We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
paying off mortgage v pension plan?
scousedave
Posts: 229 Forumite
I have a £132000 mortgage paying £650 a month on interest only mortgage with 16 years to run...so far I haven't paid off anything on the mortgage but hope to change my hours at work so will be able to afford an overpayment monthly of £750
What Im wondering is if it would be more beneficial financially to pay this amount into a pension plan as the government pay in some too(not sure how much) but you are taxed on this when drawing from the plan.
Any thoughts please
Thank you
What Im wondering is if it would be more beneficial financially to pay this amount into a pension plan as the government pay in some too(not sure how much) but you are taxed on this when drawing from the plan.
Any thoughts please
Thank you
0
Comments
-
duplicate thread with comments already on it at:
https://forums.moneysavingexpert.com/discussion/5448799I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Your mortgage seem to be on very unfavourable terms. That would be the first thing to address in my opinion - converting it into repayment and finding the lowest interest rate possible aiming to get to lower ltw. Then looking at numbers again , comparing what you spend now with what basic state pension would give you provided you happy to work till that age and make your choices.The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
i agree, change your mtg. then put any left over cash into savings and pension.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards