Pension Contributions: Lump Sum vs Monthly

Albermarle

ali_bear said:

So you have 15-20 years to retirement - it is good to be planning ahead. Have a look at the first reply above from Marcon. I always say that monthly is better. But your choice of investments is important, depending on your attitude to risk, for the next five years you probably want to be investing in a fund with a growth/risk level of 4 (where 1 is completely safe and 5 is high growth). 

But as well as pension savings it is good to have savings outside of the pension - something you can draw on if needed before retirement. 

OP - Just in case you were not aware, you will be able to start taking this pension at probably age 58.
It does not matter if your are retired or still working, you can still take it if you want.

elkyfer

Albermarle said:

ali_bear said:

So you have 15-20 years to retirement - it is good to be planning ahead. Have a look at the first reply above from Marcon. I always say that monthly is better. But your choice of investments is important, depending on your attitude to risk, for the next five years you probably want to be investing in a fund with a growth/risk level of 4 (where 1 is completely safe and 5 is high growth). 

But as well as pension savings it is good to have savings outside of the pension - something you can draw on if needed before retirement. 

OP - Just in case you were not aware, you will be able to start taking this pension at probably age 58.
It does not matter if your are retired or still working, you can still take it if you want.

Yes, thanks, but If I collect my pension at age 58 in 2039 ????, I will supposedly still be working, which means I will pay taxes as a high-income earner, although 25% would be tax-exempt... and the other 75% would be taxed at 40%.

If I will not work in the UK in the future, I could take out £16k a year tax-free... with the tax band £12,570, the rest taxed at 20% up to £50,000.

But in 10 years everything will change, and for the worse.