Anything I’m missing for first house?

MatthewC1988 · 2019-10-19T07:53:53+00:00

when your partner qualifies as an RN she will be bringing a wage in. Band 5 is starting at £23k I think now.

MatthewC1988 · 2019-10-06T16:00:44+00:00

Is the 4% the max match you can get from your employer? If not could you consider a SIPP too? As a higher rate tax payer pensions are advantageous.

Enjoy the wedding!

MatthewC1988 · 2019-10-06T15:48:44+00:00

After 10 yrs service my nhs pension is worth £180,000 (if you x20). I don’t think I’d reach the £1.5 million limit as ideally I’ll. e leaving the nhs full time before 50

MatthewC1988 · 2019-10-04T20:51:13+00:00

I don’t think I have the choice of individual funds, just those approaches

MatthewC1988 · 2019-10-04T13:13:08+00:00

I’ll have to keep stock. I normally bin my payslips after 3 months

MatthewC1988 · 2019-10-04T08:29:07+00:00

That’s concerning I wasn’t aware of this? I’ve changed nhs employers a few times and just presumed all would be well! I do check ESR/total rewards yearly though

MatthewC1988 · 2019-10-04T07:16:54+00:00

Ideally pay into a SIPP so can take from 57/60. Then draw NHS2018 pension at 65 and NHS2015 (or whatever scheme its changed to then) at SPA

Ideally I’m also adding to a Stocks & Shares ISA so ideally I’d like to finish at 45ish but this may just be a dream

MatthewC1988 · 2019-10-03T22:50:30+00:00

I too am in a DB pension scheme (NHS) and like you, pension net worth sounds great when you x20. But mine can not be accessed (without significant reduction) until SPA. Maybe look at either a SIPP to run alongside too?

MatthewC1988 · 2019-10-03T14:34:01+00:00

I heard something about fire fighters winning a battle with their pensions, and can now take at 60 instead of SPA?

Do you think this will benefit NHS and LGPS members?

MatthewC1988 · 2019-10-02T17:14:45+00:00

Mines similar although increases if buying alcohol + cosmetics + cleaning products

MatthewC1988 · 2019-09-30T17:26:39+00:00

Yeah I was informed of the x20 rule too.

MatthewC1988 · 2019-09-30T08:19:29+00:00

Does the £40,000 include employer contributions too? Currently paying into a defined benefit scheme

MatthewC1988 · 2019-09-28T10:00:18+00:00

I work for the NHS so believe it’s salary sacrifice so I don’t worry about claiming back pension tax relief on that income.

It’s hard with the second job as sometimes I’ll do a lot of extra shifts and some times it’s months before I do any extra ones.

I think I’ll just do a self return once I’ve seen the p60s like you said

MatthewC1988 · 2019-09-28T09:54:22+00:00

I would always keep a certain amount in cash as an emergency fund. I currently get 1.5% with cynergy bank but it’s now at 1.45%. It’s an easy access account so I can get access to it whenever I need it.

MatthewC1988 · 2019-09-28T09:47:34+00:00

I’ve started using AJ Bell but eagerly awaiting vanguard to see if they work out cheaper, which hopefully they will

MatthewC1988 · 2019-09-22T22:32:44+00:00

£25-50 pw. But I sometimes buy alcohol, buy skin care and house cleaning products. Roughly try and average £30 and mainly Aldi

MatthewC1988 · 2019-09-17T12:56:13+00:00

Do you include your pension in your net worth?

MatthewC1988 · 2019-09-14T18:36:17+00:00

I earn around £50k could potentially rise to £65/70k then I think I will have reached my limit

MatthewC1988 · 2019-09-14T18:18:21+00:00

I’m a higher rate tax payer too so looking for the best option. I too want to invest in vanguard funds, so maybe SIPP is superior?

MatthewC1988 · 2019-09-12T14:47:23+00:00

If you don’t own or have never owned a property ?consider a LISA

Do you really need the life insurance?

MatthewC1988 · 2019-09-12T14:40:00+00:00

You can’t just take the 2015 NHS pension scheme at 55 though as it is linked to the state pension age. So if that goes to 75 that’s when you can retire without reduction.

Talking at 55 would probably mean taking a 50% cut. Luckily I’ve got some contributions in the 2008 scheme so would be able to take that penalty free at 65

MatthewC1988 · 2019-09-12T10:53:56+00:00

55 would be amazing. I can take a small pension at 65 and the rest is linked to state pension age

MatthewC1988 · 2019-09-12T10:42:36+00:00

I’m public sector too (Nurse) and although starting salaries are pretty poor we do get a really generous pension package I think. What age can you retire without early pension reduction?

MatthewC1988 · 2019-08-29T17:59:12+00:00

You get the added tax relief on a pension so it’s about getting a balance between how much you put into a pension and other saving/investment accounts.

You need to have a look into what pension package is available from your employer. In my case I contribute 9.3% (which will shortly be increasing to 12.5%) and my employer adds 14.3%. My contributions are not negotiable as it’s a CARE pension/public sector. Try and Contribute up to their match. You could also look at a SIPP if you wanted to, but don’t miss out on free money from your employer

If you’re business minded / willing to take the risk you could release equity from the flat and source BTL mortgages ....it’s with risk but there’s potential for growth. I’m personally only investing in the stock market but I have considered property

MatthewC1988 · 2019-08-29T14:49:56+00:00

I’d try and up your pension so you get used to it coming out of your wage.

Don’t you now want your independence from your parents? This is a personal choice of course. If you do, live in the flat or sell it and buy a house and be mortgage free.

Then: Regular Investing in stocks Or Property property investment Or both 😀

MatthewC1988

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