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ISA Maturing - what to do
Johnnyy_Boy
Posts: 111 Forumite
I have an ISA maturing soon, around 16k. I don't need the money as such at the moment so can reinvest.
If I put this amount into my personal pension then they top up another 4k as tax relief. Is that the best option ?
I am not a few years away from retiring.
Thanks
If I put this amount into my personal pension then they top up another 4k as tax relief. Is that the best option ?
I am not a few years away from retiring.
Thanks
0
Comments
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For long-term retitrement planning a pension fund is quite possibly the best option due to the tax releif on contributions. The only down side is that you'd have to be totally sure you won't need that money back before you retire and your pension pot is accessible. (Are you within the age limit to put some of it into a LISA?)
The other idea would be some sort of stocks and shares plan (possibly ISA wrapped) could give a decent long term gain, especially if you can get one that reinvests dividends, with the benefit that you could still liquidate it if really needed.(Although I could be wrong, I often am.)0 -
For long-term retitrement planning a pension fund is quite possibly the best option due to the tax releif on contributions. The only down side is that you'd have to be totally sure you won't need that money back before you retire and your pension pot is accessible. (Are you within the age limit to put some of it into a LISA?)
The other idea would be some sort of stocks and shares plan (possibly ISA wrapped) could give a decent long term gain, especially if you can get one that reinvests dividends, with the benefit that you could still liquidate it if really needed.
Thanks for the reply. Sorry I just noticed my mistake. I should of said I am a few years from retiring, coming up to 63.0 -
You are already old enough to access your pension money if you needed to, so yes maxing that out for the tax relief is a no brainer. Just as long as you have enough income to qualify for the tax relief.Johnnyy_Boy wrote: »Thanks for the reply. Sorry I just noticed my mistake. I should of said I am a few years from retiring, coming up to 63.0 -
Also when thinking of pensions, are you scheduled to get the full state pension? If not then perhaps using the ISA to make some voluntary national insurance contributions would give you a decent return.
https://www.gov.uk/voluntary-national-insurance-contributions(Although I could be wrong, I often am.)0
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