As I wrote in Start Late, Finish Rich, there are no miracle answers for people who are starting late with a small or non-existent retirement pot. However, it could be even worse if you don’t expect to fully own your home by the time you retire. This is not a pleasant subject which is possibly why I’ve never seen an article on it before. You shouldn’t despair though; the earlier you get around to sorting this out, the better off you should be in your later years.
How you decide to handle this will depend on your savings, the state of your retirement fund, your attitude to risk and, if you already have a property, how much you have left to pay off on your mortgage and over what time. Here are some of my thoughts on the subject….
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