Progress is...

rtandon27

Financial Update…

Have taken some financial advice, and in preparation for possible redundancy, I've started the process of 4 huge AVC payments totaling 10000 pounds - best to pad up my retirement pot and mitigate my higher level tax rate. Unsurprisingly, I had the quickest turn around from HR in 15 years - sent the e-mail last night at 5:50 - response back at 9:20 this morning.

I've also spoken to our medical insurance people - continuing medical insurance on a personal plan will cost me 3700 a month - which will wipe out any redunancy package in less than 6 months. I will be seeking formal HR/legal advice.

…bit of a rant…

When OH was working full time and we had two incomes, our combined income was more than i make now, BUT we were both in the regular tax bracket - I'm now full time work, full time care, manage a full time disability and am penalized through taxes. As I reminded the rotwiler receptionist at our surgery when she was being particularly condescending and difficult, my hefty taxes pay her salary!

Cherryfudge

The AVCs are a great idea. I've wondered about doing similar and living off savings while my pension gets boosted. I don't earn much and DH's salary and pension cover a lot of our costs but I pay Council Tax and some utilities so we would need to decide which fund those would then come from, but at least part of my pay could be diverted to AVCs as my pension is small at the moment and I've only a few years to pay into it! The original plan had been to continue in my previous work till retirement, take the month's break that they require then go back and work relief hours, but that idea went when I went sick the resigned, and I've not got as far as finding an alternative (though I'm still considering relief work after retirement as I enjoy it).

ETA: sorry, that ended up being about me. I do feel you should benefit from as good a retirement as possible and it seems sensible to fund it while you can get tax relief.