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  • FIRST POST
    • flyeruk
    • By flyeruk 25th Mar 19, 7:41 PM
    • 2Posts
    • 0Thanks
    flyeruk
    Should i stay in?
    • #1
    • 25th Mar 19, 7:41 PM
    Should i stay in? 25th Mar 19 at 7:41 PM
    Im 61 and have been in the auto-enrolement since it started.I rent my property and earn rhe minimum wage,grossing 15,227 PA. I am paying 33.22 per month pension.
    My question is,should i stay enrolled or opt out?Is it really going to be worth it in the end?
    Any advice would be very much appreciated.
Page 1
    • JoeCrystal
    • By JoeCrystal 26th Mar 19, 8:15 AM
    • 1,993 Posts
    • 1,416 Thanks
    JoeCrystal
    • #2
    • 26th Mar 19, 8:15 AM
    • #2
    • 26th Mar 19, 8:15 AM
    Absolutely, you get the employer's contribution as well. Free money!
    • LHW99
    • By LHW99 26th Mar 19, 8:53 AM
    • 2,283 Posts
    • 2,149 Thanks
    LHW99
    • #3
    • 26th Mar 19, 8:53 AM
    • #3
    • 26th Mar 19, 8:53 AM
    And tax relief!
    • AnotherJoe
    • By AnotherJoe 26th Mar 19, 9:03 AM
    • 16,375 Posts
    • 19,677 Thanks
    AnotherJoe
    • #4
    • 26th Mar 19, 9:03 AM
    • #4
    • 26th Mar 19, 9:03 AM
    Im 61 and have been in the auto-enrolement since it started.I rent my property and earn rhe minimum wage,grossing 15,227 PA. I am paying 33.22 per month pension.
    My question is,should i stay enrolled or opt out?Is it really going to be worth it in the end?
    Any advice would be very much appreciated.
    Originally posted by flyeruk

    Your question can be translated as "should i give up on getting free money from my employer ".
    Once you see it like that, you can answer the question yourself.
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
    • flyeruk
    • By flyeruk 27th Mar 19, 9:10 AM
    • 2 Posts
    • 0 Thanks
    flyeruk
    • #5
    • 27th Mar 19, 9:10 AM
    • #5
    • 27th Mar 19, 9:10 AM
    Thanks for the replies.Really wanted to know,ehts it going to be worth to me,when i retire?
    • LHW99
    • By LHW99 27th Mar 19, 12:18 PM
    • 2,283 Posts
    • 2,149 Thanks
    LHW99
    • #6
    • 27th Mar 19, 12:18 PM
    • #6
    • 27th Mar 19, 12:18 PM
    As a rough calculation, over 5 years you would put in just under 2k.
    You would get another 500'ish in tax relief and your employer would add something around 1100.
    There would hopefully be a bit of growth too.
    If you put the money into a cash account you wouldn't earn that much interest over 5 years.
    At that point it would still be a "small pot" so 1/4 would be tax free, and the rest taxed at your highest rate - so if you only had the state pension when you retire, you could probably have the lot tax free over a couple of tax years.
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