I’m 21 and getting into investing early and want to set myself up for the future.
I currently contribute 8% into my pension via salary sacrifice (employer matches up to this) and live at home with my parents so can pretty much/ almost maximise my ISA allowance each year.
I also want a seperate pot that I will contribute a fixed amount e.g. £200/month into and I did some research and a pension seems to be the most tax efficient instrument over an ISA for retirement pot.
As such, should I increase my salary sacrifice pension contribution so that my take-home pay would be reduced by £200 as this would be equivalent to had I invested £200/month into an ISA pot for retirement? Or would I be doing it wrong?
My employer matches 1:1 up to 8% and then 0.1% per 1% I contribute, so they’d contribute an additional 1% for the next 10% I’d contribute.