No pension ? inherited flat and shop but flat needs work.

lizeratsi

Thank you. It would help if I had someone in RL to talk this through - to help me understand it all, as I said I tried to talk to FA but didnt really get anywhere and had awful experience with getting a tenant in the shop, I was let down by solicitor and agent. I have come through all that and since last posted I have a tenant giving me rent.

I have no pension, and am struggling with demanding small children demanding my attention I really appreciate anyone taking the time to post and I am taking everything on board. Its all very helpful.

justme111

don't fret too much re pension- if you account that in retirement you will have no mortgage payments and no expense for children and no tax to pay you may end up having similar disposable income from state pension alone. what is your family income after tax with benefits now and what are your mortgage payments?
PS. it is likely that the best investment ou can make now are your children - attention and quality time you have with them. If something detracts from it it better go.

atush

Sell up.

But you do need a pension. And you can as a non earner open one up and put in 2880 pre year. Which will be grossed up to 3600 with tax relief. a nice little earner. Just put it in a cheap global tracker.

A_Nice_Englishman

A further thought occurred to me.

Presumably you will have an emotional attachment to the shop, as it's been left to you. I would try not to let that affect your decision and pethaps buy something special out of the proceeds to remember your benefactor by.