Personal details
Long term lurker and learner finally brave enough to post!
Age: Mid 40s
Spouse's age: Mid 40s
Number and age of children: 2, age 11 and 12
Income and expenditure
Annual household gross income from employment : €120,000 plus €15k bonus plus €17k rental income
Monthly take-home pay: €7,700
Type of employment - Spouse Employee and I'm self-employed.
Employer type: private company.
In general are you:
(a) spending more than you earn, or saving?
Saving 1,500 per month in various products
Summary of Assets and Liabilities
Family home value: €325,000
Mortgage on family home: €90,000
Net equity: €235,000
Cash: €67,000 in savings
Defined Contribution pension fund: €120,000
Company shares : €2,000
Buy to Let Property value: €350,000
Buy to let Mortgage:€120,000
Family home mortgage information
Lender BOI
Interest rate 3.3%
Type of interest rate:10 year fixed
If fixed, what is the term remaining of the fixed rate? 9 years
Remaining term: 20
Monthly repayment: €690 - 10% over payment and 2 annual breaks built in for Christmas and summer
Other borrowings – car loans/personal loans, credit card etc: No
Pension information
Spouse for both of us: Value of pension fund: €120,000,
€105,000 in Irish life Multi Asset Portfolio 6 Series G
€15,000 in Zurich Prisma 5- Investing ee €600/er €300 monthly
I have no pension
Buy to let properties
Value: €350,000
Net equity: €230,000
Rental income per year: €17,000
Rough annual expenses other than mortgage interest : €13,200 mortgage payments
Lender: BOI
Interest rate 3.3% fixed for next 20 years
If fixed, what is the term remaining of the fixed rate? 9
Other savings and investments:
CU: €5000
CU save €220 per month for annual Christmas pot
EBS ChoiceSaver - Irish life Investment product -€890- monthly children's allowance €240 goes in directly for long term saving for kids college
EBS Family Saver 1.25% €12,300- where should we put this?
EBS Moneymanger 0%- €2,300- where should we put this?
Bank of Ireland Super Saver- 3% - 200 per month for annual summer holiday pot
Zurich Prisma 5 - €47,500- €560 per month for ???
An post 10 year solidarity bonds are maturing every month €260- €9000 (approx 12month x3 years) left to mature with decreasing interest amounts
Revolut- use pockets to save for short term items like car tax, insurance, mini breaks ,etc.
Looking into setting up trade republic account for short term saving - 4% int rate current account and interested in dipping my toes into trading
Other information which might be relevant
Life insurance: Mortgage cover on both properties with Irish life, Joint life assurance with Allianz for €150,000 I think
Modest car , prob need to upgrade in 2 years
Bad habits ;-) 15,000+ a year on hols and 5,000 a year on eating out
What specific question do you have or what issues are of concern to you?
Hit me with your suggestions.
I can't make head or tail of my own strategy so need your guidance
Retirement:
Should I put our investment home into some clever pension thing?
Where do I start with a self employed pension- I am a director of my ltd company - or should I bother and just fund spouses er pension (I'm on lower rate of tax)?
Are the pension fund choices advisable? Should I try to move the Irish life to better performing Zurich?
Should we sell investment property? 20 years old will start being a drain?
Would both like retire at 60 max so 15 years..
Savings
The savings - too diversified? any advice for a better plan/vehicle for short /medium and long term
Should we pull out the 10 year bonds early to get better return elsewhere?
Anything glaringly obvious that we need to change or are doing wrong?
Thanks financial folk!
Long term lurker and learner finally brave enough to post!
Age: Mid 40s
Spouse's age: Mid 40s
Number and age of children: 2, age 11 and 12
Income and expenditure
Annual household gross income from employment : €120,000 plus €15k bonus plus €17k rental income
Monthly take-home pay: €7,700
Type of employment - Spouse Employee and I'm self-employed.
Employer type: private company.
In general are you:
(a) spending more than you earn, or saving?
Saving 1,500 per month in various products
Summary of Assets and Liabilities
Family home value: €325,000
Mortgage on family home: €90,000
Net equity: €235,000
Cash: €67,000 in savings
Defined Contribution pension fund: €120,000
Company shares : €2,000
Buy to Let Property value: €350,000
Buy to let Mortgage:€120,000
Family home mortgage information
Lender BOI
Interest rate 3.3%
Type of interest rate:10 year fixed
If fixed, what is the term remaining of the fixed rate? 9 years
Remaining term: 20
Monthly repayment: €690 - 10% over payment and 2 annual breaks built in for Christmas and summer
Other borrowings – car loans/personal loans, credit card etc: No
Pension information
Spouse for both of us: Value of pension fund: €120,000,
€105,000 in Irish life Multi Asset Portfolio 6 Series G
€15,000 in Zurich Prisma 5- Investing ee €600/er €300 monthly
I have no pension
Buy to let properties
Value: €350,000
Net equity: €230,000
Rental income per year: €17,000
Rough annual expenses other than mortgage interest : €13,200 mortgage payments
Lender: BOI
Interest rate 3.3% fixed for next 20 years
If fixed, what is the term remaining of the fixed rate? 9
Other savings and investments:
CU: €5000
CU save €220 per month for annual Christmas pot
EBS ChoiceSaver - Irish life Investment product -€890- monthly children's allowance €240 goes in directly for long term saving for kids college
EBS Family Saver 1.25% €12,300- where should we put this?
EBS Moneymanger 0%- €2,300- where should we put this?
Bank of Ireland Super Saver- 3% - 200 per month for annual summer holiday pot
Zurich Prisma 5 - €47,500- €560 per month for ???
An post 10 year solidarity bonds are maturing every month €260- €9000 (approx 12month x3 years) left to mature with decreasing interest amounts
Revolut- use pockets to save for short term items like car tax, insurance, mini breaks ,etc.
Looking into setting up trade republic account for short term saving - 4% int rate current account and interested in dipping my toes into trading
Other information which might be relevant
Life insurance: Mortgage cover on both properties with Irish life, Joint life assurance with Allianz for €150,000 I think
Modest car , prob need to upgrade in 2 years
Bad habits ;-) 15,000+ a year on hols and 5,000 a year on eating out
What specific question do you have or what issues are of concern to you?
Hit me with your suggestions.
I can't make head or tail of my own strategy so need your guidance
Retirement:
Should I put our investment home into some clever pension thing?
Where do I start with a self employed pension- I am a director of my ltd company - or should I bother and just fund spouses er pension (I'm on lower rate of tax)?
Are the pension fund choices advisable? Should I try to move the Irish life to better performing Zurich?
Should we sell investment property? 20 years old will start being a drain?
Would both like retire at 60 max so 15 years..
Savings
The savings - too diversified? any advice for a better plan/vehicle for short /medium and long term
Should we pull out the 10 year bonds early to get better return elsewhere?
Anything glaringly obvious that we need to change or are doing wrong?
Thanks financial folk!
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