In 5 years time approx hope to retire at age 60 and that my wife can do so in the same year at 57.
We have savings and we are not maximising our AVC's fully. Would it be a good idea to maximise the AVC's by falling back on our savings to fund the shortfall we would have on our monthly take home pay. We would have to contribute in total approx 10k to the pensions to be maxed out at a cost of approx 50% of that after tax relief. We are moving towards life styling/medium/low risk investments for our pensions. Just my thinking says it would make sense as in 5 years time hopefully the pot will be at least 50k higher and it will have only cost us 25k to make it such. Especially as interest rates are so low on savings now and likely in the medium term. Thoughts appreciated.
We have savings and we are not maximising our AVC's fully. Would it be a good idea to maximise the AVC's by falling back on our savings to fund the shortfall we would have on our monthly take home pay. We would have to contribute in total approx 10k to the pensions to be maxed out at a cost of approx 50% of that after tax relief. We are moving towards life styling/medium/low risk investments for our pensions. Just my thinking says it would make sense as in 5 years time hopefully the pot will be at least 50k higher and it will have only cost us 25k to make it such. Especially as interest rates are so low on savings now and likely in the medium term. Thoughts appreciated.