After you pay off your mortgage

[Magpie1969]

Looking at options after paying off all my mortgages. Already salary sacrificing to allowed limit and Super doing well. Looking for options. I am 52 looking to retire in 6 years. Thoughts.

 

[Gazman]

I decided to delay retirement as I can’t travel overseas and have a new caravan so will combine work and pleasure for the next few years

 

[TillLindemann]

Looking at options after paying off all my mortgages. Already salary sacrificing to allowed limit and Super doing well. Looking for options. I am 52 looking to retire in 6 years. Thoughts.

I am a strong believer in investing in shares Magpie1969, so I would definitely recommend setting aside at least part of the amount that you had been paying each week on your mortgages into shares instead. And then reinvest any dividends you receive, so through the magic of compound interest your investments will grow.

 

[Demps]

What's your salary sacrifice limit, out of curiosity?

My plan is and has always been to pay off more than my monthly amount... and when the loan lessens, continue paying more.

I get paid fortnightly and there's an occasional month where 3 pays fall instead of 2... so that's +1 extra payment.

Chipping away nicely albeit slowly but should be done in 20 years. 15 would be nicer but the hustle continues.

Worth looking at refinancing with your broker every so often so you ensure you have the best deal.

 

[Magpie1969]

Demps. Limited to $27500 for Super including 10% from Employer. At end of year will own all 4 houses debt free.

 

[Liddy]

I would agree, Super and buying some income producing assets is the best way to go.
Shares will give you dividend income in retirement and if they are fully franked, you will get a tax refund.

 

[240z]

It might sound weird but I invest in rare coins/banknotes and war medals

Its a hobby plus an investment

 

[Demps]

Demps. Limited to $27500 for Super including 10% from Employer. At end of year will own all 4 houses debt free.

I'm not sure I'm following....

Your salary sacrifice amount for the year equates to $27500?

 

[Liddy]

I retired about 10 years ago, 57 when I retired.
I bought 2 classic Porsches then, which I have just sold for a nice profit....

 

[TillLindemann]

It might sound weird but I invest in rare coins/banknotes and war medals

Its a hobby plus an investment

Not weird at all, very interesting.

 

[Magpie1969]

Under the Super rules on the ATO website you can only put in up to $27,500 into your super per financial year. That amount includes your employer 10% contribution. My Super fund went up 20% this year. I own 3 investment properties plus house we live in. No mortgages shortly.

 

[TillLindemann]

What's your salary sacrifice limit, out of curiosity?

My plan is and has always been to pay off more than my monthly amount... and when the loan lessens, continue paying more.

I get paid fortnightly and there's an occasional month where 3 pays fall instead of 2... so that's +1 extra payment.

Chipping away nicely albeit slowly but should be done in 20 years. 15 would be nicer but the hustle continues.

Worth looking at refinancing with your broker every so often so you ensure you have the best deal.

Hi mate, it is worth considering switching to weekly, even if you get paid fortnightly. Over the long term it would save a bit of interest.

 

[Demps]

What's your salary sacrifice limit, out of curiosity?

My plan is and has always been to pay off more than my monthly amount... and when the loan lessens, continue paying more.

I get paid fortnightly and there's an occasional month where 3 pays fall instead of 2... so that's +1 extra payment.

Chipping away nicely albeit slowly but should be done in 20 years. 15 would be nicer but the hustle continues.

Worth looking at refinancing with your broker every so often so you ensure you have the best deal.

Hi mate, it is worth considering switching to weekly, even if you get paid fortnightly. Over the long term it would save a bit of interest.

Payment through salary sacrifice...
Can't really change it.

Just throw extra on from the income as well.
Good advice tho.

 

[Magpie1969]

Does anyone invest in Gold at all?

 

[Papacito]

@Magpie1969 - if it were me, I'd stick in something like a gold ETF.

They're easy enough to sell if you need the money and give some protection against inflation.

 

[Devon Head]

What's your salary sacrifice limit, out of curiosity?

My plan is and has always been to pay off more than my monthly amount... and when the loan lessens, continue paying more.

I get paid fortnightly and there's an occasional month where 3 pays fall instead of 2... so that's +1 extra payment.

Chipping away nicely albeit slowly but should be done in 20 years. 15 would be nicer but the hustle continues.

Worth looking at refinancing with your broker every so often so you ensure you have the best deal.

I do the same mate. My repayments over the last yr or so have decreased though I've kept them at the same initial rate which will also allow me to get ahead. Forecasted to have it paid off in 21yrs which is better than the 30 it started out at.

 

[Papacito]

Does anyone invest in Gold at all?

Lol, strange timing. Yes, I have.

ETFs are the easiest way.

 

[TillLindemann]

Does anyone invest in Gold at all?

Yeah I do, via physical bullion and via investing in a couple of gold miners on the ASX

 

[Demps]

What's your salary sacrifice limit, out of curiosity?

My plan is and has always been to pay off more than my monthly amount... and when the loan lessens, continue paying more.

I get paid fortnightly and there's an occasional month where 3 pays fall instead of 2... so that's +1 extra payment.

Chipping away nicely albeit slowly but should be done in 20 years. 15 would be nicer but the hustle continues.

Worth looking at refinancing with your broker every so often so you ensure you have the best deal.

I do the same mate. My repayments over the last yr or so have decreased though I've kept them at the same initial rate which will also allow me to get ahead. Forecasted to have it paid off in 21yrs which is better than the 30 it started out at.

100% man..
Who knows too, if u add a little more on top of what you're already doing, it could become even less.