Skellinton
Registered User
- Messages
- 9
Personal details
Age: 56 (turn 57 at the end of this month)
Spouse’s/Partner's age: 57
Number and age of children: 2 - 28 and 22 both living at home. 22 year old is in final year of uni.
Income and expenditure
Annual gross income from employment or profession: Basic 72k, OTE 102k (could also earn up to another 15k depending on performance)
Annual gross income of spouse: 35k - started a new permanent job in Jan.
Monthly take-home pay: Approx 6.5k after pension and employee share purchase deductions
Type of employment: e.g. Civil Servant, self-employed - both private sector
In general, are you:
(a) spending more than you earn, or
(b) saving? Saving
Summary of Assets and Liabilities
Family Home: Value approx €630k, ECB +1%, approx €18k remaining.
Cash: approx €65k
Company shares: €10k
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes - rarely use.
Car loan - paying €250 per month, will be paid off in August.
Other savings and investments:
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: both of us have death in service benefit - me 4 times salary, partner 3 times.
Inheritance - I should be receiving an inheritance of approx €230 - €250k in the next few months once house is sold and probate completed.
My partners' mother has told us that she will be bypassing her children and leaving her estate to her 5 grandchildren.
What specific question do you have or what issues are of concern to you?
My partner and I have been together for over 30 years but never got married. However, and who said romance is dead, for tax purposes we will probably tie the knot later this year or in 2023. It will be an extremely small affair so we won't be spending that much on it.
Ideally, we would both like to retire in our early 60s, sell the house and either move down the country or overseas and still be left with a decent lump sum.
I suppose my main concern is around pensions. For years I was self-employed and always put pension planning on the long finger. My business went to the wall in the last financial crisis and it took me a while to pay off Revenue and other debts so I didn't have any spare cash for a long time. I only started my pension when I took my current job six years ago.
My employer contributes 8% of basic salary and I contribute another 8% (2% contribution + 6% ACV).
At the moment my pension pot is only about €51k with an estimated future value of €151k. My pension is with Aon and is split 38.50% in their Global Equity Strategy fund and 61.50% in the Diversified Growth Strategy fund. I have no idea if these are any good or suitable for someone my age.
My partner was temping for a couple of years so has made no contributions to her pension for a while but the last time we checked (about 3 years ago) it was worth €200k. She also has a small pension from her time in the UK (value approx £14k).
We had a few very tight years during and after my business failed but are now back in a position where we are doing OK
Once I have my parent's house sold we will make an appointment with an independent financial advisor but for now, any thoughts/ideas would be very much appreciated.
Thank you!
Age: 56 (turn 57 at the end of this month)
Spouse’s/Partner's age: 57
Number and age of children: 2 - 28 and 22 both living at home. 22 year old is in final year of uni.
Income and expenditure
Annual gross income from employment or profession: Basic 72k, OTE 102k (could also earn up to another 15k depending on performance)
Annual gross income of spouse: 35k - started a new permanent job in Jan.
Monthly take-home pay: Approx 6.5k after pension and employee share purchase deductions
Type of employment: e.g. Civil Servant, self-employed - both private sector
In general, are you:
(a) spending more than you earn, or
(b) saving? Saving
Summary of Assets and Liabilities
Family Home: Value approx €630k, ECB +1%, approx €18k remaining.
Cash: approx €65k
Company shares: €10k
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes - rarely use.
Car loan - paying €250 per month, will be paid off in August.
Other savings and investments:
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: both of us have death in service benefit - me 4 times salary, partner 3 times.
Inheritance - I should be receiving an inheritance of approx €230 - €250k in the next few months once house is sold and probate completed.
My partners' mother has told us that she will be bypassing her children and leaving her estate to her 5 grandchildren.
What specific question do you have or what issues are of concern to you?
My partner and I have been together for over 30 years but never got married. However, and who said romance is dead, for tax purposes we will probably tie the knot later this year or in 2023. It will be an extremely small affair so we won't be spending that much on it.
Ideally, we would both like to retire in our early 60s, sell the house and either move down the country or overseas and still be left with a decent lump sum.
I suppose my main concern is around pensions. For years I was self-employed and always put pension planning on the long finger. My business went to the wall in the last financial crisis and it took me a while to pay off Revenue and other debts so I didn't have any spare cash for a long time. I only started my pension when I took my current job six years ago.
My employer contributes 8% of basic salary and I contribute another 8% (2% contribution + 6% ACV).
At the moment my pension pot is only about €51k with an estimated future value of €151k. My pension is with Aon and is split 38.50% in their Global Equity Strategy fund and 61.50% in the Diversified Growth Strategy fund. I have no idea if these are any good or suitable for someone my age.
My partner was temping for a couple of years so has made no contributions to her pension for a while but the last time we checked (about 3 years ago) it was worth €200k. She also has a small pension from her time in the UK (value approx £14k).
We had a few very tight years during and after my business failed but are now back in a position where we are doing OK
Once I have my parent's house sold we will make an appointment with an independent financial advisor but for now, any thoughts/ideas would be very much appreciated.
Thank you!