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Topping up private pension
Inaflat
Posts: 22 Forumite
Hello all
I'm 60 in November and plan to retire, although my pension isn't massive I plan to take my 25% and drawdown until I get to 66
Question is, I have a bit of spare cash, is it worth putting some in my pension to get the tax relief of 20%
I'm 60 in November and plan to retire, although my pension isn't massive I plan to take my 25% and drawdown until I get to 66
Question is, I have a bit of spare cash, is it worth putting some in my pension to get the tax relief of 20%
0
Comments
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Yes, if you will have some otherwise unused Personal Allowance (against income tax) in retirement. So, at present, if you expect to be getting an annual income below £10600 (rising to £12500 by 2020).Free the dunston one next time too.0
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I agree.
You stand to gain over 6% even if the new pension overage is taxed at basic rate.
I would not spend ALL my spare cash on it though. You still need some for emergencies and upcoming known expanses.0 -
upcoming known expanses.
Middle age spread?:D0 -
that too. Takes some money on good living0
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