Hello all,
I'm trying to optimize what I save, and I'm not sure the best way to do this in a tax efficient way. I'm after some input on how others would split savings on Pensions Vs Isas
My current details
Age 39
Salary £66k + car allowance of £7k (odd scheme that allows me to use my £500 car, but gives me £7k a year to help pay for it)
Pension - company will match up to 10%
Mortgage and other debts - zero
Monthly expenses (including a very very healthy holiday fund) £1500/mo
Currently I save 42% + 10% into a work pension. This works out at £2850 a month, currently just over £200k
I then put £500 into a share-save scheme, and have £1000 left over to put into my S&S ISA (currently £50-55k in the ISA)
The remaining £1500 allows me to live with plenty of cash spare to have just booked my 3rd holiday this year.
At 39, although I've got a savings rate of around 74%, I'm not sure if the amount I'm putting in is too high. Should I continue to put so much into a pension, or should I save more in a mechanism that will allow me to access it in the next 10 years. As it currently stands I cant get access to my pension for 18 years.