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Sorting out retirement preparation- advice please
Gillybean
Posts: 290 Forumite
OK, here goes,
DH and I are 30, married with one child. DH is self employed and I no longer work.
We live in a 3 bed house £134k mortgage, house is worth about £160-170 at a guess. We also have a house we rent out at £440 a month. House has £74k mortgage and is worth around £120k.
We currently pay both mortgages and bank the £440 per month. We have no intention of selling the rental property and hope it will help towards our retirement. We do want to move again, this house is a stopgap affordable property we moved to when we found out we were expecting our child.
DH has no pension,and I have 6 years worth of company pension contributions, which will probably only be enough to buy me a daily paper and a packet of Werthers Originals by the time we retire!
So, given that apart from the £440 a month rental income we have no other spare cash to put away for our retirement, whats the best thing to do? We were considering overpaying on our mortgage for a while, but then we'd be saving nothing for our future, although we do have around £20k in savings between us, but that's a drop in the ocean compared to what we need.
Any advice/opinions gratefully appreciated,
Gillybean
Edited to add: well done if you got through all that without falling asleep!
DH and I are 30, married with one child. DH is self employed and I no longer work.
We live in a 3 bed house £134k mortgage, house is worth about £160-170 at a guess. We also have a house we rent out at £440 a month. House has £74k mortgage and is worth around £120k.
We currently pay both mortgages and bank the £440 per month. We have no intention of selling the rental property and hope it will help towards our retirement. We do want to move again, this house is a stopgap affordable property we moved to when we found out we were expecting our child.
DH has no pension,and I have 6 years worth of company pension contributions, which will probably only be enough to buy me a daily paper and a packet of Werthers Originals by the time we retire!
So, given that apart from the £440 a month rental income we have no other spare cash to put away for our retirement, whats the best thing to do? We were considering overpaying on our mortgage for a while, but then we'd be saving nothing for our future, although we do have around £20k in savings between us, but that's a drop in the ocean compared to what we need.
Any advice/opinions gratefully appreciated,
Gillybean
Edited to add: well done if you got through all that without falling asleep!
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