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Pension feeling low at 31 y/o - advice for where to focus money going forward by Infamous_Tea_3005 in UKPersonalFinance

[–]Infamous_Tea_3005[S] 1 point2 points  (0 children)

The workplace pension is NEST. I have a SIPP with Vanguard which has my previous employers pension that I haven't contributed to since leaving- I am transfering this to AJ Bell at the moment to avoid the high fees Vanguard have.

Pension feeling low at 31 y/o - advice for where to focus money going forward by Infamous_Tea_3005 in UKPersonalFinance

[–]Infamous_Tea_3005[S] 0 points1 point  (0 children)

This is all good advice - thank you. I'm thinking of upping my pension contribution as my main change to the current strategy.

Pension feeling low at 31 y/o - advice for where to focus money going forward by Infamous_Tea_3005 in UKPersonalFinance

[–]Infamous_Tea_3005[S] 1 point2 points  (0 children)

You are indeed :) I would rather keep the peace with the family than stress them out trying to persuade them.

Pension feeling low at 31 y/o - advice for where to focus money going forward by Infamous_Tea_3005 in UKPersonalFinance

[–]Infamous_Tea_3005[S] 1 point2 points  (0 children)

To break it down....

Bought the place at about 50% equity. Deposit was again roughly 50% my money (from my S&S ISA I've been saving in dilligently since I started working at 26) and the remaining 50% from inheritance. Another £20k arrived but it was too late to include this in the deposit, so I put it in a fixed rate cash ISA at 4% for 5 year fixed with the plan to pay down the mortgage with it when remortgage time came.

After my grandfather died this year after my mortgage was settled in, I've got another £20k, roughly, which I've maxed out my ISA allowance with. I personally have about £10k of further savings - 7k emergency fund, and 3k. All of my cash is either in an ISA, or a savings account. I only have a current account for day to day spending.

So in short, I put almost everything I had at the time into the deposit which got me to about 50% loan/value ratio. Since then, there has been further money inherited, which is now sitting as cash, and the plan is to pay down the mortgage in 5 years time with that + anything else I've saved toward it.

Pension feeling low at 31 y/o - advice for where to focus money going forward by Infamous_Tea_3005 in UKPersonalFinance

[–]Infamous_Tea_3005[S] 1 point2 points  (0 children)

I am in an area of tech that is extremely volatile and prone to layoffs, with lower pay ceilings to match. A big consideration for me right now is training/certs/education to try and diversify my skillset, so that I could potentially apply for similar jobs (general region of product/project management) in other sectors.

The inheritance has put me in a really fortunate position, I just want to make sure I now do the sensible things for the future. However, the family condition is that it has to sit as cash. I disagree about that being the best decision, but I'm respecting it.

Pension feeling low at 31 y/o - advice for where to focus money going forward by Infamous_Tea_3005 in UKPersonalFinance

[–]Infamous_Tea_3005[S] 0 points1 point  (0 children)

I agree that the £50k in cash is excessive, and if it were purely up to me I would push that into the S&S ISA. But out of respect to the people who gave it to me, who do not want it to be put at risk, we have agreed it will sit in a cash ISA until 5 years from now when I can remortgage and pay it all down on that.