Let me start by saying im very fortunate. I was earning ok, but a new role has over doubled my salary 🤯
Im a month into the role and do feel like ill be able to keep it for a good few years at least.
Late 30s M, wife doesnt work.
Salary £148k+40% bonus (expecting about 60% of that to pay).
Pension is at £90k right now.
Currently putting £5k a month into pension (including work contribution).
I've found out I can back date 3 years worth up to £60k, so was thinking about putting all my salary into pension and taking full advantage of the tax savings.
I have enough cash to live off for a few years.
Should I put all my salary into pension and live off the cash i have for a couple years since ive already paid tax on it?
My goal here is to build up my pension and let it grow so i can retire as early as possible, living comfortably.
Figuring out the bridge to retirement is my next challenge but thats separate for now.
Should I back date pension contribution and max out all my salary?
byu/jbizzle1988 inpersonalfinance
Posted by jbizzle1988
1 Comment
How does your pension work? Let’s just say if my salary and the law allowed me to triple my 401k limit I would definitely do it.