Savings... in this economy?
Even if you have savings, the amount of interest you get on £9,000 at the moment is a no more than a few pounds a year... I should know... that's all I got. If you want to lock your savings up in an account you can't access without severe penalties... then it's not really savings.. but at least you've get a few extra pounds on top of the measly few you get in a regular savings account.
Just after the crash of 08, I was able to invest 15k in a guaranteed fund... the guarantee being that I would not get back a penny less than 15k, but had to leave it in for 5yrs
Because of the crappy markets, there was almost no chance of it doing poorly, everything was already at rock bottom... and after 5yrs that 15k became a little over 20k... Enough to clear the last of the mortgage.
Those kinds of investment accounts don't exist any more... you're just as likely to lose as gain.
But being mortgage free in your early 40's is a revelation... I gave up full time work and now consider myself semi retired. I earn enough to pay the bills, put food on the table and occasionally do up a room in the house. It means that I no longer purchase new cars or buy the expensive end of gadgets and boys toys. my cars are 5yrs old but immaculate, my gadgets and toys are more midrange than high end... But I'm happier and free than at any other point in my life and can enjoy it rather than sitting around moaning about having no money and wishing retirement would come sooner when I'm unable to enjoy it properly.
I'm not wealthy, I'm not considered too comfortable... but I am content... and I wouldn't have it any other way now. In 10 years I will retire properly in my mid 50's, sell my house and move further North to the country side where I can buy a nice little 2/3 bed cottage or bungalow for myself and a couple of 1 or 2 bed apartments to rent out for extra income... either with tenants or as holiday lets if I get the right area.... I'm already looking at prices in North Wales, around Snowdonia national park and Anglesey.