Im currently 51 years old. My mortgage will be repain in full by my 59th birthday. At that point I will have circa £700 spare cash each month between age 59 and 65 when I retire. I want to understand if this cash should go into my pension or should I put it in any other type type of investment.
I currently have enough cash sitting to cover six months of bills.
I currently have a defined contribution pension to which I am paying in £600 per month including the maxed out employer contribution. Aged 65, the projected value on an average return is £350k. I plan to take some of this sum out tax free to see me through to state pension age at 67.