支払う／賃金 off the mortgage or 追加する to a 年金?

By Philip Scott
Updated:

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（疑いを）晴らすing the mortgage and a healthy 退職 マリファナ are two of the most ありふれた 財政上の goals, but if you get a lump sum should you 支払う／賃金 off your home or put it in a 年金? This is Money's 年金s and 投資するing writer Philip Scott 調査／捜査するs...

Weighing up your mortgage

Mortgage vs. 年金: 支払う／賃金ing lump sums into your 退職 マリファナ could make better 財政上の sense

ありふれた sense dictates that there is no point in saving until 負債s are （疑いを）晴らすd, 特に when it comes to money 借りがあるd on credit cards and personal 貸付金s.

But when it comes to saving for 退職, it would seem futile to wait 25 years until your mortgage is paid off, before you start saving into a 年金.

But here's a thought ? if you come into a lump sum of cash, say 経由で an 年次の 特別手当, in the long run are you better off using it to 支払う／賃金 off your mortgage or 投資するing it into your 年金?

The gut reaction from most 供給するd they don't ーするつもりである to splurge, or more sensibly use it to 支払う／賃金 off other 負債s, is to probably 取り組む the home 貸付金. But 研究 shows that you could be financially better off putting the money に向かって your 退職 マリファナ instead.

For example a lump sum £1,000 投資するd in a 年金 returns £548 more than the same 量 支払う／賃金ing off a 6% 利益／興味 率 mortgage.

Tom McPhail, 年金s 専門家 at Hargreaves Lansdown, an 独立した・無所属 財政上の 助言者, says: 'This 手段 runs contrary to natural instincts ? to 支払う／賃金 off 負債, as 急速な／放蕩な as possible.

'You of course still need suitable 手はず／準備 to make sure you can 支払う／賃金 off you mortgage but if you do have some extra cash you could be better off putting it into your 年金.'

However, the 戦略 of 与える／捧げるing to your 年金 instead of 支払う／賃金ing 負かす／撃墜する your mortgage should only be considered if you have a 相当な level of 公正，普通株主権 in your 所有物／資産／財産, ーするために 供給する a 衝撃を和らげるもの against price 落ちるs.

There are two factors which 原因（となる） a 年金 to outperform mortgage 貯金 ? すなわち 税金 救済 and インフレーション.

Each £1,000 投資するd in a 年金 has £250 basic 率 税金 救済 追加するd to it and higher 率 taxpayers can also （人命などを）奪う，主張する up to a その上の £250 支援する through their 税金 return.

その上に, a mortgage is a 直す／買収する，八百長をするd 支払い（額）, therefore over time both the 利益／興味 支払い（額）s and the final 資本／首都 返済 落ちる in value in real 条件 ? as a result of inflationary 腐食. 一方／合間 a 年金 投資 should experience 基金 growth, その為に offsetting the 影響s of インフレーション.

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The lower the 利益／興味 率 you are 支払う／賃金ing, the いっそう少なく 利益／興味 you will save by 支払う／賃金ing 支援する some of your mortgage. If you had a mortgage with an 利益／興味 率 of 6%, the total value ーに関して／ーの点でs of the lump sum paid off and 利益／興味 saved over 25 years of overpaying £1,000 would be £1,568, assuming インフレーション of 3%.

But had you paid that sum into a 年金 with 年次の 普通の／平均（する） growth of 6%, after 25 years it would be 価値（がある） £2,116 for basic 率 taxpayers, assuming the same インフレーション. For higher 率 taxpayers the 投資 would be 価値（がある） £2,366. This leaves the basic 率 taxpayer who had 投資するd in the 年金 £548 better off and the higher 率 taxpayer £798 better off.

A basic 率 payer would need to be 支払う／賃金ing more than 9% 利益／興味 and a higher 率 taxpayer, more than 10.5% - to make the home 貸付金 支払い（額） a superior 財政上の bet.

If your mortgage 率 was 5%, a £1,000 支払い（額） after 25 years would be 価値（がある） £1,389 off the 貸付金 but the same 量 into a 年金 would be 価値（がある） £727 more (£2,116) for lower 率 payers and £977 more for higher 率 payers (£2,336) - the 底（に届く） line 存在, the cheaper the 負債, the いっそう少なく it 支払う／賃金s to 減ずる it.

Under 現在の 条件s it may make sense to 投資する rather than 支払う／賃金 off mortgage 負債, but if 利益／興味 率s rise 意味ありげに in the 未来 then you will lose the 利益. Depending on the 利益／興味 率 you are 支払う／賃金ing on your mortgage there is a 確かな 投資 return your 年金 must make to （警官の）巡回区域，受持ち区域 it, dubbed a '障害物 率'.

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So if your mortgage 利益／興味 率 is 6%, the basic 率 taxpayer needs to be reaching at least 4.2% 普通の／平均（する） 年次の 投資 returns, while the higher 率 taxpayers need his 投資 to 達成する a 年一回の 普通の／平均（する） of just 2.6%.

Of course past 業績／成果 is no 保証（人） of 未来 returns, but the above 投資 growth 仮定／引き受けることs appear fair. によれば the Barclays 2008 公正，普通株主権 Gilt 熟考する／考慮する, over the past 20 years 株式市場s have returned 6.7% on 普通の／平均（する） per year above インフレーション, and 年次の 管理／経営 料金s are typically circa 1.5%, so you might reasonably 推定する／予想する a 年金 to comfortably 達成する the above 障害物 率s.

In 新規加入, the longer the 投資 horizon the better the 年金 pans out because it has more time to grow and the mortgage 負債 is also その上の eroded by インフレーション over time. For example a lump sum £1,000 paid into a 6% mortgage, over 10 years means a £1,294 削減 in the 貸付金 but a £1,376 年金 value. Over 25 years this rises to £1,568 and £2,116 それぞれ.

We assume in all 事例／患者s the 投資家 is a basic 率 taxpayer in 退職. ーするために be a higher 率 taxpayer in 2008/09 you would need to be receiving an income of above £41,435. In this event, £1,000 投資するd in your 年金 would return £1,993.

This 手段 may make good sense if you are a buy-to-let 投資家 because your mortgage 支払い（額）s can 現実に be used to 相殺する the 税金 on 賃貸しの 利益（をあげる）s. Many mortgage providers also 告発（する），告訴（する）／料金 you for 返すing your mortgage 早期に above a 確かな level, which would 減ずる the return you get from doing so.

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There are, however, a number of 推論する／理由s why you wouldn't put the cash in to your 年金, even though the 年金 伸び（る）s are, in most 事例／患者s, going to finish ahead of the mortgage 返済s.

As already について言及するd, having a decent 量 of 公正，普通株主権 in your 所有物／資産／財産 is a 必要条件. But in 新規加入 if you 減ずる your home 貸付金 and lower your 貸付金-to-value ration, you are more likely to receive a more 競争の激しい 率 of 利益／興味 when you come to re-mortgage. A 0.25% 削減（する） from 6% to 5.75% would mean that over 25 years, £1,000 paid off your mortgage w ould save you £9,594, of which £9,102 would be an 利益／興味 saving.

Overpaying a mortgage can also bring earlier returns. 年金 基金s cannot be 接近d until age 50 (55 from 2010), and then 75% of the value must 最終的に be turned into an income. When you 支払う／賃金 負かす／撃墜する a mortgage the 利益／興味 saving starts almost すぐに and value of the 資本／首都 返済 is realised at the end of the 称する，呼ぶ／期間／用語.

Some individuals may already have 十分な 年金 準備／条項, perhaps from final salary 計画／陰謀s or through generous 雇用者 出資／貢献s so 付加 出資／貢献s maybe 不適切な if it 軽く押す／注意を引くs 投資家s into the higher 率 税金 bracket, or if it puts them in danger of 越えるing the Lifetime Allowance, presently £1.65m.

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