Hi,
Would love to hear some opinions.
I am 47 yrs old, female, single no kids
I am in the lucky position to max out my pension relief each year as well as save 2k each month into a Zurich investment fund. However with this I don't have much funds available during the month that don't already have a job (mortgage, pay bills, groceries 2 hols a year, a little bit of spending for wants not needs)
I have no debt (apart from mortgage) and this is my financial position
Mortage
90k left, currently fixed @4% until June 2028, 1.3k repayment each month set to pay off early around the end of 2032, can drop down to 730 per month to be paid down by original maturity July 2041
6k Cash
155k with Zurich
775k across 3 pension pots (50k/180k/545k)
I am hoping to retire anywhere between the age of 51 or 55 and think I am in very good shape for that, to be honest lately i have gotten very attached to the 51 over the 55 as I just cannot deal with work and the stress anymore.
However I am thinking about doing some bits to the house before I retire, so I am looking at a spend of may 50k max 75k.
I cannot decide whether I should release equity or just take it out of Zurich.
Here is what I have come up with as options and I can talk myself in and out of all of them
release equity - drop mortgage back down to 730EUR and use the extra 500EUR to pay the equity release, means I can keep saving 2k (which should earn me more interest than the mortgages cost me)
release equity - reduce 2k savings each month to service equity release mortgage
take from Zurich - I can keep everything monthly as is but 50-75k would just be gone
Any thoughts? Ideally this is not setting me back to far with the plans for early retirement.
Thanks for you thoughts and input in advance.
Would love to hear some opinions.
I am 47 yrs old, female, single no kids
I am in the lucky position to max out my pension relief each year as well as save 2k each month into a Zurich investment fund. However with this I don't have much funds available during the month that don't already have a job (mortgage, pay bills, groceries 2 hols a year, a little bit of spending for wants not needs)
I have no debt (apart from mortgage) and this is my financial position
Mortage
90k left, currently fixed @4% until June 2028, 1.3k repayment each month set to pay off early around the end of 2032, can drop down to 730 per month to be paid down by original maturity July 2041
6k Cash
155k with Zurich
775k across 3 pension pots (50k/180k/545k)
I am hoping to retire anywhere between the age of 51 or 55 and think I am in very good shape for that, to be honest lately i have gotten very attached to the 51 over the 55 as I just cannot deal with work and the stress anymore.
However I am thinking about doing some bits to the house before I retire, so I am looking at a spend of may 50k max 75k.
I cannot decide whether I should release equity or just take it out of Zurich.
Here is what I have come up with as options and I can talk myself in and out of all of them
release equity - drop mortgage back down to 730EUR and use the extra 500EUR to pay the equity release, means I can keep saving 2k (which should earn me more interest than the mortgages cost me)
release equity - reduce 2k savings each month to service equity release mortgage
take from Zurich - I can keep everything monthly as is but 50-75k would just be gone
Any thoughts? Ideally this is not setting me back to far with the plans for early retirement.
Thanks for you thoughts and input in advance.