Personal details
Age: 37
Spouse’s/Partner's age: 37
Number and age of children: 2 Children, 11 and 9
No childcare expenses.
Income and expenditure
Annual gross income from employment or profession: 65k
Annual gross income of spouse: 67k
Monthly take-home pay: 6k every 4 weeks.
Type of employment: Both primary teachers for 16 years. Teaching since 2008. Wife job shared for two years when the kids were young.
In general, are you:
We both save some money monthly but don’t kill ourselves.
Summary of Assets and Liabilities
Family home worth €350k with a €183k mortgage
Me: Savings 75k.
Spouse: 108k
Family home mortgage information
Lender: EBS
Interest rate: 2.75%
If fixed, what is the term remaining of the fixed rate?
Fixed until next February. 22 years left.
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
No other loans
Other savings and investments:
Do you have a pension scheme?
Only have our teacher pension. Would be interested in AVC’s but I think I should pay off the mortgage first?
Other information which might be relevant
Life insurance: Mortgage is in my wife’s name as she owns the house. She has mortgage protection. No other life insurance.
Health Insurance: Kids and wife with VHI.
What specific question do you have or what issues are of concern to you?
Cheers.
Age: 37
Spouse’s/Partner's age: 37
Number and age of children: 2 Children, 11 and 9
No childcare expenses.
Income and expenditure
Annual gross income from employment or profession: 65k
Annual gross income of spouse: 67k
Monthly take-home pay: 6k every 4 weeks.
Type of employment: Both primary teachers for 16 years. Teaching since 2008. Wife job shared for two years when the kids were young.
In general, are you:
We both save some money monthly but don’t kill ourselves.
Summary of Assets and Liabilities
Family home worth €350k with a €183k mortgage
Me: Savings 75k.
Spouse: 108k
Family home mortgage information
Lender: EBS
Interest rate: 2.75%
If fixed, what is the term remaining of the fixed rate?
Fixed until next February. 22 years left.
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
No other loans
Other savings and investments:
Do you have a pension scheme?
Only have our teacher pension. Would be interested in AVC’s but I think I should pay off the mortgage first?
Other information which might be relevant
Life insurance: Mortgage is in my wife’s name as she owns the house. She has mortgage protection. No other life insurance.
Health Insurance: Kids and wife with VHI.
What specific question do you have or what issues are of concern to you?
- We are currently saving with a view to paying off our mortgage before the fixed rate finishes in February. We have our savings in a few different accounts due to the cap in place by credit unions. It is earning very little interest. I decided against overpaying as I was told not to, instead to save the money and pay it off in a lump sum. If anything happened in the meantime, I would have the lump sum to fall back on. If we pay off in full we'll have around 10k of savings left.
- After I pay off the mortgage, I think AVC contributions would be next with any spare earnings? Does this mean I can retire early then? I’m hoping to go the execution only route as the broker fees the likes of Cornmarket charge seem like a lot but need to do a lot more research on it.
- What age can I retire at with full pension? Is it 40 years of teaching?
Cheers.