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Savings or pension top up
Toner1070
Posts: 1 Newbie
Hi all,
I'm after a bit of a view in savings.
I'm 50, I've got around 5k in savings that's literally earning nothing, should I top up my pension and draw down aged 55 and secure the 20% income tax rebate? Or am I missing something?
Many thanks all.
I'm after a bit of a view in savings.
I'm 50, I've got around 5k in savings that's literally earning nothing, should I top up my pension and draw down aged 55 and secure the 20% income tax rebate? Or am I missing something?
Many thanks all.
0
Comments
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Is that your emergency fund? If yes, don’t invest it.I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.0
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As above , if this is your only cash available , then put it in Premium Bonds, where it will be easily accessible if necessary . You might even hit lucky .0
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Also the tax relief goes into the pension, making it £6,250, not to you (yet).0
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