What to do with £110k

swindiff · 8 November 2024 at 4:10PM

Pension provision is already in a pretty good state with a combination of DB, DC and full state pension, I have calculated we should be ok for around £5k/month net from the age of 61-85, at which point the DC pot will run out and we would drop down to about £4k/month net. This is assuming that the DC pot does not grow beyond inflation. I am already paying 6.1% toward my DB pension and an extra 23% into my DC pension. I intend to raise this to 25% next year when I will get a 4% increment pay rise.
I am therefore looking for the "best" option without really tying more up into pensions.

Pipthecat · 8 November 2024 at 4:48PM

swindiff said:

I am therefore looking for the "best" option without really tying more up into pensions.

This is very sensible. Paying off your debts (mortgage) or having the ability to do so, will give you peace of mind in the relatively short time before retirement. Without wanting to be a Debbie Downer you never know what could happen and a year out of work having tied up all your money in your pension could be painful or at the very least force you to access pension funds before you intended to.