Thanks for swift reply. Sounds like good advice. Its just that i have read so many posts with people saying hold onto a tracker for dear life. I know i have been putting pension off for far too long and it worries me but i will definately need to start one. ThanksHi Dubdad21,
It’s an interesting question. The fact that you’ve very little pension coverage is a little concerning. If you were still working, I’d ask you for details of your income etc with a view to getting you going on the pension side.
But as things stand, I think you should clear the mortgage. Then, once you find a new job, you should set-up a pension and make the maximum contributions.
You should identify an amount of money to retain in cash, perhaps 6 months’ family expenditure?
Then you should invest the surplus and the ongoing savings in lieu of your mortgage repayment.
That's the problem with general comments that people throw around.so many people say hold onto tracker for dear life
Free money to do what though?I wouldn't hurry to pay off the mortgage, at least not in full.
It is basically free money when you allow for inflation and no one will ever lend this to you again at this rate.
Your pensions are very low (possibly a PRSI contributions gap too).
When you both have earned income again I would prioritise tax relieved pension contributions. Long run this will be a better return than paying off a tracker. Also better than having cash at 0% too.
It's not taboo to make non tax-relieved contributions.Free money to do what though?
And no job!They have €166,000 in cash and €90,000 of debt.
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