When I used to earn bonuses, I used to instruct parole to pay 100% of my bonus into my salary sacrifice pension which significantly boosted the pot. I used to operate on the principal that I never expected a bonus so never factored it into spending plans as either there would be no bonus or my pension was boosted automatically, so I never missed it as it automatically went in. If it couldn’t be automated, I simply sent parole an email stating that I wanted to make a one of payment to my pension using my bonus should one be paid, a month or two before the potential bonus announcement, and sent myself a reoccurring reminder in Outlook etc., to remind myself each year to do it again.
Pete, you are a hidden Gem of the internet 👍 thanks for your dedication to this cause over the last 10 years. Your videos have become invaluable to me. I've just bought your book from Waterstones so look forward to reading it! 😁👍
I have a sizeable ISA (£120k plus) and wondered if I could split it so that one half stayed at the current risk rating and the other part on a high risk. I’m 60, have a DB pension, a private pension pot asd my wife has a smaller one too.
Personally, I would contact my ISA provider and ask them the same question. Without knowing who your provider is I think it may not be possible to fully answer the question.
When I used to earn bonuses, I used to instruct parole to pay 100% of my bonus into my salary sacrifice pension which significantly boosted the pot. I used to operate on the principal that I never expected a bonus so never factored it into spending plans as either there would be no bonus or my pension was boosted automatically, so I never missed it as it automatically went in. If it couldn’t be automated, I simply sent parole an email stating that I wanted to make a one of payment to my pension using my bonus should one be paid, a month or two before the potential bonus announcement, and sent myself a reoccurring reminder in Outlook etc., to remind myself each year to do it again.
That's exactly the kind of thinking (and action) that makes the difference, Chris. Kudos to you!
Pete, you are a hidden Gem of the internet 👍 thanks for your dedication to this cause over the last 10 years. Your videos have become invaluable to me. I've just bought your book from Waterstones so look forward to reading it! 😁👍
Thank you, Michael! Really appreciate the kinds words and the support - please spread the word!
Appreciate your material- keep up the good work 👍🏻
Money Brain Thank you! Glad you’re enjoying it...
I have a sizeable ISA (£120k plus) and wondered if I could split it so that one half stayed at the current risk rating and the other part on a high risk. I’m 60, have a DB pension, a private pension pot asd my wife has a smaller one too.
Personally, I would contact my ISA provider and ask them the same question. Without knowing who your provider is I think it may not be possible to fully answer the question.
Cam you get more than once tax relief in EIS as well? By the way, your podcast is great
Thank you Ricardo. No, you can’t get tax relief more than once on EISs, though you can with VCTs