On the home run to retirement - give me your top tips!

Spogchait

Thanks @MaiMonroe, wise words, it is important to enjoy the here and now too - and I hope to be as lively as you in retirement!
@ussdave I didn’t really know about the LTA, Just googled it,  could be a factor if I went mad with the AVCs!  We have checked that husband will get full state pension and he will, but yes, might be worth investing for him.  I don’t think I will dip back into lower rate though.

stephenadarglas

A possible option at some stage is to make sure you utilise your husband's ISA tax free allowance of 20k per annum.  

Spogchait

@stephenadarglas yes, neither of us have any great savings to speak of, up til now we couldn’t really afford to.  

fred246

Surely the best way to save is to pay £240 a month into a SIPP for your partner and get the tax relief, then withdraw it tax free between 55 and 67. How old is the partner now? Oh he's 55. Could do it now then.

LHW99

fred246 said:

Surely the best way to save is to pay £240 a month into a SIPP for your partner and get the tax relief, then withdraw it tax free between 55 and 67. How old is the partner now? Oh he's 55. Could do it now then.

In addition (again not a nice thought) but if you did need care, all your investments (value of the flat etc) could be taken into account for care fees, reducing what your partner has left for the rest of their life. Its always worth considering both your circumstances if one became ill / passed away before the other IMO

Spogchait

So can my partner put money in a SIPP then immediately withdraw it?!

Albermarle

When you have an hour or two to spare this thread pretty much covers every aspect,
https://forums.moneysavingexpert.com/discussion/5580163/paying-2880-into-pension-when-retired/p1

DairyQueen

Top tip:
Review your retirement finances at least annually. This applies both before and after retirement as the best laid plans of mice and (wo)men, etc., etc.

Life has a habit of never turning out as you think. Our financial plan has changed at least twice annually since we hit mid 50s and it's still a moving feast. Not least because I keep learning something new from this site.

Audaxer

Spogchait said:

So can my partner put money in a SIPP then immediately withdraw it?!

If he is over 55 with no earnings, he can contribute up to a maximum of £2,880 into a SIPP and HMRC add on £720 tax relief about 2 months later. The £3,600 balance can be withdrawn by a UFPLS and as he is not a tax payer it would all be free of tax. However I think you need to still leave in £1,000 to keep the SIPP open, so in Year 1 he may only be able to withdraw £2,600 to keep the SIPP open. From the second year, £2,880 can be contributed each year and £3,600 withdrawn after the tax relief is added. 

It is best to do this through HL - there is a long thread all about this, which has just been updated today, so you should be able to find it easily.  

Spogchait

Thanks all for tips, advice and links above, this is fantastic, I'm a bit of a novice as I have not to date focused on my pension, relying on the fact that I got lucky with my employer scheme which is a great one compared to many.  I intend to become a regular on the board - just reading and learning.  I know that the years will fly.