Are we doing anything silly??

kidmugsy

maddapple wrote: »

I'm assuming its not something that would need to be done on a perminent basis, i.e. if we do move and need to pay higher outgoings we could reduce our contributions.

Correct.


On the subject of insurance, this guy sounds very sensible to me:

http://monevator.com/do-you-need-income-protection-insurance/

http://monevator.com/family-income-benefit-the-forgotten-policy/

Audaxer

AnotherJoe wrote: »

In what way? For every £1,000 OP doesn't put in their pension, bearing in mind they have oodles of money, eg tons of cash, and can afford to overpay a ridiculously expensive mortgage, have premium bonds (derisory interest rate), so could amke extra contributions without even noticing, they are losing at least £200 and most likely £250.

Maybe the OP and his wife have either not realised the full tax benefits of contributing more to their pensions, or had decided they didn't want to invest any more funds at present into pensions that they couldn't access until they were 55. It's right to point out the benefits of putting more into a pension, but I just think it was a bit of a harsh way of saying it.

ViolaLass

maddapple wrote: »

Our situation is as follows:[/SIZE][/FONT]
My wife and I earn relatively well and our gross income is around £145k, we are 3 years into a 10 year fixed rate mortgage at 3.49% (not great I know)...

"Relatively well"??

I suppose "rolling in it" sounds less classy.

I have nothing more useful to say than what has already been said.

Lokolo

Only question is your joint income is £145k but what are your individual incomes?

If one is above £100k then they need to seriously make sure the up pension contributions to get their salary below. The effective tax rate between £100k and £123k is 60% due to personal allowance reduction.

maddapple

Lokolo wrote: »

Only question is your joint income is £145k but what are your individual incomes?

If one is above £100k then they need to seriously make sure the up pension contributions to get their salary below. The effective tax rate between £100k and £123k is 60% due to personal allowance reduction.

Again thank you for pointing out the pension point, I will be looking into this in more detail.

To answer your question neither of the salaries are above £100k being £85k and £60k.


One thing that has definitely become apparent is that we should spend some time with an IFA.

maddapple

ViolaLass wrote: »

"Relatively well"??

I suppose "rolling in it" sounds less classy.

I have nothing more useful to say than what has already been said.

Thank you for pointing out I'm classy

kidmugsy

ViolaLass wrote: »

"Relatively well"??

I suppose "rolling in it" sounds less classy.

I have nothing more useful to say than what has already been said.

Oh come now. £145k doesn't go as far as it used to.

maddapple

kidmugsy wrote: »

Oh come now. £145k doesn't go as far as it used to.

You may joke but we did have to let the butler go !

Alexland

maddapple wrote: »

You may joke but we did have to let the butler go !

Was he stealing the silver? Or did the Corgis just dislike him?