Rate my finances

ValiantSon

Fatbritabroad wrote: »

The other thing at the moment though I'm hoping it goes by the time
I get there is the lifetime allowance. Currently just over million and set tree by inflation. I used to think this was Only a worry for oligarchs until you realise a million gives you between 30k and 40k to live on.hardly a millionair lifestyle. I'm 37 and yes I earn a decent wage but with bonuses I'm going to have over 200k in my pension by 39 and am contributing 18.97%including tax and ni rebates and employers contribution . Meaning if I going to well breach the allowance by 57

That's where investments outside of a pension wrapper come in.

Fatbritabroad

And yes on 31k this isn't a factor but between 30 and now my salary has gone from 31k to nearly 90k so you never know what's going to happen

Fatbritabroad

Yes I'm not putting in any more on a monthly basis now I'm diversifying into a and s isa. Aim to get to 100k of non pension assets by the time I'm 40 to 42. I have One more large bonus due in2020 of 38000 and I'm going to sacrifice the lot into my pension. Simply can't bring myself to pay that much tax in one hit. In certain scenarios I could stop paying I completely now and still hit the allowance which I find ridiculous. Anyone got a crystal ball knocking about

dwtmahdc

Fatbritabroad wrote: »

And yes on 31k this isn't a factor but between 30 and now my salary has gone from 31k to nearly 90k so you never know what's going to happen

And what, prey tell, happened to you?!

Fatbritabroad

ValiantSon wrote: »

That's where investments outside of a pension wrapper come in.

dwtmahdc wrote: »

And what, prey tell, happened to you?!

My company offered a new way of being paid as a % of the account we look after (I look after businesses insurance and have my own bank of clients ). I was vastly underpaid for the size account I had built (All my own work unlike alot of colleagues who inherited their accounts from others). Your salary can go the other way if you have a bad year but I could have lost 50% of my account and still doubled my salary! I have a varied account so my biggest account is now only 3% of my total book so the risk is spread. It was a risk but I like it as I don't have to have conversations about pay any more other than fringe things like pension contributions and car allowances. It's totally base Don my own performance . Every march they take a snapshot of my account and adjust my salary every July. No bonuses just straight salary increases My account generally grows 5 to 7% a year and my worst year a couple of years ago it grew 2%. In contrast my colleagues who didn't take the risk get nominal 1% pay increases. I am considering 'cashing out' as my account has got to the size where its difficult to grow more than a few % each year and the downside becomes more risk than the upside. But I'm greedy . Funnily enough they've stopped offering this contract now as I think its cost them an awful lot of money