my O H will be 60 shortly and is thinking about retiring . He has been in a public sector for 15 years.
He will get a lump sum of 25k and 3,700 annually. We have 2 rental property's
Property 1 rent is 5,000 k a year
Property 2 rent is 12k a year both property's are mortgage free.
He also has a pension lump sum from a previous employment of 16k
We have cash savings of 130k on deposit not making much really
We own our home no other debts and both drive cars that are fully paid for 10 yrs old
Our children are all living abroad and working.
I am still working and will continue to do so for possibly 5 more years.
I am 53 and have only started to pay into a small pension for myself.
I earn 35k gross and I pay 8k into an Irish Life product it has 25 k in it so far .
I would like to retire at 58 and hope to have added about 50k to my Irish life pension to give me some money until I reach the age for state pension.
We will both qualify for the state pension.
We feel we could live well on 26 k per year.
We would like to pursue other interests and do not want to wait until we are too old.
In relation to our rental income property 1 is new and very rentable but property 2 is a small retail unit in a rural town that has lots of vacant shops and while we have had the same tenant for 14 years they could look else where when the lease is up in January 2017
It has a value of around 100k if you could sell it.
my main question is are we well set up to retire ??
Is there any thing we should put in place now
He will get a lump sum of 25k and 3,700 annually. We have 2 rental property's
Property 1 rent is 5,000 k a year
Property 2 rent is 12k a year both property's are mortgage free.
He also has a pension lump sum from a previous employment of 16k
We have cash savings of 130k on deposit not making much really
We own our home no other debts and both drive cars that are fully paid for 10 yrs old
Our children are all living abroad and working.
I am still working and will continue to do so for possibly 5 more years.
I am 53 and have only started to pay into a small pension for myself.
I earn 35k gross and I pay 8k into an Irish Life product it has 25 k in it so far .
I would like to retire at 58 and hope to have added about 50k to my Irish life pension to give me some money until I reach the age for state pension.
We will both qualify for the state pension.
We feel we could live well on 26 k per year.
We would like to pursue other interests and do not want to wait until we are too old.
In relation to our rental income property 1 is new and very rentable but property 2 is a small retail unit in a rural town that has lots of vacant shops and while we have had the same tenant for 14 years they could look else where when the lease is up in January 2017
It has a value of around 100k if you could sell it.
my main question is are we well set up to retire ??
Is there any thing we should put in place now