Is this likely to change?Number and age of children: 0
Is this likely to change?
If so, will you need to trade up?
Bear in mind that this 540k figure is most likely a pension provider's estimated future value based on some assumed annual return and is largely meaningless.Pension current value of around 60k, future of around 540k but I feel that might be a bit lo if I want to retire early.
Bear in mind that this 540k figure is most likely a pension provider's estimated future value based on some assumed annual return and is largely meaningless.
Also consider that if you have €350 p.m. spare to contribute to your pension then, after tax relief, this can actually be worth up to c. €580 into the pension pot.
It should be stated in your pension statement.Not sure what rate they use.
Well, even ignoring pension investment tax free growth, you're getting a 40% "return" on the pension contribution in the form of tax relief (assuming you're a high rate taxpayer) so you're already well ahead of any "return" on accelerating the mortgage repayments.For pension I would need to use the 580 as opposed to 350 ya. Then set it to grow at x rate. Hopefully better than the 2.4% I pay for mortgage.
Thank you.
Option Mortgage PensionAmount overpaid / invested p.a. €4,200 €7,000Rate p.a. 2.4% 5%Return p.a. €100.80 €350Comment Guaranteed Not guaranteed
Where do you get the 1.5% from?Thank you.
That was pretty simple actually. Makes pension a no brainer really as all it needs to do is beat 1.5% to be the better option.
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