- April 4, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Increasing Savings and Tax Optimization Strategies for High Earners
Hi all,
I work in sales and make around 91000 before taxes. With bonus, it can take my yearly income to 150k/year which basically eats up all my personal allowance.
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I looked at my P60 and saw that I’m paying HUGE amount in taxes which is a bit demotivating – I’m not saying taxes are good or bad but I want to optimize the best I can so I can retire early.
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I’m already contributing around 6-7% of my income to workplace pension. I understand I can’t access this pot until I’m 55 or so which basically makes it a bit useless considering the withdrawal age may rise again (maybe multiple times) by the time I approach my mid 50s. This kinda makes me reluctant to put money in a pot which isn’t readily accessible in case I need it.
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I’m undecided if I want to stay in the UK by the time I retire or move somewhere else.
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## Questions:
1. For high earners, what’s the best strategy to optimize for savings and not end up losing so much money in taxes?
2. How get as much money as possible in hand or invested (that’s readily accessible)?
3. What strategies other high earners use for optimizing for taxes?
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****** just grabbed a
Read this page of the wiki: https://ukpersonal.finance/tax-traps-and-tax-efficiency
You have a choice: either you bang it into your pension, or you pay the a 60% marginal rate of tax on your income between £100,000 and £125,000, and 40% on a big chunk more (and 20% on much of the rest).
That’s your choice – there’s basically no way not to pay the tax without banging it into your pension (or leasing an EV or bicycle if your employer has such a scheme).
IMO you’re a bit naively negative about pensions – I don’t mean to be insulting; it’s not your fault, this is common.
The money in your pension is *your* money, it’s not really being locked away from you. Also, you can access it from abroad.
Last time the pension age rose there was plenty of discussion of it, everybody here opened a SIPP with a protected pension age, and kept the old age of accessing a pension.
If you want to retire before age 57 then you’ll open an S&S ISA and this will have enough money in it to bridge from tier actual retirement age to age 57. If you’re not saving enough to do that then FIRE is probably a pipe dream, sorry.
Make sure you understand what your pension is invested in, optimise your choice of funds to generate higher returns. Read the investing 101 page of the wiki, watch Lars Kroijer’s [short video series](https://www.youtube.com/playlist?list=PLXy71rkGuCjXLg9N8zowwUpXCYfBcMJFK) and read his book or Tim Hale’s [*Smarter Investing*](https://www.amazon.co.uk/dp/1292444401).
Hi /u/i_m_daddy, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/pensions/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Pension is your only option to reduce your tax liability. Post tax invest in isa. Or vct to claim 30% tax back, it’s a bit riskier but has a 5 year horizon unlike pension
1. Pension
That being said, if you’re asking about how to keep cash (with interest) and mobile tax, look for girls, those are cgt exemoted. Otheriwse, premium bond (return varies, rates are generally low but tax free)
2. Purely to maximise cash in hand, don’t do pension (one can say it’s foolish) or just enough to max out company’s contribution