Mortgage free in 5 years

haras_nosirrah

RosieTiger wrote: »

I wouldn't rush to reduce that pension contribution, you must presumably be paying 20% tax now, but if the big pay rise comes in be at or about the 40% threshold. Pensions are a long term investment but if your paying gross there are few things that will ever match the 40% gain you will achieve on the pension.

You are right. With commission, bonus and the payrise (just one solicitor instruction short now and all other targets met) I will be on about 50k so by sacrificing 15% will keep me under 40% bracket.

I will also get some contribution to pension when I get this grade so am kind of looking at it at the moment to keep me out of the higher rate tax bracket and also that when I have children (planned for next two years as nearly 28 and getting married in May) I will be stopping pension or severly reducing as I won't have the spare income to do it (I am a female so will have to have some time off but will be hubby who will be main childcare provider as he is a much lower earner than me) so is a case of maximising my provisions now while I can afford to do so.

Am a bit worried about the whole all eggs in one basket thing - I thought I was being sensible but am now worried I am not doing the right thing? Should I speak to a proffessional?

haras_nosirrah

Happy new year everybody. Have updated the balance in my sig and have paid off £1400 in dec 2010. Balance now stands at £110839.
Wishing everyone a great mortgage busting 2011.