later when you've done some research;)

You haven't said what your wife's position is. From your outgoings, I suspect she's either a non taxpayer, or basic rate. What is her pension position? Boost her pension as well as your own. Even if she has no earnings she can contribute £2880 before 5 April, to which HMRC add £720

Then look at high interest current accounts for your accessible cash.

xylophone

http://www.yourwealth.co.uk/pensions/tax-relief-on-pension-contributions

Have a look at the above, substituting the correct figures for allowances for the tax year in question.

https://www.gov.uk/tax-on-your-private-pension/pension-tax-relief

https://www.gov.uk/government/publications/tax-and-tax-credit-rates-and-thresholds-for-2015-16/tax-and-tax-credit-rates-and-thresholds-for-2015-16

atush

badger09 wrote: »

OP

As well as echoing other posters' advice to boost your pension before the end of this tax year I would also ensure you have both paid the max £15k into an ISA this year. If you haven't paid anything in this year, stick £15k each in any instant access cash ISA just to protect this year's allowance. You can transfer to S&S ISAs later when you've done some research;)

You haven't said what your wife's position is. From your outgoings, I suspect she's either a non taxpayer, or basic rate. What is her pension position? Boost her pension as well as your own. Even if she has no earnings she can contribute £2880 before 5 April, to which HMRC add £720

Then look at high interest current accounts for your accessible cash.

Here is another vote, boost pension and open 2x S&S isas

enthusiasticsaver

As others have said pay more into your pension. The maximum you can as you are a higher rate taxpayer. Emergency cash in high paying current accounts and the rest in stocks and shares isa. On that amount you might want to take the advice of an IFA.