Looking for advice - mid 40s very small amount to invest each month

anxiousnow

Look at the LGPS website, you should be able to make additional pension contributions (AVCs) as a salary sacrifice saving tax and NI at source. It goes into a separate account to your main LGPS pension. Your pension fund manager (e.g. your county council who employs you) will have further info on this. 

steampowered

You are about half way through your working life, so now is a perfect time to make an honest assessment of whether your pension contributions are sufficient to give you the sort of standard of living you hope to have in retirement.

If they are not:
- Then by far the best possible use of this money will be to put it into a pension, due to the tax relief you would get.
- You should consider stopping overpaying your mortgage, and instead topping up your pension provision. The investment returns on a pension will almost certainly exceed the interest on a mortgage, before taking into account the tax relief.

DiggerUK

hbpurple said: Thank you for all the replies - I do earn enough to pay NI and tax so no issues there.

Excellent, I hope your contributions mean you will qualify you for a full SP. Please do check your forecast  with DWP all the same.

I would urge you to put all efforts in to clearing the mortgage. I am a  big advocate of clearing the  mortgage in the boom times, even more so now the future is uncertain. 

How do you  pay the mortgage if you don't have the income?  I don't think  it's a good idea going in to retirement with debt of any sort..._