Been studying, and optimising for FIRE about a year now. Sharing my position and strategy for ideas and feedback.
40, single, no kids, work: tech, salary:123k, focused on long-term. annual expenditure: 35k, so FIRE target at 875k. Fair way off that at the moment.
Curious if any of the experts out there, have opinions on current strategies.
Current strategies:
Growth
- High Risk portfolio of shares via indexes and managed funds
- Pension first, but then max out LISA before ISA to get 25% bonus. 4k per year.
Costs
- Periodical transfer from Scottish Widows WGP to Vanguard SIPP to reduce fees
- Vanguard for SIPP, and Interactive Investor for ISA, AJ Bell for LISA. I understand that these are low cost brokers.
Tax Efficiency
- Salary Sacrifice to below 100k to reduce 60% tax threshold and gain on employers NI into WGP
- Max out last three years carry forward allowance
- Investments in ISA and LISA
- Use HMRC self assessment to claim back any tax from last years personal SIPP contribution
Net Worth Position.
Cash 5k
ISA 121k
SIPP 104k
Australian Pension 126k
House Equity 14k
LISA 0
TOTAL 370 k
Asset Allocation (wrapper OCF vehicle)
![Image](https://i.imgur.com/FDqruKk.png)
Retirement Plan: State pension, Private UK pension, Private Australian Pension, Possibly a buy to let, ISA to bridge.
Currently thinking about:
- Optimising platform fees on SIPP, Vanguard is good, but at certain thresholds I understand it's better to switch. For example, I think my fees are 0.15%*104k=156 pound. Wherby switching into Fidelity under an ETF would be 45 pound as they cap SIPP fees for ETFs.
(https://monevator.com/compare-uk-cheape ... e-brokers/)
- Considered consulting an IFA for advice and review of strategies, but not sure I need that now
- Future Buy to Let. If so will need to start BTL company because of personal tax bracket.
- Exposure to Australia. Considering Taking 50% of my ASX Australian pension and investing it in an ASIA index.