I have a property valued at $450k, with a $158k interest only mortgage at 3.4% and $158k in an offset a/c. Also $100k sitting in a low interest a/c , i get approx $75 p/mth interest.... i have $30k in super, im currently not working....
Im a widow, and 48yrs.... not recieving any benefits, and no debts, aside from the mortgage.... im hoping to go back to work next year.
My question is with what i have whats the best way to secure my retirement?
Use all my $$ and get a investment property? Put a lump sum onto my super? Wait till i start working again?
There are a million options and things to consider when deciding what you should do from here and a lot of them will hinge on what you are looking to achieve in the short medium and long term, as well as your employment and likely living expenses.
I wouldn't be making any big investment decisions around contributing to superannuation or purchasing a property, until you have secured employment and know what the future will look like.
In the short term, you might be able to find a higher interest rate option for your cash at bank (proving you can maintain access to it), because $75/month on $100k works out to less than 1%.
your options are endless. But you need to sit down with someone who can help you plan the rest of your life. Because you can chase short term objectives but those decisions may significantly affect your life later on. You need to consider all sorts of things:
where do I want to live?
HOW do I intend on paying for this?
how long am I going to keep working?
how am I going to fund my lifestyle next week? nextr year? next decade? etc???
everything is connected Deanne. Find someone who can help you with a decent LONG TERM strategy to work towards that takes into account everything.
and make sure that they have the SKILLS AND QUALIFICATIONS to really help you.......