Please point me in the right direction!

Oh_No

cloud_dog wrote: »

Ok but, what is your wife's retirement position?

You may be making a mistake not using a LISA in your wife's name for some of your available pension money, or by not putting it in pension in her name so as to mitigate tax on the way out.

Thanks for the reply. I have stated in one of my replies that I intend to open a LISA in my wifes name (as opposed to s SIPP).


I do not know how big her pension pot is (this is a subject i will be raising with her) but I do know it will not be in danger of attracting tax upon retirement so a LISA in her name would not be a bad idea in any case.

Oh_No

So my next question is what platforms do people use / understand have low rates for the sort of investments i am now considering? When I mentioned 0.48% for HSBC tracker there seemd to be the opionion that this was high.


I want to open a tracker in my name to invest an annual amount in (possibly monthly in future)


I also want to open a LISA in my wifes name to reduce future tax implications


I have also decided to open 'something' for my child. Something fairly high risk is fine as he is less than 1 so plenty of time to work out - but equally not self managed, a tracker type thing again but maybe a 100% equities.


Other things I plan to do is increase my pension contributions a bit and keep a lower holding in the company I work for (probably around 10K), it does have a decent dividend which does make it attractive.

cloud_dog

Oh_No wrote: »

Thanks for the reply. I have stated in one of my replies that I intend to open a LISA in my wifes name (as opposed to s SIPP).


I do not know how big her pension pot is (this is a subject i will be raising with her) but I do know it will not be in danger of attracting tax upon retirement so a LISA in her name would not be a bad idea in any case.

Apologies, I must have missed your reference to a LISA in your wife's name.

As you think (TBC) that your wife may not be a tax payer or possibly only when SP kicks it does add to the consideration of putting any pension money in her name.

AnotherJoe

Oh_No wrote: »

My work pension is a smart DC pension scheme which is worth about £60k right now (I have no idea if that is ok, bad or good).
.

Age 40 its very low.

Oh_No wrote: »

Stage 2 - open a SIPP for my wife.

Yep, get the tax advantage for her also and if she stops working before state pension age she can likely get it all out without tax.

MaxiRobriguez

AnotherJoe wrote: »

Age 40 its very low.

It's not "very" low if you're comparing to the average 40 year old now though.

AnotherJoe

MaxiRobriguez wrote: »

It's not "very" low if you're comparing to the average 40 year old now though.

True but thats a very low benchmark