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What Am I Doing Wrong?
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Main thing is you are investing in the future in areas your money can grow e.g. certain funds, property etc, instead of just keeping it in cash ISA's. it makes a huge difference long term to your wealth
SIPPS also are great if you are HR tax payer, just putting in £2/3k per year on top of you company pension will knock a few years off the retirement age and mean your not tempted to touch that money. PLus you can invest in very high risk given you age. I am in a similar age/position to you but have been investing in S+S since 23 so have much bigger investment pot.0 -
Also bare in mind in case of divorce you need to keep some things hidden her having her own SIPP would at least separate it from yours. this can only be done with forward planning and not last minute0
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cashbackproblems wrote: »Also bare in mind in case of divorce you need to keep some things hidden her having her own SIPP would at least separate it from yours. this can only be done with forward planning and not last minute
Care to explain?0 -
With almost half of marriages ending in divorce is not it logical for prepare to the outcome likelihood of which is as high as 50% ?
Ps. It may not make any material difference , all pots are added anyway in divorce.The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
This recent thread will likely explain that poster's comment, as they're one of those who advocates concealing assets: https://forums.moneysavingexpert.com/discussion/5669317
Care to explain?cashbackproblems wrote: »Also bare in mind in case of divorce you need to keep some things hidden her having her own SIPP would at least separate it from yours. this can only be done with forward planning and not last minute0 -
Pension: 10% salary (non-contributory), circa £6k/yr. Option to increase AVC to 5% - each 1% matched by employer with additional 0.5%, up to 2.5% - i.e.: AVC's 5%, Employer additional contribution 2.5%, + initial 10% = 17.5%. (Matched contributions increase to 1% per 1% over age 36).
I'd increase AVCs to 5% and get the employer 2.5% match. This is free money.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.0
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