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10 year plan?
John1965
Posts: 15 Forumite
Avid forum reader & considering options to achieve early retirement. 54 in June, debt free, LGPS 21 years. Started avc last year currently £100 per 4 weekly pay. Plan to double. S&S isa VLS 80 £200 monthly. Cash savings £25k Marcus. Can save up to an extra £600 per pay.
Should I be looking at another source to achieve goal to retire in 10 years?
Should I continue to pile money into VLS & avc or should I consider a sipp.
Happy to use these savings to bridge 3/4 year gap to age 67.
Is this a sensible plan or am I deluding myself.
Many thanks for any advice/thoughts.
Should I be looking at another source to achieve goal to retire in 10 years?
Should I continue to pile money into VLS & avc or should I consider a sipp.
Happy to use these savings to bridge 3/4 year gap to age 67.
Is this a sensible plan or am I deluding myself.
Many thanks for any advice/thoughts.
0
Comments
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You might have more luck discussing LGPS and associated AVC versus SIPP in the pensions forums but yes provided you are under the LTA and not likely to pay higher rate tax on your retirement income or requiring access to significant lump sums (eg to help offspring buy houses, etc) then there may be a modest tax advantage to using a pension wrapper over an S&S ISA wrapper.
Alex0 -
Started avc last year currently £100 per 4 weekly pay. Plan to double.
Well done on doing something. However, AVCs are mostly obsolete now. A few gems here and there but most are dated compared to modern options.Should I continue to pile money into VLS & avc or should I consider a sipp.
VLS is not a product. It is a fund. You can hold VLS in most tax wrappers or unwrapped. You cant hold a SIPP in VLS. (think cup and water)Happy to use these savings to bridge 3/4 year gap to age 67.
Probably find pension is top the pecking order then.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thank you so much for taking the time to reply. I will continue to read up on some options and I will take your advice Alexland regarding the pensions forum.0
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Agree with suggestion to pick this up on Pension forum.
When you do, include details of when you want to early retire, State Pension situation, whether you plan to take LGPS scheme early or defer and fund from SIPP/ISA for a few years. Also, overall financial / family situation and tax rate.
Will help you to get more informed comments and preempt some of the questions that will probably be asked.0 -
Thanks Alanp, I will follow your advice.0
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