anon123456
Registered User
- Messages
- 8
Age: 36
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 105,000 + bonus
Annual gross income of spouse: 83,000
Monthly take-home pay: Approx C.8400
Type of employment: Both Private
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home: €700,000
Amount outstanding on your mortgage: ~€60,000 (overpaying so will be gone by summer 2021)
What interest rate are you paying? 2.3% fixed
Other borrowings – car loans/personal loans etc: None
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: ~€40k
Savings €15k C. 1% interest
Investments C.€ 25k Put €20k across 2 EIIS schemes (should get back €13k In Q1 2020 (confirmed)) and €13k in Q1 2021 (Currently on track) so should be around €25k back after tax (iv already gotten back €6k in tax) all going well
Do you have a pension scheme? Yes, I am putting in 20% Employer 7% (Balance C.€218k), Wifes employer is putting in 15% (Balance €94k)
Do you own any investment or other property? No
Ages of children: 2.5
Life insurance: 4 times salary by employers. Also have income protection from employers 66% of salary, my wife is the same.
What specific question do you have or what issues are of concern to you?
We have been very focused on becoming mortgage-free over the last few years, putting all spare cash into our mortgage and being relatively frugal on our day to day expenses, with the addition of a redundancy payment and some investments that have worked out that’s going to happen next year (yay). So now we are going to have some spare cash for investment.
My wife is hoping to work a little less (4 day week) and spend more time with our little girl. Im estimating I will have around €1800 PM to invest in something (my wife is going to use her extra money for her pension + taking time off).
We may decide to move house down the road for a bit more space, our current house is sufficient really so we haven’t decided and we may have another child in the next couple of years. We are also looking to replace the car in the next 12/24 months (€8-10k Budget) no other planned expenses coming up.
I would like to have the option to retire at 55, but I like what I do so this may or may not happen.
Should I contribute above the tax-free limit into my pension for investment?
Iv ruled out an investment property, due to the hassle of managing it and potentially higher returns in the stock market.
Iv looked at EFT’s but the tax situation is making it a bit of a pain to track. I also don’t want to spend a huge amount of time managing it.
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 105,000 + bonus
Annual gross income of spouse: 83,000
Monthly take-home pay: Approx C.8400
Type of employment: Both Private
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home: €700,000
Amount outstanding on your mortgage: ~€60,000 (overpaying so will be gone by summer 2021)
What interest rate are you paying? 2.3% fixed
Other borrowings – car loans/personal loans etc: None
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: ~€40k
Savings €15k C. 1% interest
Investments C.€ 25k Put €20k across 2 EIIS schemes (should get back €13k In Q1 2020 (confirmed)) and €13k in Q1 2021 (Currently on track) so should be around €25k back after tax (iv already gotten back €6k in tax) all going well
Do you have a pension scheme? Yes, I am putting in 20% Employer 7% (Balance C.€218k), Wifes employer is putting in 15% (Balance €94k)
Do you own any investment or other property? No
Ages of children: 2.5
Life insurance: 4 times salary by employers. Also have income protection from employers 66% of salary, my wife is the same.
What specific question do you have or what issues are of concern to you?
We have been very focused on becoming mortgage-free over the last few years, putting all spare cash into our mortgage and being relatively frugal on our day to day expenses, with the addition of a redundancy payment and some investments that have worked out that’s going to happen next year (yay). So now we are going to have some spare cash for investment.
My wife is hoping to work a little less (4 day week) and spend more time with our little girl. Im estimating I will have around €1800 PM to invest in something (my wife is going to use her extra money for her pension + taking time off).
We may decide to move house down the road for a bit more space, our current house is sufficient really so we haven’t decided and we may have another child in the next couple of years. We are also looking to replace the car in the next 12/24 months (€8-10k Budget) no other planned expenses coming up.
I would like to have the option to retire at 55, but I like what I do so this may or may not happen.
Should I contribute above the tax-free limit into my pension for investment?
Iv ruled out an investment property, due to the hassle of managing it and potentially higher returns in the stock market.
Iv looked at EFT’s but the tax situation is making it a bit of a pain to track. I also don’t want to spend a huge amount of time managing it.