Personal details
Age: 55
Spouse's age: n/a
Partner's age if not married:
Number and age of children: 2, ages 17 and 16
Income and expenditure
Annual gross income from employment or profession: 104k
Annual gross income of spouse/partner: n/a
Monthly take-home pay: 6300
Type of employment - e.g. Employee or self-employed. Employee
Employer type: e.g. public servant, private company. Private co.
In general are you: On average, breaking even
(a) spending more than you earn, or
(b) saving?
Summary of Assets and Liabilities
Family home value: 900k
Mortgage on family home: 285k
Net equity: 615k
Cash: 10k
Defined Contribution pension fund: New employer/ pension, about a year old, 15k in and contributing 15% of salary monthly
Company shares: No
Buy to Let Property value: No
Buy to let Mortgage: No
Total net assets: 640k
Family home mortgage information
Lender AIB
Interest rate 2.2%
Type of interest rate: tracker, variable, fixed. Fixed
If fixed, what is the term remaining of the fixed rate? 3 yrs
If tracker, what is the margin e.g. ECB + 1%
Remaining term: (Original term is not relevant) 11 yrs
Monthly repayment: 2430
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card?
Pension information
Value of pension fund: 450k in Matrix ARF with Zurich
Buy to let properties
No
Value:
Rental income per year:
Rough annual expenses other than mortgage interest :
Lender
Interest rate
If fixed, what is the term remaining of the fixed rate?
Other savings and investments:
None
Other information which might be relevant
Life insurance: Death in service 4 x salary
Car worth 14k, no debt on this
Receive DCA for 1 child and other child receives disability allowance
Both continue to receive child benefit
2 x incapacitated child tax free allowances
What specific question do you have or what issues are of concern to you?
Single parent, work full time. I have 2 teens with additional needs. In recent years this has become increasingly unmanageable in terms of time demands and mental load. I would very much like to go part time, or to resign, but I can't see how I can make this work with the mortgage as high as it is.
I would be entitled to carers benefit for 2 years, assuming my work would sign this off, with guaranteed return to work.
I would also be entitled to carers allowance and any other associated benefits if my employer did not approve carers leave.
Other than selling the house and downsizing (would still need a 3 bed in Dublin, not cheap!), is there any way for me to step back from full time work, perhaps using some of my pension, doing part time work, and claiming social welfare? I can't seem to make the maths work.
I feel like I'm stuck between a rock and a hard place and if I keep going the way I have been, may end up in a psych ward!
Thanks for any advice.
Age: 55
Spouse's age: n/a
Partner's age if not married:
Number and age of children: 2, ages 17 and 16
Income and expenditure
Annual gross income from employment or profession: 104k
Annual gross income of spouse/partner: n/a
Monthly take-home pay: 6300
Type of employment - e.g. Employee or self-employed. Employee
Employer type: e.g. public servant, private company. Private co.
In general are you: On average, breaking even
(a) spending more than you earn, or
(b) saving?
Summary of Assets and Liabilities
Family home value: 900k
Mortgage on family home: 285k
Net equity: 615k
Cash: 10k
Defined Contribution pension fund: New employer/ pension, about a year old, 15k in and contributing 15% of salary monthly
Company shares: No
Buy to Let Property value: No
Buy to let Mortgage: No
Total net assets: 640k
Family home mortgage information
Lender AIB
Interest rate 2.2%
Type of interest rate: tracker, variable, fixed. Fixed
If fixed, what is the term remaining of the fixed rate? 3 yrs
If tracker, what is the margin e.g. ECB + 1%
Remaining term: (Original term is not relevant) 11 yrs
Monthly repayment: 2430
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card?
Pension information
Value of pension fund: 450k in Matrix ARF with Zurich
Buy to let properties
No
Value:
Rental income per year:
Rough annual expenses other than mortgage interest :
Lender
Interest rate
If fixed, what is the term remaining of the fixed rate?
Other savings and investments:
None
Other information which might be relevant
Life insurance: Death in service 4 x salary
Car worth 14k, no debt on this
Receive DCA for 1 child and other child receives disability allowance
Both continue to receive child benefit
2 x incapacitated child tax free allowances
What specific question do you have or what issues are of concern to you?
Single parent, work full time. I have 2 teens with additional needs. In recent years this has become increasingly unmanageable in terms of time demands and mental load. I would very much like to go part time, or to resign, but I can't see how I can make this work with the mortgage as high as it is.
I would be entitled to carers benefit for 2 years, assuming my work would sign this off, with guaranteed return to work.
I would also be entitled to carers allowance and any other associated benefits if my employer did not approve carers leave.
Other than selling the house and downsizing (would still need a 3 bed in Dublin, not cheap!), is there any way for me to step back from full time work, perhaps using some of my pension, doing part time work, and claiming social welfare? I can't seem to make the maths work.
I feel like I'm stuck between a rock and a hard place and if I keep going the way I have been, may end up in a psych ward!
Thanks for any advice.