Thanks brendan,1) Max your pension contributions
2) Pay off your mortgage
3) Put the balance in a diversified portfolio of shares
Brendan
2. I've had lots of health issues.. if I kicked the bucket mortgage would be paid off...its cheap money???
You don't always have to stop the mortgage protection insurance once the mortgage is paid off, if it's a standalone policy then no reason why you can't keep paying it and it would still pay out if needed.
other returning from abroad soon and seeking to buy a house.
Interesting, I never thought of this...I'll investigate...You don't always have to stop the mortgage protection insurance once the mortgage is paid off, if it's a standalone policy then no reason why you can't keep paying it and it would still pay out if needed.
Am I missing something, as the mortgage balance reduces the payout also reduces, not much will be paid out unless it’s a life assurance policy for a certain value?You don't always have to stop the mortgage protection insurance once the mortgage is paid off, if it's a standalone policy then no reason why you can't keep paying it and it would still pay out if needed.
Well it does yes but depends on how much it's costing v benefit at any given time. A tipping point will be reached as the balance decreases below a certain point where it is no longer value for money. But as the op is reluctant to clear mortgage as mp would pay out if needs be then it's the best of both worlds to pay off mtg from savings thus saving interest and then keep policy which means payout would still happen in worst case scenario.Am I missing something, as the mortgage balance reduces the payout also reduces, not much will be paid out unless it’s a life assurance policy for a certain value?
If you have the house to suit, in the right place, I think the rent a room scheme that allows a person to earn €14,000.00 a year tax free is a brilliant idea. There's also a sense of security in it if you're not always there. You'd have to work hard and for a long time to get the reward this offers.Two public servants, 56 & 55, will retire in few years..but due to changing jobs etc neither will have full pension (maybe 27 years each)
No AVcs but intend doing them now to boost pensions
Only small balance left on mortgage on house (maybe 40k left- 5 years left) House value about 700k and near all amenities we'll need as we get older.
One son has own house, other returning from abroad soon and seeking to buy a house.
250k odd cash in state savings + pension lumps sums to come when we retire..
So, pensions being small enough, what's best options to use the cash to assist in retirement?
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?