Early Retirement

savingmore

just saw your thread and wondered on the following. if you own your own home and your parents, when you come to sell one of them you will liable for capital gains tax at 40% over the cat allowance. if your parents owned it and you inherited it in a will on their death, you would not be liable for cgt. suggest you get some advice on this, as obviously we don't know the reason why the house is in your name.
just some thoughts.

PeacefulWaters

Invest £3,600 a year in a low charge stakeholder pension. £2,880 net grossed up with tax relief.

If you are over 55 you can draw 25% of it back immediately tax free and 75% back as a taxable lump sum.

Example:

Pay £2,880 into Virgin Money
Increase by £720 to £3,600 with tax relief
Deduct £36 annual fee so you now have £3,564
Withdraw tax free lump sum of £891
Withdraw taxable lump sum of £2,673, paying £555 tax = £2,118 (optional, you could leave it invested and draw off other savings)

You've turned £2,880 into £3,009 pretty much instantly.

Repeat annually to age 75.