ThirstyLizard
Registered User
- Messages
- 30
Hi all,
I am filling this out on behalf of a member of my family who is looking for advice on how best to manage the remaining years after having retired.
He has some cash saved, and is receiving a pension but he is finding it difficult to make ends meet and looking for options that might help.
Personal details
Age: 70
Spouse’s/Partner's age: N/A
Number and age of children: 2x adult children
Income and expenditure
Annual gross income from employment or profession: €25k / yr (from pension)
Annual gross income of spouse: N/A
Type of employment: Retired
In general are you:
(a) spending more than you earn (Yes - spending is around ~€40k per year, which is ~€15k more than current pension received. Therefore his cash savings are reducing each year.
Summary of Assets and Liabilities
Family home worth €900k with a no mortgage
Cash of €280k
Other borrowings – car loans/personal loans etc
No loans or debt.
Other savings and investments:
Do you have a pension scheme? Yes, it is paying €25k per annum.
What specific question do you have or what issues are of concern to you?
He is concerned about his finances and whether there will be enough to see through remaining years. He lives alone and would ideally like to remain at home with in-home care if it is required in the future. Should care be required in the future he presumes that his cash savings will not be sufficient to sustain this.
The option exists to sell the PPR and relocate to a home of lower value but this is a last-resort which he very much wishes to avoid.
Question - He is wondering if there are any ways that he could put his €280k of savings to better use which would generate a further income for him.
Any suggestions would be greatly appreciated and will certainly be explored!
Thanks to all!
I am filling this out on behalf of a member of my family who is looking for advice on how best to manage the remaining years after having retired.
He has some cash saved, and is receiving a pension but he is finding it difficult to make ends meet and looking for options that might help.
Personal details
Age: 70
Spouse’s/Partner's age: N/A
Number and age of children: 2x adult children
Income and expenditure
Annual gross income from employment or profession: €25k / yr (from pension)
Annual gross income of spouse: N/A
Type of employment: Retired
In general are you:
(a) spending more than you earn (Yes - spending is around ~€40k per year, which is ~€15k more than current pension received. Therefore his cash savings are reducing each year.
Summary of Assets and Liabilities
Family home worth €900k with a no mortgage
Cash of €280k
Other borrowings – car loans/personal loans etc
No loans or debt.
Other savings and investments:
Do you have a pension scheme? Yes, it is paying €25k per annum.
What specific question do you have or what issues are of concern to you?
He is concerned about his finances and whether there will be enough to see through remaining years. He lives alone and would ideally like to remain at home with in-home care if it is required in the future. Should care be required in the future he presumes that his cash savings will not be sufficient to sustain this.
The option exists to sell the PPR and relocate to a home of lower value but this is a last-resort which he very much wishes to avoid.
Question - He is wondering if there are any ways that he could put his €280k of savings to better use which would generate a further income for him.
Any suggestions would be greatly appreciated and will certainly be explored!
Thanks to all!