Hi all
I'd like to be in a position by time I'm 55/56 to be financially comfortable to work part time maybe 6 months a year contracts and interested to hear opinions advice on how to achieve this.
By the way after many years of hassle being a landlord they are now more or less taking care of themselves so really don't want to sell unless I need. I think long term property not bad investment.
Age: 48
Spouse’s/Partner's age: 45
Annual gross income from employment or profession: €110k
Annual gross income of spouse: €0
Monthly take-home pay Approx €5,400
Type of employment: e.g. Civil Servant, self-employed : Multi National
In general are you: probably spending more
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home €400k
Amount outstanding on your mortgage: €250k
What interest rate are you paying?
Tracker mortgage
Other borrowings – car loans/personal loans etc
No car or personal loans
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments: approx €80k
Do you have a pension scheme? Yes two schemes. First from previous job latest value €275k. Second from current job value €30k. Employers and AVC monthly approx €2k
Do you own any investment or other property?
Yes own 2 investment properties. Value of both approx €475k. Mortgages remaining for both approx €450k with another 25 years. Interest rate 4.9 %
Ages of children: 22, 20 and 10. Two oldest in full time college
Life insurance: Yes.
I'd like to be in a position by time I'm 55/56 to be financially comfortable to work part time maybe 6 months a year contracts and interested to hear opinions advice on how to achieve this.
By the way after many years of hassle being a landlord they are now more or less taking care of themselves so really don't want to sell unless I need. I think long term property not bad investment.
Age: 48
Spouse’s/Partner's age: 45
Annual gross income from employment or profession: €110k
Annual gross income of spouse: €0
Monthly take-home pay Approx €5,400
Type of employment: e.g. Civil Servant, self-employed : Multi National
In general are you: probably spending more
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home €400k
Amount outstanding on your mortgage: €250k
What interest rate are you paying?
Tracker mortgage
Other borrowings – car loans/personal loans etc
No car or personal loans
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments: approx €80k
Do you have a pension scheme? Yes two schemes. First from previous job latest value €275k. Second from current job value €30k. Employers and AVC monthly approx €2k
Do you own any investment or other property?
Yes own 2 investment properties. Value of both approx €475k. Mortgages remaining for both approx €450k with another 25 years. Interest rate 4.9 %
Ages of children: 22, 20 and 10. Two oldest in full time college
Life insurance: Yes.