Personal details
Age: 51
Spouse's age: 51
Number and age of children: 14, 14, 11
Income and expenditure
Annual gross income from employment or profession: 167K + 35% bonus
Annual gross income of spouse/partner: 103K
Monthly take-home pay: Combined 12,300 monthly (after max pension/AVC up to 115K each)
Type of employment - e.g. Employee or self-employed. : both PAYE
In general are you:
(b) saving? Saving around 70K per annum for the past 3 years
Summary of Assets and Liabilities
Family home value: 900K
Mortgage on family home: 0
Cash: 270K (earmarked for an extension and home improvements this year due to start shortly)
Company shares : 200K (in the company I work at, I plan to leave these in place for another 8+ years unless the company is acquired)
Other borrowings – car loans/personal loans etc : none
Do you pay off your full credit card balance each month? Yes
Pension information
Value of pension fund: 400K (mine) + 300K (spouses) + spouse qualifies for UK pension after buying back years recently (thanks to another AskAboutMoney post). Not planning to draw from private pensions until we are minimum 66yrs old.
What specific question do you have or what issues are of concern to you?
We both want to retire from our full time careers in 7 years time. The youngest will have completed secondary school and the older 2 will be almost through college. We live in Dublin so kids will ideally go to college and live in the family home. The plan from September 2024 - June 2031 is to save 70K each year with a pot of 490K cash (?) at the end. That will fund our first 10 years of retirement allowing us to spend 49K per year (which I think is more than we will need). By then we will be 68 years old and will be collecting the state pension plus whatever our private pension allows us, I estimate roughly 48K annually in total between the two of us. My parents are in their late 80s and will leave the family home to me and my siblings which is potentially around 200-300K inheritance for me, but not counting on that as who knows what care they will need in the coming years, they are plodding along, no major health issues but you don't know what is around the corner.
What could/should we do with a savings pot growing by 70K annually before hitting 58? I am loath to buy a property. I don't want the hassle. We both want to be free to do whatever we want when we want after a lifetime of working in careers that are all consuming and demanding. Could we reduce it to 6 years instead of waiting 7? Thoughts?
Age: 51
Spouse's age: 51
Number and age of children: 14, 14, 11
Income and expenditure
Annual gross income from employment or profession: 167K + 35% bonus
Annual gross income of spouse/partner: 103K
Monthly take-home pay: Combined 12,300 monthly (after max pension/AVC up to 115K each)
Type of employment - e.g. Employee or self-employed. : both PAYE
In general are you:
(b) saving? Saving around 70K per annum for the past 3 years
Summary of Assets and Liabilities
Family home value: 900K
Mortgage on family home: 0
Cash: 270K (earmarked for an extension and home improvements this year due to start shortly)
Company shares : 200K (in the company I work at, I plan to leave these in place for another 8+ years unless the company is acquired)
Other borrowings – car loans/personal loans etc : none
Do you pay off your full credit card balance each month? Yes
Pension information
Value of pension fund: 400K (mine) + 300K (spouses) + spouse qualifies for UK pension after buying back years recently (thanks to another AskAboutMoney post). Not planning to draw from private pensions until we are minimum 66yrs old.
What specific question do you have or what issues are of concern to you?
We both want to retire from our full time careers in 7 years time. The youngest will have completed secondary school and the older 2 will be almost through college. We live in Dublin so kids will ideally go to college and live in the family home. The plan from September 2024 - June 2031 is to save 70K each year with a pot of 490K cash (?) at the end. That will fund our first 10 years of retirement allowing us to spend 49K per year (which I think is more than we will need). By then we will be 68 years old and will be collecting the state pension plus whatever our private pension allows us, I estimate roughly 48K annually in total between the two of us. My parents are in their late 80s and will leave the family home to me and my siblings which is potentially around 200-300K inheritance for me, but not counting on that as who knows what care they will need in the coming years, they are plodding along, no major health issues but you don't know what is around the corner.
What could/should we do with a savings pot growing by 70K annually before hitting 58? I am loath to buy a property. I don't want the hassle. We both want to be free to do whatever we want when we want after a lifetime of working in careers that are all consuming and demanding. Could we reduce it to 6 years instead of waiting 7? Thoughts?