Ready, steady… save!
You don’t need a chart to join in. Here are 2 ways to record your savings:
1. Cross it off
Pop a chart into your first post. Saved an amount? Cross it out! Read more »
£0.01 £0.02 £0.03
2. Write it down
Skip the chart and add updates to your first post. Read more »
“Another +£3 saved today. Go me!”
Use +£ before each new saving so it counts towards your total.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
How can I make myself tax efficient
Comments
-
Your interests take you to higher tax rate.
Trim them a little bit:
- 100% salary to pension and live of savings
- premium bonds £50k
- max out ISA every year
- buy gilts, TG46, TG50 instead of adding more to pension
GIA could be an option but.. it could make a lot of issues with tax - depends on what you invest in - it may still come back taxable
1 -
Yep, Pension, pension and pension.
1 -
Absolutely this. In your situation I would be dumping a load of that cash into my pension.Dazed_and_C0nfused said:
Your pension value looks very low given your age and earnings.JV_21 said:Hi thereI was hoping to get some thoughts on how best to maximise my finances in a tax efficient way so I'm not paying as much tax on interest. I already max out my ISA allowance and a total 16% goes into my pension. No particular financial goals really.Based on the figures below, are there other things I should consider? I understand GIAs could be an option.I'm 45 male, single, no children.Mortgage paid off.Salary: £46k.Cash savings: £273k. I realise it's too high.Taxable bank interest: around £12k.ISAs (cash and S&S): £154k.Pension value: £111k.Thank you1 -
At 45 you really should be starting to consider your retirement plans and how to finance them. That may give you the incentive to really maximise your pension.1
-
Appreciate everyone's comments.
I'll certainly look into my pension. Is it worth someone in my position seeing a financial adviser to review everything and plan things out?0 -
Probably not if you are just going to increase your contributions, unless your circumstances change radically. Your employer's pension scheme is probably the best and certainly the easiest option. Financial advisors, independent or not, don't work for freeJV_21 said:I'll certainly look into my pension. Is it worth someone in my position seeing a financial adviser to review everything and plan things out?1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 355.9K Banking & Borrowing
- 255K Reduce Debt & Boost Income
- 456.2K Spending & Discounts
- 248.4K Work, Benefits & Business
- 606.1K Mortgages, Homes & Bills
- 179.1K Life & Family
- 264K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.7K Read-Only Boards
