H
Age: 40
Hope to go back to work but retire at 50, wife wants to go part time. Is this possible?
You mean €35K if you clear the mortgage? In terms of deposits see the Financial Best Buys forum and www.itsyourmoney.ie lists of the best deposit accounts on offer and the many existing threads on how to mix and match multiple accounts to maximise deposit interest returns.Would only have €35 left in savings then, best plact for that?
Yes - "IF". But in all likelyhood net deposit interest returns will still be less than the net cost of the mortgage (don't forget to factor in mortgage protection life assurance premiums as an ancillary cost of the mortgage). Crunch the numbers but in all likelyhood it may not make sense to maintain savings while carrying such a debt.If you reverted to paying your mortgage as normal with no overpayments and you got a high rate of interest for your 95 K it might be better to keep the 95K. This is because you have a relatively low mortgage and there is some interest relief on it (TRS) so it doesn't actually cost you 5%
... or until you find yourself in a position to avail of employer contributions.Don't contribute to a pension scheme until you are back in the top tax bracket again
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?