Pension strategy - “self employed”
Hi all, I see a lot of chat on here about whether people should be turning off the taps on pension once it hits a decent figure, and often the answer is “just keep getting the free money from employer contributions” which is great.
I appreciate that this is a HENRY type thing as well but given the specifics of it being just about pension, I’m posting here. I am a self employed partner at an advisory firm, £200k base comp pa (prudently assuming no variable comp for the sake of this exercise, but could be 50-150%+ of base comp depending on firm and individual performance). As you would therefore expect, I don’t get any employer matching as I’m a shareholder of sorts.
I am 40 with £550k in my pension and at this point, anything I chuck in is just my money plus tax reclamation. I don’t have a FIRE view or anything, but would like to be done and dusted by say 60.
EDIT: as has been commented, some additional clarity might be helpful. Mortgage is about £850k but S/O earns well too (more than me) and on current run rate this would be cleared from scheduled capital repayment and monthly additional prepayments by age of 60. Wouldn’t look to move “bigger” as ample space for us. Net take-home after essential bills and mortgage is £7k, spending for pissing about/living otherwise is £2-3k p/m. No kids.
I guess I am interested to hear views from the great and the good on what should I have in mind!
Thanks in advance!