Overpay Debt or Increase Pension Contribution

Grumpyoldgit

Albermarle said:

Seems paying off the loan should be my main focus as I have spoken to a pensions advisor and he says I have sufficient funds to retire early (62) but I can’t see it to be honest!

Putting the loan to one side, you may want to post your pension situation on the pensions forum.

Questions about 'have I got enough to retire' are quite common, and you should get some sensible comments. Best to post as much detail as possible, and make it clear what type of pension it is .

Pensions, Annuities & Retirement Planning — MoneySavingExpert Forum

Cheers for the heads up 👍

CustardApple

I agree with those who say overpay the loan - if anything were to  happen job wise, nothing beats being debt free

Grumpyoldgit

CustardApple said:

I agree with those who say overpay the loan - if anything were to  happen job wise, nothing beats being debt free

To be honest, this is what brought all this about. Work was looking sketchy, but now seems we have a new contract, so, close call!

Grumpyoldgit

Just to let you know, I was successful in getting approved for the new loan, just waiting for funds to be transferred to clear the other loan and will be paying it down as fast as possible, overtime permitting.

Thanks all for your help.