Idea's for saving/investing in 2019?
Comments
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I'm not going to pretend to be an expert - I ask for a lot of advice on here myself, but I would ditch the stock market idea for the time being. Focus on paying off your debts, and please please please do something about your pension.
Given that interest rates are currently so low, is switching to a repayment mortgage a possibility? Build some equity if you can.0 -
How do you " been paying my dads mortgage since he passed".
Is it your mother's mortgage now that was not covered by life / mortgage protection insurance?0 -
Months ago multiple times i suggested on here to put in a small % into Bitcoin over 2019. Still think a small % in Bitcoin is a good option for 2019 and for anyone who did few months back you already doubled your money in 2019. Of course many will pass these results off as gambling or luck haha.0
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Gin_and_Milk wrote: »I'm not going to pretend to be an expert - I ask for a lot of advice on here myself, but I would ditch the stock market idea for the time being. Focus on paying off your debts, and please please please do something about your pension.
Given that interest rates are currently so low, is switching to a repayment mortgage a possibility? Build some equity if you can.
Thank you, yes I'll increase my contrubutions and dig into salary sacrifice on my corporate scheme, and maybe look at another private pension scheme.
I have an interest only mortgage, due to mature at 80,000. I have 80,000 saved up for that as well with my mother, but don't know if I'll pay yet or not... it's another complicated topic.
Personal debts can be cleared in a month, nothing major.0 -
How do you " been paying my dads mortgage since he passed".
Is it your mother's mortgage now that was not covered by life / mortgage protection insurance?
It's interest only, I been paying the interest component, with the capital required in 3 months time, 80,000.
My father who took out the mortgaged passed 2 years ago, and he had no life insurance, no endowment policy on the mortgage.0 -
Before you think about saving this pot of cash you need to resolve the other issue, especially if you need to quickly get your hands on this pot as part of the cash to resolve it.
If it isn't, then I apologise, and would look at stocks and shares, ready access in higher interest paying account and lock some away for a fixed term.Mortgage started 2020, aiming to clear it in 2026.0 -
No lynching from me and its not surprising you've been thinking like a young man, but you're not getting younger;). Just stop throwing away free money and get your company pension sorted asap. Then think about additional private pension.
I don't understand why you say you are not a homeowner. You have an £80k mortgage. Surely, in order to obtain that mortgage you must have some interest in the property?
I only mentioned that in my earlier post in order to point out that a LISA would only be useful for retirement planning, rather than 1st time home buyer. But you still qualify for the 25% bonus.0 -
No lynching from me and its not surprising you've been thinking like a young man, but you're not getting younger;). Just stop throwing away free money and get your company pension sorted asap. Then think about additional private pension.
I don't understand why you say you are not a homeowner. You have an £80k mortgage. Surely, in order to obtain that mortgage you must have some interest in the property?
I only mentioned that in my earlier post in order to point out that a LISA would only be useful for retirement planning, rather than 1st time home buyer. But you still qualify for the 25% bonus.
Its my dad mortgage he passed away, me and my mom live in the property, if I dont pay we lose the home! We've saved additional 80k for it0 -
Regarding the below...
Whilst you are a HRT payer and are able to utilise SS then use that method for any and all pension contributions. In theory your company shouldn't have an issue with you contributing more than their matched maximum (without further company contributions) but some companies do appear to refuse it.I am a higher rate tax payer and pobably should be paying more... if I pay more by way of salary sacrifice is this then what you mean by being more tax efficient as a higher rate earner???
A private pension should probably be on my list of things to do then with excess disposable income... but I just never assume I will live long enough to retirement hence don't bother prioritising pensions too much.
Only in this instance, where you have disposable income that you wish to put aside for retirement would you consider opening a separate personal pension.Personal Responsibility - Sad but True
Sometimes.... I am like a dog with a bone0 -
Regarding the below...
Whilst you are a HRT payer and are able to utilise SS then use that method for any and all pension contributions. In theory your company shouldn't have an issue with you contributing more than their matched maximum (without further company contributions) but some companies do appear to refuse it.
Only in this instance, where you have disposable income that you wish to put aside for retirement would you consider opening a separate personal pension.
Fair play and noted, thank you!0
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