retirement planning / investing

FIREmenow

From 2028, you need to be 57 to access a DC pension, so you could think about how much of your money you want to be able to access to before you reach 57. Some excess you could consider putting into your pension. 

You mention what pension your wife will have at 67, but not how old she is now. Planning this together is good if you can, as you will have two personal allowances to try to get your pension income out as tax efficiently as possible, particularly if your wife might want to stop working before 67 and she has some DC pension she can access earlier.

For example, if she has public sector pensions it may be possible for her to retire earlier than 67 with her benefits unreduced due to the McCloud judgement. It's worth looking at things in the round so you know about all your retirement income streams.

As others have said, using a bit of your cash to consult an Independent Financial Adviser might be money will spent. 

wake1

DIYPhil said:

I would transfer some of your cash into your SIPP and make the maximum contribution for the current tax year and the three previous tax years. You may need an IFA to calculate how much you can pay. You’ll likely benefit from significant tax relief, depending on how much you’ve paid into your SIPP over the last four tax years. Going forward, make maximum contributions, again taking from your cash savings if needed. Suggest this book which I’ve found very useful - Pension Magic - www.taxcafe.co.uk 

im a limited company so the money needs to come in from the company for the tax advantage which i intend to do which is why i was thining of other ideas for the cash even though its getting 5% at the moment

wake1

thanks for the book reccomendation

wake1

wjr4 said:

Your pension NEEDS to be your priority. How much are you earning? Is it a limited company? If yes, why are you not maximising your pension contributions? 

thanks @wjr4. at the moment  im earinng 80-90k yes its a limited company and the pension is new-poor advice from an accountant and general financially ill educated but im intending to max out contributions for this and previous yeara

wake1

FIREmenow said:

From 2028, you need to be 57 to access a DC pension, so you could think about how much of your money you want to be able to access to before you reach 57. Some excess you could consider putting into your pension. 

You mention what pension your wife will have at 67, but not how old she is now. Planning this together is good if you can, as you will have two personal allowances to try to get your pension income out as tax efficiently as possible, particularly if your wife might want to stop working before 67 and she has some DC pension she can access earlier.

For example, if she has public sector pensions it may be possible for her to retire earlier than 67 with her benefits unreduced due to the McCloud judgement. It's worth looking at things in the round so you know about all your retirement income streams.

As others have said, using a bit of your cash to consult an Independent Financial Adviser might be money will spent. 

thanks - we are the same age. Ive spoken to a finanical adviser in the past but they werent independant which might be whyi didnt have such a good experience