Financial planning advice

FIREWannaBe_2

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David_Evans

FIREWannaBe wrote: »

Hello,

New to the forum here and I would welcome your guidance.

A bit of background...
I am 31, live in the UK, married (no kids) with a salary of £60K + bonus (up to 20%). Husband (aged 51) earns £45K. I save £2500 each month (71% of income) in Marcus account with 1.5% return. We have £50K left on the mortgage (1.52% APR) and I have £42K in savings, he has £10K saved. There is also an emergency fund which I am excluding. Other than that we don't have any debt and we have usual pension contributions (Mine not yet maximised to drop to standard rate tax).

We won't be able to pay off the mortgage before Nov 2019 else we would incur early repayment charge but our intention is to pay it off the moment the fixed term period is concluded having been hard at it for 6 years.

Once the mortgage is paid we will have ~£3200 a month to spare. Husband will continue working until he gets made redundant at some point.

In an ideal world, it would be nice if we can both retire in 10 years time. Or at least for him to retire and I go part time so we can spend more time together when he is 60 and I am 40.

Would it make sense to invest the £3200 a month in funds (S&S ISA) or just put the money into savings? Would you recommend an alternative financial approach?

Thank you

H.

I would keep a bit of cash for spending (depends on what you see coming up, new car, house repairs etc).

I would split the rest 50/50 between precious metals (silver ETF, gold physical coins) and passive global tracker funds.

David_Evans

PS most people will hate my suggestion - but lets come back in 5-10 years and compare notes..!?

David_Evans

Forgot to mention; keep the proportions of the silver ETF and equity tracker fund constant by re-balancing (eg once a year).
Don't sell the coins.

AlanP_2

What are "usual pension contributions"?

Some people pay in 3% on auto enrolment others contribute 40k a year, so not sure where usual fits in.

Lisa worth looking at as well as additional pension contributions to benefit from the tax benefits.

Work out an income plan that takes account of what you want / need when not working and then see how to fund it.

FIREWannaBe_2

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Mr.Saver

David_Evans wrote: »

PS most people will hate my suggestion - but lets come back in 5-10 years and compare notes..!?

This is nothing personal, but I don't see any supporting evidence for your prediction.

I hope you can provide solid evidence and analytics to support it. If not, this is just like guess the result of a coin toss. No matter what you guess, you'd have half the chance of being right and the other half of being wrong.

The problem is that if you make enough predictions like this, and only talk about the right ones and keep silence about the wrong ones, fools would believe you have the ability to predict the future.