Can’t be bothered with work any more

hugheskevi

artyboy said:

shortseller09 said:

HedgehogRulez said:

Ocelot said:

Most people on this thread seem to be in the top 2% of earners in the country!

I’m on minimum wage!

How does that square with your earlier post?

Oh that's an easy one, they have obviously salsac'd their big income down to NMW in order to build that £730k pension pot!

Hey presto, instant 'man of the people' transformation. Bit like me and my virtually zero real income (apart from my pension cashback side hustle)

My wife and I are also now in tune with the common man. For January, our take-home will be a derisory £1,111 between us, both working full time. Far below minimum wage, as I'm using relief-at source and my wife is using net pay, rather than sal sac. Things will not improve much until April and the new financial year.

An 83% pension contribution rate over the last third of the tax year is quite nice though Taken along with the employer contribution, I am putting more than 100% of salary into my DC scheme.

artyboy

hugheskevi said:

artyboy said:

shortseller09 said:

HedgehogRulez said:

Ocelot said:

Most people on this thread seem to be in the top 2% of earners in the country!

I’m on minimum wage!

How does that square with your earlier post?

Oh that's an easy one, they have obviously salsac'd their big income down to NMW in order to build that £730k pension pot!

Hey presto, instant 'man of the people' transformation. Bit like me and my virtually zero real income (apart from my pension cashback side hustle)

My wife and I are also now in tune with the common man. For January, our take-home will be a derisory £1,111 between us, both working full time. Far below minimum wage, as I'm using relief-at source and my wife is using net pay, rather than sal sac. Things will not improve much until April and the new financial year.

An 83% pension contribution rate over the last third of the tax year is quite nice though Taken along with the employer contribution, I am putting more than 100% of salary into my DC scheme.

To misquote dear Dolly, "it costs a lot to look this poor..."

Mistermeaner

i ran my numbers today; basically by paying as little as i can into the pension but still keeping my gross earnings below 100K to avoid the cliff edge of tapering etc. it doesn't leave that much to save substantially outside of the pension wrapper - nice problem to have i know but saving say 'just' 20K per year will simply take too long! 

Looks like I am going to be working for the forseeable!

Alexland

Ocelot said:

Most people on this thread seem to be in the top 2% of earners in the country!

I earn an above average wage but have never been in the top 2%. I was proactive at climbing the salary curve at the start of my career then plateaued around 15 years ago. I always put a generous % into pensions and more recently kept costs low and taken carefully considered and varying levels of risk across the cycle. I've made a few mistakes and been sub-optimal in some areas but got things right more than not. Once accounts get big enough there's not a lot you can do from an income and contribution perspective the snowball seems to become self-working especially with the stock market being so unusually generous for so long.

HedgehogRulez

shortseller09 said:

HedgehogRulez said:

Ocelot said:

Most people on this thread seem to be in the top 2% of earners in the country!

I’m on minimum wage!

How does that square with your earlier post?

As per Arty states: my employer likes to pay £60k into my pension each year.

michaels

hugheskevi said:

artyboy said:

shortseller09 said:

HedgehogRulez said:

Ocelot said:

Most people on this thread seem to be in the top 2% of earners in the country!

I’m on minimum wage!

How does that square with your earlier post?

Oh that's an easy one, they have obviously salsac'd their big income down to NMW in order to build that £730k pension pot!

Hey presto, instant 'man of the people' transformation. Bit like me and my virtually zero real income (apart from my pension cashback side hustle)

My wife and I are also now in tune with the common man. For January, our take-home will be a derisory £1,111 between us, both working full time. Far below minimum wage, as I'm using relief-at source and my wife is using net pay, rather than sal sac. Things will not improve much until April and the new financial year.

An 83% pension contribution rate over the last third of the tax year is quite nice though Taken along with the employer contribution, I am putting more than 100% of salary into my DC scheme.

Quick, shove any non-pension savings into an offset mortgage as you almost certainly qualify for tax credits based on income which is then a gateway to all sorts of other goodies...

hugheskevi

michaels said:

hugheskevi said:

artyboy said:

shortseller09 said:

HedgehogRulez said:

Ocelot said:

Most people on this thread seem to be in the top 2% of earners in the country!

I’m on minimum wage!

How does that square with your earlier post?

Oh that's an easy one, they have obviously salsac'd their big income down to NMW in order to build that £730k pension pot!

Hey presto, instant 'man of the people' transformation. Bit like me and my virtually zero real income (apart from my pension cashback side hustle)

My wife and I are also now in tune with the common man. For January, our take-home will be a derisory £1,111 between us, both working full time. Far below minimum wage, as I'm using relief-at source and my wife is using net pay, rather than sal sac. Things will not improve much until April and the new financial year.

An 83% pension contribution rate over the last third of the tax year is quite nice though Taken along with the employer contribution, I am putting more than 100% of salary into my DC scheme.

Quick, shove any non-pension savings into an offset mortgage as you almost certainly qualify for tax credits based on income which is then a gateway to all sorts of other goodies...

It would have to be Universal Credit due to not having any kids, and UC includes offset savings as capital. I think I'd end up about £850,000 over the £16,000 capital limit, so it will take a while to become eligible...

michaels

hugheskevi said:

michaels said:

hugheskevi said:

artyboy said:

shortseller09 said:

HedgehogRulez said:

Ocelot said:

Most people on this thread seem to be in the top 2% of earners in the country!

I’m on minimum wage!

How does that square with your earlier post?

Oh that's an easy one, they have obviously salsac'd their big income down to NMW in order to build that £730k pension pot!

Hey presto, instant 'man of the people' transformation. Bit like me and my virtually zero real income (apart from my pension cashback side hustle)

My wife and I are also now in tune with the common man. For January, our take-home will be a derisory £1,111 between us, both working full time. Far below minimum wage, as I'm using relief-at source and my wife is using net pay, rather than sal sac. Things will not improve much until April and the new financial year.

An 83% pension contribution rate over the last third of the tax year is quite nice though Taken along with the employer contribution, I am putting more than 100% of salary into my DC scheme.

Quick, shove any non-pension savings into an offset mortgage as you almost certainly qualify for tax credits based on income which is then a gateway to all sorts of other goodies...

It would have to be Universal Credit due to not having any kids, and UC includes offset savings as capital. I think I'd end up about £850,000 over the £16,000 capital limit, so it will take a while to become eligible...

Obviously you need a bigger mortgage than assets counted as capital for UC for the plan to work.  And it appears it needs to be more of a current account style mortgage (do these still exist?) than a separate pot offset.

zagfles

hugheskevi said:

michaels said:

hugheskevi said:

artyboy said:

shortseller09 said:

HedgehogRulez said:

Ocelot said:

Most people on this thread seem to be in the top 2% of earners in the country!

I’m on minimum wage!

How does that square with your earlier post?

Oh that's an easy one, they have obviously salsac'd their big income down to NMW in order to build that £730k pension pot!

Hey presto, instant 'man of the people' transformation. Bit like me and my virtually zero real income (apart from my pension cashback side hustle)

My wife and I are also now in tune with the common man. For January, our take-home will be a derisory £1,111 between us, both working full time. Far below minimum wage, as I'm using relief-at source and my wife is using net pay, rather than sal sac. Things will not improve much until April and the new financial year.

An 83% pension contribution rate over the last third of the tax year is quite nice though Taken along with the employer contribution, I am putting more than 100% of salary into my DC scheme.

Quick, shove any non-pension savings into an offset mortgage as you almost certainly qualify for tax credits based on income which is then a gateway to all sorts of other goodies...

It would have to be Universal Credit due to not having any kids, and UC includes offset savings as capital. I think I'd end up about £850,000 over the £16,000 capital limit, so it will take a while to become eligible...

Even if you had kids you wouldn't be able to make a new claim for tax credits. I don't think you've been able to for a few years now. they're being totally phased out in April

kinger101

Mistermeaner said:

i ran my numbers today; basically by paying as little as i can into the pension but still keeping my gross earnings below 100K to avoid the cliff edge of tapering etc. it doesn't leave that much to save substantially outside of the pension wrapper - nice problem to have i know but saving say 'just' 20K per year will simply take too long! 

Looks like I am going to be working for the forseeable!

This is a small beer one but one trick with shares outside an ISA is to crystalize up to the CGT allowance ETF X and rebuy ETF Y.  There are dozens of global trackers available but it makes sure you use the ever diminishing allowance every year.