What next.

Audaxer

Is £1,100 your total monthly outgoings for the family? It just seems very low as we spend at least double that as a retired couple, and we are not big spenders by any means. I would think your NHS pensions will more than cover your income needs in retirement, so you don't really need to save more for retirement. With that substantial excess income you could invest at least some of it of it in S&S ISAs for you and your wife, and/or increase spending a bit and give some to charity. I definitely wouldn't want the hassle of a buy-to-let, especially in your position. 

Thrugelmir

capstain411 said:

I would certainly like to gift both my children deposit for their 1st homes. These sort of things don't materialise overnight, and only possible if I start now.

The gift my parents gave me was finding a Saturday job for me at the age of 12. Believed that if I was to achieve anything in life as they had. Then I had to earn it. Learn the value of things and stand on my own two feet. 

capstain411

Thrugelmir said:

capstain411 said:

I would certainly like to gift both my children deposit for their 1st homes. These sort of things don't materialise overnight, and only possible if I start now.

The gift my parents gave me was finding a Saturday job for me at the age of 12. Believed that if I was to achieve anything in life as they had. Then I had to earn it. Learn the value of things and stand on my own two feet. 

I admire their parenting. I would hope to do the same  but as suggested before  I need to spend my money some way right.

Audaxer said:

Is £1,100 your total monthly outgoings for the family? It just seems very low as we spend at least double that as a retired couple, and we are not big spenders by any means. I would think your NHS pensions will more than cover your income needs in retirement, so you don't really need to save more for retirement. With that substantial excess income you could invest at least some of it of it in S&S ISAs for you and your wife, and/or increase spending a bit and give some to charity. I definitely wouldn't want the hassle of a buy-to-let, especially in your position. 

I don't have any major bleeders like mortgage, motoring  (one car with low usage). My major spend is food/ Council tax/ utilities 

MX5huggy

Are you aware of and keeping an eye on pension Life Time Allowance and Annual Allowance? 

Your NHS pensions are likely chewing up big chunks of both no point putting money in a SIPP if you’re going to exceed LTA.
Are you using the children’s JISA allowances? Premium bonds for all of you? SIPP’s for the children? 

Albermarle

As has been alluded to in previous posts . 
Your NHS pensions are extremely valuable ( especially if you keep working for another 20 years with good salaries)
So your future retirement income is not an issue, and no need to save or invest anymore for your retirement ( which normally is the main focus for lower paid/  non public sector employees ) The only issue is that the pensions may be worth so much that you could hit LTA issues as mentioned in the previous post, and/or paying 40% income tax on them if you add in the state pension as well
So your financial focus can be kept on the here and now /short /medium term. So although saving in a SIPP is normally tax efficient , it may well not be in your situation.
Also with your good salaries , good pensions and low spending habits , you might leave this world with a very large bank account and with a lot of inheritance tax to pay .
Although putting two or three children through private school may help to solve this problem . 
Even if it is only secondary school and sixth form , total cost for one child would be between £100K to £150 K . 

london21

You seem on the right track.
Just have a balanced fun life.

Over the weekend we were discussing life insurance,income protection, wills, trusts, inheritance tax etc and got me thinking that I am also more of a saver than a spender, but it really got me thinking that life is fragile, have to have a balance, enjoy life, travel, have more experiences etc.

BTL is stressful but if you have done your research and understand the pros and cons and still want to dabble into it, other options could also be investing in lower cost index funds etc.