Keep calm and carry on....

QueenJess

killerpeaty said:

If you are doing something, it is better than doing nothing Jess. We can only make the best decisions with the information we have at hand, if we get new information/change of circumstances then we can act again. What I'm trying to say is keep going, you're doing brilliantly.

Thanks 🙂 I think if I actually talked to a financial advisor they would say I was as doing absolutely fine, but I'm my own worst critic!

I am paying down the mortgage and paying into a pension (maxing employer contributions of course) and have an emergency fund plus some extra in ISA's/SIPP too. It's probably all fine!

Grogged

That's a strategy a lot of us are following and so did those in the land of mortgage freedom.
So you're in good(?) company!

South_coast

Thanks for the thoughts all, I like the thinking about the cost of the cupboard. It would be nice to put my ironing board away finally - it's currently leant up against my bedroom wall!

The LISA thinking was in addition to pension contributions, something like:
1. Max pension contributions for employer match
(Then with money left over)
2. From the start of each tax year focus first on filing the LISA
3. Once that's done, put any money for the rest of the tax year in the S&S ISA

But that doesn't take into account the remainder of the mortgage, or the refurb costs, or the fact there won't be enough money to do all of the above!

Will keep pondering, think I had a bit of Lockdown 2.0 blues yesterday!

QueenJess

If you only want to put more money in for retirement, then a LISA is a no brainer for lower rate tax payers because you effectively get tax relief on it (the bonus), but there is no tax to pay on retirement and you can do whatever you want with the cash.  If you can max this out as well as employer pension contributions, then that is worthwhile.

Of course you do have to take into account that you can't access your LISA until 60.

I've been having similar debates this year with myself. It's easy if you have enough money to fill everything (I think you already have the right ordered list there), but when you don't you have to figure out the exact mix between the options. Took me quite a while to come to an agreement with myself and lots of research! Annoyingly the answer will be different as my circumstances change, so I will have to have the debate with myself again in the future!

Good luck with your pondering

Grogged

The nice thing about both (L)ISA's is that when you approach your pension draw down age you can start moving them into your SIPP and claim tax relief again by cashing them out.
Under the current rules that's another 25% free money.

South_coast

Now you're making my head spin 😮!

ruby_eskimo

I have similar meltdowns on a fairly regular basis SC, so you aren't alone!  I scared myself by checking my work pension and even though I'm maxing it out and contributions are matched, its still not brilliant, hence opening a LISA and the best longer term savings account I could find at the time.  Still not sure it's enough but it's a start as is the OP's on the mortgage etc.  Hope your isolation is just a precaution and you don't actually start developing symptoms.

Busy_Mee

I would be annoyed by not being able to put my ironing board away too, but is there another solution that doesn't mean spending money on the cupboard. My son stores his at the side o his fridge freezer where it is unobtrusive because they are similar heights and behind the kitchen door. 

I have also seen neat hangers that mean you can hang an ironing board on the back of a cupboard door.

South_coast

Aah, now a hanger would work.... Will do some research, thanks! I've got real issues with fridge-freezers and am *hoping* not to have to have one when the kitchen gets done (a strange hangover from my first Uni house, where we had to have a separate chest freezer as the one in the fridge-freeezer didn't work, and no matter how many fully-functional ones I encounter I can never get past the fact that if only half of it breaks the whole thing needs replacing!) I think the problem is that I want the cupboard to achieve far too many different functions - it currently copes admirably with a good number, but sadly not enough to accommodate the ironing board!

Thanks for the kind words Ruby ❤ I'm still feeling fine so think I've swerved the nasties. Hopefully I'll be OK'd for release back into the world on Friday....a day after everything closes 🤦‍♀️ I'm comforting myself that at least I won't be encountering supermarkets in the run-up to 2.0, as I imagine they are going to be hellish! Still pondering on the pension etc stuff - and missing my old salary 😥!

killerpeaty

Ahh, yes the ironing board. They eternally annoy me, they never fit into cupboards and they represent hours of my life that could have been more fun.

Pondering about pensions is always good. Every step you take improves your retirement, don't be discouraged.