Does anyone make use of the ability of non tax payers to save for a pension and claim tax relief on the contributions?
Currently, non tax payers (UK) can pay £2880 into a pension and the government will make this up to £3600. I have looked into a sipp that is managed by a provider that is at the low risk end of the scale. Obviously capital is always "at risk", but with an extra 25% being put in by the government your own capital should achieve better returns than savings products. In my case, my wife is a non tax payer and also over 55. So theoretically over say 5 years at maximum contributions she could deposit £17280 (get the timing right around the tax year) and get £4320 from the government.
Taking the pension then would give a tax free lump sum of £5400 and if she could drawdown the remainder over 2 years then the rest would be within her personal allowance and also tax free.
Does anyone have any thoughts on this, maybe someone who is more financially aware than myself?
Excluding any rent or mortgage payments, or a big holiday or new car commitments, how much do you actually need to live comfortably?
My calculations indicate that I should need £25k. Is that too much or too little, just for a comfortable lifestyle, with money in my pocket, good internet, a good sky subscription, Netflix, and a meal our once a month with the missus?
There would be a separate sum of money set aside for big expenditures like holidays etc.
I am another 1950s born Women who should have received my state pension last year when I turned 60. Reading some of the comments is so saddening. Instead of being happily retired we are all suffering at the hands of our own government who are thoughtless & cruel and liars. Where did they come up with all of this ? I am in the WASPI ex pat group. I'm so proud of the organizers and the Women who are fighting for our rights.
Not many know about this that couples born on after 1935 can get a 10% allowance from the lower person to the higher person which can relate to £200 reduction in personal tax. Check the link I am posting https://www.gov.uk/apply-marriage-allowance. You can apply online to them and you may qualify for that tax reduction.
My wife was born in January 1954 which means she has been made to work over 5 years longer than expected to draw state pension. And since the first increase an extra two years. Many of her peers born slightly earlier have to wait considerably less time. She knows that a rise in age is needed but the second rise is unfair on women like her. There is an organisation Women against state pension increase WASPI. if you agree with the points please consider looking on the website and support fairness
Is the result of the new Brexit style politics, whereby the UK politicians take control with the wealthy and big corporations to force hardship onto its people so to make them subservient, like with the Magna Carta?
Hello, as a new member to this group I am interested in chatting to people who either have a pension shortfall, or no pension at all.
What are your experiences?
Are you struggling to make ends meet or do you want more so you can enjoy life?
With interest rates at an all time low our savings are not making us anything, sometimes we need to do something different to get the result we want.
I may be able to help. Do leave your thoughts and maybe we can have a chat.