I don't really understand the question(s?) as posed.Mortgage has €55000 left and is finished March 2027 and costs me €1200 per month. Would it be a good idea to cash in some of that pension if I was able to, to pay off the mortgage when the pension is available?
I have a UK private pension with Zurich which has a fund value of about £110000.
Plus the Zurich pension is kind of pennies compared to the two state pensions...
Something is off, with the £175 per month, as this is only £2,100 per year, or just under, 2% of fund per annum. So it must be after a lump sum is paid out, which its unclear what this is ?Hi all - just looking for some advice here...
I have a UK private pension with Zurich which has a fund value of about £110000. I haven't paid into it since 1992 and it matures (they call it a 'planned retirement date') next year when I'm 65. Their forecast at present is it would give me around €175 per month for life.
Mortgage has €55000 left and is finished March 2027 and costs me €1200 per month. Would it be a good idea to cash in some of that pension if I was able to, to pay off the mortgage when the pension is available? At present I plan to give up the job at 66 when I can claim full Irish pension and perhaps 3/4 of a UK pension.
Thanks
Could the projection be assuming an annuity pension payment perhaps? In any case, that's probably not really relevant to the core questions?Something is off
Bear in mind that such projections are largely meaningless being based on a bunch of simplifying assumptions.the monthly figure is coming out at about €268 per month at present day conversions.
And also other factors such as the charges that apply, what the money in invested in etc.What I find kind of interesting unrelated to my original question is how pension values and growth have changed over the years. For instance, in this pension above my employer and myself paid into it between 1985 and 1992 with a total amount of £6552. This seems quite good, and better than what I see in my current Irish employer pension scheme. I guess it's to do with the amount of time passed and the much higher interest rates etc around that time?
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