Top up pension or invest elsewhere?

tacpot12

Cazzledazzle wrote: »

To make it to £16000 a year I would be looking for an extra £6000 a year over 7 years, so that would be £42000 I need to find over the next 13 years. That is £3231 a year, £270 a month. I wonder if I can do this?

With the tax releif, and investment performance, and applying any payrises you receive in the next 13 years, you won't need £270 pcm, £200 pcm will do it.

Clive_Woody

tacpot12 wrote: »

With the tax releif, and investment performance, and applying any payrises you receive in the next 13 years, you won't need £270 pcm, £200 pcm will do it.

Exactly what I was thinking, with 13 yrs growth before retirement, the OP may even be able to pay in less than £200/month (very much depends on what happens with their investments)....not to mention they could leave the money invested in lower risk funds during the 7 yrs from 60 - 67 so would continue to benefit from some growth of the pot, only drawing out what was needed.

Cazzledazzle - do you not have a pension scheme at work and if so could you not increase contributions there? How much does your employer contribute to your pension and would this increase if you increased contributions?