Your Financial Setup

geelamch

Age 47,married,two teenage cash swallowers.


Salary £41600
Pension 33 years service due to buying extra service,final salary
Retirement target 56
Forecast lump sum £157000
Annual pension. £21400
Cash. £24000
Shares. £27000
Long term savings £600000
Property £0 for kids not me

Getting there slowly,lol
Was in !!!! st several years ago but started taking notice of this site and others and think I have got myself back on track.

Wife also has savings but not included.

racing_blue

geelamch wrote: »

Age 47,married,two teenage cash swallowers.


Salary £41600
Pension 33 years service due to buying extra service,final salary
Retirement target 56
Forecast lump sum £157000
Annual pension. £21400
Cash. £24000
Shares. £27000
Long term savings £600000
Property £0 for kids not me

Getting there slowly,lol
Was in !!!! st several years ago but started taking notice of this site and others and think I have got myself back on track.

Wife also has savings but not included.

Curious what you mean by long term savings, as I can see you have cash, shares and pension listed elsewhere?

Archi_Bald

cuthbertlilly wrote: »

Tbh I haven't got a clue!! Just kept amassing it by matched betting and saving.
Open to suggestions as to how to manage it...
Already got 3 x Lloyds Vantage, 1 enhance, 1 Hal reward, cash Isa.

You haven't given anywhere near enough information about yourself and your finances for anyone to make any even half-sensible suggestions.

But if you are smart enough to make £79K from matched betting, you will be smart enough to figure out how to make the best of the money in things like a house, an emergency cash fund, and provisions for retirement income.

Cotta

Interesting thread indeed, so the general consensus is to invest smartly rather than paying your mortgage off ahead of schedule?

Doshwaster

Cotta wrote: »

Interesting thread indeed, so the general consensus is to invest smartly rather than paying your mortgage off ahead of schedule?

There's no reason you can't do both. I didn't buy my first house until I was 38 so on a standard 25 year mortgage I'd be 63 before it was paid off. I'd like to enjoy more mortgage free years before retirement than that so I want to get it paid off by my mid-50s. However, I'm not massively overpaying as I still want to build up my ISAs and other savings as a safety net.

I'm a big believer in not having all of your financial eggs in one basket and balancing your cash, equities, pensions and property assets.

ChesterDog

I agree.

Although I mentioned making mortgage paying-off a priority when my wife's illness was diagnosed, we had already built up quite a bit of savings by that point.

Balance is a very good approach to most things, and finances are no exception.

ChesterDog

racing_blue wrote: »

Curious what you mean by long term savings, as I can see you have cash, shares and pension listed elsewhere?

Yes. Would you mind explaining, please, Geelamch? Future inheritance or something more liquid?

Archi_Bald

Cotta wrote: »

Interesting thread indeed, so the general consensus is to invest smartly rather than paying your mortgage off ahead of schedule?

You cannot have a general consensus on this because people's circumstances aren't generally the same.

geelamch

ChesterDog wrote: »

Yes. Would you mind explaining, please, Geelamch? Future inheritance or something more liquid?

Bought a half share of a property with brother,no intention of selling as he. Lives there.
We have agreed to sell the property on retirement.

MEM62

Age 51, single, no children, salary £48K

Assets;
Flat £220,000
S&S ISA £3,000 (Currently contributing £250 pcm)
Cash ISA £11,500 (Ad hoc deposits as and when)
Deposit Account £2000
Pension Pot £90,000 (Current contribution 16% via salary sacrifice)

Liabilities;
Mortgage £120K

Financial target - to win the lottery :-)