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Mortgage Free - What Now?!

wysiwyg_online
Posts: 18 Forumite

Finally got there - and of next month mortgage free! :j
So question is - what next? Where do I put that £750 I'm saving each a month?
My wife and myself are 44, have our own business (just the two of us) and two little girls (10 and 8).
So looking to the future we don't have a great pension or any other properties. That said we also have savings of around £50k.
Any advice on what to do next, invest in, buy a rental property etc then please pile in. Would love to retire at 55 - but is that realistic?
Feedback or thoughts are more than welcome!
So question is - what next? Where do I put that £750 I'm saving each a month?
My wife and myself are 44, have our own business (just the two of us) and two little girls (10 and 8).
So looking to the future we don't have a great pension or any other properties. That said we also have savings of around £50k.
Any advice on what to do next, invest in, buy a rental property etc then please pile in. Would love to retire at 55 - but is that realistic?
Feedback or thoughts are more than welcome!
0
Comments
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Retiring at 55 depends on lots of factors, but the most important 2 are the ratio of savings to expenditure, and the amount of savings, in pensions and in post-tax funds you have.
If you've not got much of a pension, then taking advantage of the tax breaks available is frequently a good starting point. If you post in the savings and pensions board with a lot more detail, someone will be able to advise.0 -
Congratulations! And good question!
I'm going through the same debate myself. Only difference is that we don't have any significant savings so we are going to build that up for a few years and then possibly buy a second home.
Iv not fully made by mind up on pensions0 -
Thanks NorthernMonkey I'll reach out on a thread over there and see what they advise.
Fresh Cotton - nice to see we are not alone! So what advice have you been given? We are just here to see what others have done and what's work/not worked for them. Looking to put a plan together based on other peoples experienced and recommendations! So where are your thoughts at the moment?0 -
We are aged 34+39, My partner is a teacher and has been paying into a teachers pension from the start so we will always have that.
Once the mortgage is paid off, I want to put away £1100 away each month for retirement (which is a third of our take home pay).
Much of the advice I have been given is that I should be putting money into a pension, and of course the tax relief is attractive.
My initial thought was to put £700 each month into a private pension and £400 into a stock and shares ISA. The advantage is that I can then just let them run over the years without having to think about it or worry too much. I think this is also a low risk option (but I might be wrong)
I then thought it would be pretty nice to have a second home, which I could use and which could be a clever investment. However tax wise, this has drawbacks (CGT, Stamp Duty etc).
What puts me off a second home is the hassle of it. For example, dealing with possible tenants and having two properties were the boilers can bust in the middle of winter. A second property also means a second mortgage and the 'overpaying bug' that would kick back in.
So as it stands, my plans change almost everyday. My mortgage however doesn't end until December so I have 6 months to make final plans.
Have you any more ideas?0 -
Congratulations, when we went mortgage free we split the monies between pensions and S&S ISA0
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