Employer now gives back the Employers NI saving for sal sacrifice ..... question on strategy

MallyGirl

Triumph13 said:

The other key question is when do you want to retire?  There's every chance that pension access age will be 58 by the time you get there, apart from your small amount with a protected age.  You may well want to build up your ISAs, rather than run them down, to allow you to retire several years earlier than that.

This is a good point - ISAs (and other non pension savings and investments) give flexibility on when you can retire but also how much you take as drawdown (to best manage tax).
The employer NI at 15% is quite tempting though. It's all a balancing act 

Triumph13

MallyGirl said:

Triumph13 said:

The other key question is when do you want to retire?  There's every chance that pension access age will be 58 by the time you get there, apart from your small amount with a protected age.  You may well want to build up your ISAs, rather than run them down, to allow you to retire several years earlier than that.

This is a good point - ISAs (and other non pension savings and investments) give flexibility on when you can retire but also how much you take as drawdown (to best manage tax).
The employer NI at 15% is quite tempting though. It's all a balancing act 

MallyGirl said:

Triumph13 said:

The other key question is when do you want to retire?  There's every chance that pension access age will be 58 by the time you get there, apart from your small amount with a protected age.  You may well want to build up your ISAs, rather than run them down, to allow you to retire several years earlier than that.

This is a good point - ISAs (and other non pension savings and investments) give flexibility on when you can retire but also how much you take as drawdown (to best manage tax).
The employer NI at 15% is quite tempting though. It's all a balancing act 

Yep.  Spreadsheet time

Isthisforreal99

Triumph13 said:

MallyGirl said:

Triumph13 said:

The other key question is when do you want to retire?  There's every chance that pension access age will be 58 by the time you get there, apart from your small amount with a protected age.  You may well want to build up your ISAs, rather than run them down, to allow you to retire several years earlier than that.

This is a good point - ISAs (and other non pension savings and investments) give flexibility on when you can retire but also how much you take as drawdown (to best manage tax).
The employer NI at 15% is quite tempting though. It's all a balancing act 

MallyGirl said:

Triumph13 said:

The other key question is when do you want to retire?  There's every chance that pension access age will be 58 by the time you get there, apart from your small amount with a protected age.  You may well want to build up your ISAs, rather than run them down, to allow you to retire several years earlier than that.

This is a good point - ISAs (and other non pension savings and investments) give flexibility on when you can retire but also how much you take as drawdown (to best manage tax).
The employer NI at 15% is quite tempting though. It's all a balancing act 

Yep.  Spreadsheet time

Maybe hold off until after the autumn budget, who knows what it will bring.

MrGorsky

Isthisforreal99 said:

Triumph13 said:

MallyGirl said:

Triumph13 said:

The other key question is when do you want to retire?  There's every chance that pension access age will be 58 by the time you get there, apart from your small amount with a protected age.  You may well want to build up your ISAs, rather than run them down, to allow you to retire several years earlier than that.

This is a good point - ISAs (and other non pension savings and investments) give flexibility on when you can retire but also how much you take as drawdown (to best manage tax).
The employer NI at 15% is quite tempting though. It's all a balancing act 

MallyGirl said:

Triumph13 said:

The other key question is when do you want to retire?  There's every chance that pension access age will be 58 by the time you get there, apart from your small amount with a protected age.  You may well want to build up your ISAs, rather than run them down, to allow you to retire several years earlier than that.

This is a good point - ISAs (and other non pension savings and investments) give flexibility on when you can retire but also how much you take as drawdown (to best manage tax).
The employer NI at 15% is quite tempting though. It's all a balancing act 

Yep.  Spreadsheet time

Maybe hold off until after the autumn budget, who knows what it will bring.

Ugh ... can't wait for that 

ali_bear

At your tender young age I would recommend a balanced approach between pensions savings, ISA etc savings, property ladder climbing and living for today. Someone recommended keeping your taxable pay below the 50k threshold, this is a good starting point. Try a pensions calculator like the one at guiide https://www.guiide.co.uk/ and aim for, say, a DC fund of 1.2m at age 60 (or whatever), and use that as a guide on how much to contribute now.