We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Should i stay in?
Options

flyeruk
Posts: 4 Newbie

Im 61 and have been in the auto-enrolement since it started.I rent my property and earn rhe minimum wage,grossing £15,227 PA. I am paying £33.22 per month pension.
My question is,should i stay enrolled or opt out?Is it really going to be worth it in the end?
Any advice would be very much appreciated.
My question is,should i stay enrolled or opt out?Is it really going to be worth it in the end?
Any advice would be very much appreciated.
0
Comments
-
Absolutely, you get the employer's contribution as well. Free money!0
-
And tax relief!0
-
Im 61 and have been in the auto-enrolement since it started.I rent my property and earn rhe minimum wage,grossing £15,227 PA. I am paying £33.22 per month pension.
My question is,should i stay enrolled or opt out?Is it really going to be worth it in the end?
Any advice would be very much appreciated.
Your question can be translated as "should i give up on getting free money from my employer ".
Once you see it like that, you can answer the question yourself.0 -
Thanks for the replies.Really wanted to know,ehts it going to be worth to me,when i retire?0
-
As a rough calculation, over 5 years you would put in just under £2k.
You would get another £500'ish in tax relief and your employer would add something around £1100.
There would hopefully be a bit of growth too.
If you put the money into a cash account you wouldn't earn that much interest over 5 years.
At that point it would still be a "small pot" so 1/4 would be tax free, and the rest taxed at your highest rate - so if you only had the state pension when you retire, you could probably have the lot tax free over a couple of tax years.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards