housemurph99
Registered User
- Messages
- 7
E30k in Zurich Fund where we also invest €140 children's allowance from Dec 21, so only 5 months premium gone in. 3
Keep 3k in credit union where we use for unexpected items and then top back up to 3k
You should start your pension. The longer it is investor for, the more impact that compounding can have on it.
With 3 kids life will be expensive, so the capacity to do so may be reduced.
Brendan, this is a point that I have disagreed with you over on many of these makeovers. There is nothing wrong with reducing debt but it should not be the sole focus. A bit of A and B and C can provide more flexibility than just A.Agree fully that 3 kids will make your life expensive over the next 20 years, which is why you should be reducing your future outgoings by paying off your mortgage. You won't be able to access your pension until long after the kids have grown up.
Paying down the mortgage, maximises your flexibility.
No, but it gives you options if your circumstances require it.I don't think that drawing down your pension at age 50 should be part of their financial planning.
What is the benefit of an education fund in Zurich when you can gurantee 2.2% by paying extra of the mortgage with the same funds.
What is a comfortable mortgage?
I would say 3 times the higher salary. So about €240k.
I'm just curious as to what had you arrive at 3x the higher salary as "comfortable"?
The OP can stop making pension contributions at any time in the future if their cashflow comes under pressure.To me, flexibility is the real key to financial planning.
I must be missing something here.
They are 35 years old.
They have a 2 year old and another on the way.
They have a mortgage of €340 k which is three times their combined income.
They have €170k in their pension fund.
They are doing very well - but retiring at 50 doesn't seem to be on the horizon.
Ah, are you suggesting stuff the pension fund for the lower paid person, then retire at 50, and use the money to pay off the mortgage?
I think if they pay down their mortgage instead, they have a better chance of the lower paid spouse taking time out or retiring early.
Brendan
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?