property, pension, isa

LHW99

If your salary is £30k? you can't put £40k into a pension in a single financial year

olb81

i thought you can put in up to 60k

any way even at 30k its still a decent lump sum ?

i can always wait to april and put some more?

isnt it a good move long term

Middle_of_the_Road

https://forums.moneysavingexpert.com/discussion/comment/82137394#Comment_82137394

You can add up to £60,000 or 100% of your annual earnings (whichever is lower) to your pension each tax year and still get tax relief.

olb81

ok so its 30k then per year

i would have to do this amount over 2 years

gives me time to decide whether to put it all in property or some in pension and gain tax back

olb81

so looks like I have 3 options:

1. Coast FIRE method, put my circa 200k into tax shelters and investments and leave it alone between now and age 57-67 when it (according to AI) should have grown big enough to be a source of income
2. Keep this years ISA and open one next year making 40k in S+S ISAs plus 50k in my pension, Create a 20 emergency fund in an instant accoun, Buy a property for living in with a mortgage, a 100k deposit and 5k for fees
3. Buy a flat outright for £150k , 5k fees, 10k emergency and live with minimal bills and pressure and also the ability to claim UC if I do end up out of work for any time