Where to prioritise?

michaels

WE have the same issue with pension and tax credits but are going for the one year of UC with transitional protection although the hops seem formidable.

WE also have the same problem with DW and have gone for the 100% earnings / 3600 pa thang but are getting to the stage where she will have to pay tax on the way out on any further contributions so the benefit from getting tax relief on tax not paid reverts back to the 6.25% value of the TFLS (lets hope Labour don't remove it).

I suspect you may also need to think about lifetime allowance depending on what level Labour reintroduce it at.

We did not top up our kids Child Trust Fund payments which I think was lucky as the two of ours who have reached 18 would not have any clue on how to spend a lump sum responsibly (despite my best efforts), we will help out with mortgage deposit money at the point of need.

WE switched our mortgage to IO and have the funds to repay 'stoozed' earning more interest than we pay on our current fix, this also gives us a useful pot of liquidity that could help to bridge from retirement to pension availability with the TFLS being used to then repay the mortgage if needed - a way to maximise pension for tax benefits but still be able to retire before pension becomes payable.

SpeedSouth

Yeah the hoops for UC combined with pension amounts to receive it meant we jumped ship this year.  It was because of one of  your posts years ago, I found out about them so thank you very much.

The mortgage stooze is a good thought for that liquid pot.  I considered IO when we switched a couple of years back, but left it at term.

Probably won't be able to get that to any useful value now, given the low mortgage as it stands.