Starting again with no pension at the age of 42

ZiggerZagger

Yes that was the compromise. Can't downsize yet with both kids still at home. It's an option down the line though the house is very small anyway. It's just that we bought it in a good location so the value tripled in 12 years - effectively I've ended up paying for it twice at its original value but I still have equity in it at current house prices (though who knows what will happen there - personally I think it's overvalued now given its size!).

kidmugsy

Don't forget to write a will.

saver861

ZiggerZagger wrote: »

Yes that was the compromise. Can't downsize yet with both kids still at home. It's an option down the line though the house is very small anyway. It's just that we bought it in a good location so the value tripled in 12 years - effectively I've ended up paying for it twice at its original value but I still have equity in it at current house prices (though who knows what will happen there - personally I think it's overvalued now given its size!).

Well if you have equity and the option to downsize at a later point then thats a big chunk of the mortgage taken care of further down the line.

Pensions are a must for the longer term, on top of tax benefits etc.

One, three, five and ten. Where do you see yourself after each of those periods of years. Then make your decisions accordingly!