Best way to manage savings etc

relishy57

Hi
Very new to this forum and just when I think I have a plan of action something else is mentioned that seems a good idea.
A little about my situation I am almost 60 years old and took early retirement almost 4 years ago from teaching. I am widowed and after tax my 2 pensions mine TPS and other late husbands pension bring in approximately £1205.00 per month after tax. I have had underpaid tax in past years which has been cleared now so after April 17 will have a slightly higher pension income. Manage comfortably on this pension income .
Until recently had a part-time job which was taxed at BR, paid no NI as only 11.5 hours per week at minimum wage.
My State pension is due in 2023 and due to contracting out will not be full amount. Planning to top up post 2016 years to get to almost full amount if possible. Have got up to date forecasts.
Have £75,000 in fixed rate Cash ISA which has just over 2 years to go. Another £15,000 in another fixed rate Cash ISA and approximately £30,000 in various current accounts and regular savers.
No mortgage or dependents, children are independent, house worth approximately £260,000. Only major house expenses I can forecast is a new boiler and replacing some/all double glazing over next 6 years.
Bought a new car (demo model 3 months old) outright last year and last car owned for 5 years as do low mileage and maintain well.
Have not ruled out another part-time job if right one comes up as like the company and extra income.
What is is worrying me as I read the helpful and knowledgeable posts is should I be taking out a SIPP, deferring State Pension take up, and/or topping up State pension, Am I making the most of what funds I have?
Husband only drew his SP 9 months before he passed away so I know only too well that life plans can change for the worse.
Sorry if this is a bit long winded and incoherent, Any advice welcomed but please bear in mind in-experienced in above matters.

bigadaj

You can use the minimum pension trick whereby you lay in £2880 and the tax man increases it to £3600, plenty of threads on the board explaining it.

You can continue to accrue NI for pension so if you upped your hours to do that it would reduce the need to buy added years.

Deferring you state pension might be profitable in future, it certainly beats the return on any non risk investment or savings.

greenglide

If your husband had any Additional Pension (SERPS, GRAD or S2P) then you ought to inherit a part of that when you reach State Pension age.

relishy57

Thank you both for your replies, much appreciated. Greenglide will ask DWP re any additional pension. Nothing is showing on my records. He was in NHS scheme then USS until 2011.
Re deferring pension I will have to get around the mindset that I have had my state pension date changed twice and as savings deplete with necessary 'big' expenditure I want to take it as soon as I can to top up.
One word to all those planning for future as a couple make sure you do the sums to plan for suddenly 1 of you becoming a single person and how the survivor would be placed in their old age.
On a happier note enjoy holidays etc whilst you can don't delay until you are retired. We fortunately had some fantastic holidays over 5-6 years when mortgage paid and university fees paid for children before he got ill and they are treasured memories.

greenglide

Nothing is showing on my records. He was in NHS scheme then USS until 2011.

If you still have any award notifications, uprating notifications etc it should be on there, showing as "Additional Pension" and Graduated Pension.

If he was contracted out most or all of his working he may have no SERPS or S2P (because of the contracted out deduction) but would still expect a small amount of GRAD.

None of this would be payable until you reach SPa anyway.

relishy57

I enquired about any inherited pension this pm and was told there may be a very small amount but it would not be calculated until my retirement age. So if there is it's a bonus.
Re working again which I havent ruled out completely over the next 6 years, yes it would bring more income and NI contributions but the tax at BR takes a big chunk. I am realising I need advice on how to best minimise tax in retirement please?