Age:
39
Spouse’s/Partner's age:
38
Annual gross income from employment or profession:
approx 72K (private sector) + Shares 8k
Annual gross income of spouse:
approx 50k (public sector)
Monthly take-home pay:
approx 3330 (this is after pension contributions)
Monthly take-home pay spouse/partner:
approx 1550 (this is after pension contributions)
Value of home:
380k
Amount outstanding on your mortgage: 175k (17 years remaining) Current interest rate 3.1%
Current monthly mortgage repayment: 1,110e
The house we are in is suitable for our needs and we don't intend moving or upgrading in the future.
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes.
Do you own any investment or other property? No
Ages of children: 2 kids under the age of 5.
Savings: Approx 25k in a savings account + 13k in current account all of which is making near 0% interest.
Pension Scheme: I started my employment pension late approx 2010. I have moved companies several times so pensions scattered in small amounts among different pension plans and providers.
Pension of 13k from company 1 which had a defined pension but was wound up. The amount is still with the pension management company but is transferable to another pension if I wish. However, the 13k amount is no longer invested and hence not growing.
Two other separate employment pensions worth approx 6k total.
Current Pension scheme I contribute 5% and the company contributes 8%. Approx total contributions to date 21k
Partner/Spouse:
Last year started paying into the public sector pension for the first time.
What specific question do you have or what issues are of concern to you?
At the moment we can afford to pay approx 250e a month extra into either our mortgage or one (but not both) of our pensions.
What is the wisest option? Looking at the overpayment calculator an extra 250e a month would reduce the mortgage term from 17 to 13.5 years.
However, I have my concerns that the amount contributed to date by both of us into pensions is not adequate for our age profile. Alternatively should we invest in any type of fund or direct debit the amount to a savings account every month.
Thank you!
39
Spouse’s/Partner's age:
38
Annual gross income from employment or profession:
approx 72K (private sector) + Shares 8k
Annual gross income of spouse:
approx 50k (public sector)
Monthly take-home pay:
approx 3330 (this is after pension contributions)
Monthly take-home pay spouse/partner:
approx 1550 (this is after pension contributions)
Value of home:
380k
Amount outstanding on your mortgage: 175k (17 years remaining) Current interest rate 3.1%
Current monthly mortgage repayment: 1,110e
The house we are in is suitable for our needs and we don't intend moving or upgrading in the future.
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes.
Do you own any investment or other property? No
Ages of children: 2 kids under the age of 5.
Savings: Approx 25k in a savings account + 13k in current account all of which is making near 0% interest.
Pension Scheme: I started my employment pension late approx 2010. I have moved companies several times so pensions scattered in small amounts among different pension plans and providers.
Pension of 13k from company 1 which had a defined pension but was wound up. The amount is still with the pension management company but is transferable to another pension if I wish. However, the 13k amount is no longer invested and hence not growing.
Two other separate employment pensions worth approx 6k total.
Current Pension scheme I contribute 5% and the company contributes 8%. Approx total contributions to date 21k
Partner/Spouse:
Last year started paying into the public sector pension for the first time.
What specific question do you have or what issues are of concern to you?
At the moment we can afford to pay approx 250e a month extra into either our mortgage or one (but not both) of our pensions.
What is the wisest option? Looking at the overpayment calculator an extra 250e a month would reduce the mortgage term from 17 to 13.5 years.
However, I have my concerns that the amount contributed to date by both of us into pensions is not adequate for our age profile. Alternatively should we invest in any type of fund or direct debit the amount to a savings account every month.
Thank you!