Janos:
There is some spurious advice flying around this thread, and some dodgy maths. Lets be clear, there is not a more tax efficient way to save for retirement than in a pension. There is the obvious investment return, and for every £80 you put in, the Govt will make that up to £100, with tax relief. It is free money, and anybody who is in a position to save and doesn’t, is naive.
Think about the gain you make over a thirty or forty year saving period. You can then draw 25% tax free, and supplement your state pension with the balance.Looking at these ■■■ packet cashflow forecasts being bandied about, it seems to me ,they are based on a 52 week working year. You will not work a full 52 weeks. Even if you don’t take a holiday, there is Christmas, Bank Holidays etc, and then there are quiet periods of the job. Again, the forecasting is hopelessly naive.
What this means is that when you do actually work, and the penny finally drops that your margin is too small, and you carry on drawing the same wage, you slip ever deeper into debt, and go bust. C’est la vie.This type of haulier is not hard to find, just look in your mirror, they are normally tailgating you, or in a lay-by somewhere, living the dream. Zzz.
48 weeks is much more realistic to work out costs