Age: 39
Spouse’s/Partner's age: 36
Annual gross income from employment or profession: 43000
Annual gross income of spouse: Currently unemployed on maternity leave.
Monthly take-home pay: 2500
Type of employment: e.g. Civil Servant, self-employed: PAYE in a multinational
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home: 400k
Amount outstanding on your mortgage: 33k
What interest rate are you paying? 3.05% variable
Other borrowings – car loans/personal loans etc: n/a
Do you pay off your full credit card balance each month? n/a
Savings and investments: Approx 40k accessible savings between us. 140k investment maturing in 2023
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children: 1 (3 months old)
Life insurance: Some sort of a policy as part of our mortgage
What specific question do you have or what issues are of concern to you?
At present, my goal is to pay down the remainder of the mortgage as soon as possible. I hope to do this by 2022/2023 when I'll have turned 40.
As we're quite good savers, I'd like to figure out our strategy after that.
I have a defined contribution pension through my work for the last 6 years. I put in 6% of my salary while my employer puts in 8%. My wife does not have a pension as her work so far has been of a temporary nature (but well paying).
I am thinking of focusing solely on my pension going forward (rather than my wife starting one), and using AVC payments to boost the value of it. I would look to start paying AVCs in when I turn 40 and/or the mortgage is paid off.
To add to this, I will have a maturing investment worth 140k in 2023 that I will need to do something with. Ideally I would like to invest it in something relatively low risk that could give me a return, or else look at purchasing a second property as a long-term investment.
I would appreciate people's thoughts on all of this and would gladly take on board your opinions for the future and what I could do to maximize our position.
Thanks
Spouse’s/Partner's age: 36
Annual gross income from employment or profession: 43000
Annual gross income of spouse: Currently unemployed on maternity leave.
Monthly take-home pay: 2500
Type of employment: e.g. Civil Servant, self-employed: PAYE in a multinational
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home: 400k
Amount outstanding on your mortgage: 33k
What interest rate are you paying? 3.05% variable
Other borrowings – car loans/personal loans etc: n/a
Do you pay off your full credit card balance each month? n/a
Savings and investments: Approx 40k accessible savings between us. 140k investment maturing in 2023
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children: 1 (3 months old)
Life insurance: Some sort of a policy as part of our mortgage
What specific question do you have or what issues are of concern to you?
At present, my goal is to pay down the remainder of the mortgage as soon as possible. I hope to do this by 2022/2023 when I'll have turned 40.
As we're quite good savers, I'd like to figure out our strategy after that.
I have a defined contribution pension through my work for the last 6 years. I put in 6% of my salary while my employer puts in 8%. My wife does not have a pension as her work so far has been of a temporary nature (but well paying).
I am thinking of focusing solely on my pension going forward (rather than my wife starting one), and using AVC payments to boost the value of it. I would look to start paying AVCs in when I turn 40 and/or the mortgage is paid off.
To add to this, I will have a maturing investment worth 140k in 2023 that I will need to do something with. Ideally I would like to invest it in something relatively low risk that could give me a return, or else look at purchasing a second property as a long-term investment.
I would appreciate people's thoughts on all of this and would gladly take on board your opinions for the future and what I could do to maximize our position.
Thanks