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Saving for Retirement - Help!

Tantalus86 · 2021-01-05 16:41:05

Hi all. So first a little bit of my particular context - I'm married with no dependents, 34 years old, higher rate tax payer, home owner (with mortgage) and full time employed paying into a workplace pension via salary sacrifice (the only pension I have). I've also had a bunch of free time over the christmas period so…

Comments

Tantalus86 Posts: 76 Forumite

10 January 2021 at 4:39PM

grumiofoundation said:
For basic rate tax payers a lifetime ISA is more tax Efficient than a pension. (By Pension mean additional contributions that do not benefit from employer matching or salary sacrifice).

You get the same benefit going in but lifetime ISA is completely tax free on withdrawal whereas 75% of pension contributions could be subject to to tax.

Thanks grumio - seems so obvious now!

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