Personal details
Age: 37
Spouse’s/Partner's age: 38
Number and age of children: 0
Income and expenditure
Annual gross income from employment or profession: €63k
Annual gross income of spouse: €70k
Monthly take-home pay €3,000
Type of employment: e.g. Civil Servant, self-employed Semi State
In general are you: b
(a) spending more than you earn, or
(b) saving?
Summary of Assets and Liabilities
Family home worth €450k with a €260k mortgage
Cash of €40k
Defined Contribution pension fund: €60k
Family home mortgage information
KBC
2.4%
5 Year Fixed. 4.5 years left
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Other savings and investments:
Do you have a pension scheme? Yes
Do you own any investment or other property? No
What specific question do you have or what issues are of concern to you?
I have a bit of spare cash (around 40k) and maybe about €350 a month that I currently save (and don't need for any future bills etc) that I want to start doing something with. We bought a house and got married in the last year so lots of changes...
I think I want to keep about €20k as an emergency fund so really €20k to play with. Options are either pay off some of my mortgage, we can pay €26k within the next 5 years without a penalty or make a lump sum contribution to my pension and up my contribution from 8% to closer to 20%. My work also contribute 12%.
Pension current value of around 60k, future of around 540k but I feel that might be a bit lo if I want to retire early. Currently our mortgage runs to age 61 and I would like to get that don at some stage.
I also have some interest in investing but don't seems like mortgage and pension should be priority.
My thought is the money would be best used in my pension given the relatively low interest rate I'm on and being in the higher tax bracket. That I should try and get as close as I can to the 20%. I have the potential for some extra money and if that happens I could put it to mortgage. Although its tempting to put it on the mortgage as the outcome is guaranteed savings / time.
Am I missing anything?
If I do go down the pension rout are AVC always the way to go? I don't know much about the fees in my work pension. Its with AON.
Age: 37
Spouse’s/Partner's age: 38
Number and age of children: 0
Income and expenditure
Annual gross income from employment or profession: €63k
Annual gross income of spouse: €70k
Monthly take-home pay €3,000
Type of employment: e.g. Civil Servant, self-employed Semi State
In general are you: b
(a) spending more than you earn, or
(b) saving?
Summary of Assets and Liabilities
Family home worth €450k with a €260k mortgage
Cash of €40k
Defined Contribution pension fund: €60k
Family home mortgage information
KBC
2.4%
5 Year Fixed. 4.5 years left
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Other savings and investments:
Do you have a pension scheme? Yes
Do you own any investment or other property? No
What specific question do you have or what issues are of concern to you?
I have a bit of spare cash (around 40k) and maybe about €350 a month that I currently save (and don't need for any future bills etc) that I want to start doing something with. We bought a house and got married in the last year so lots of changes...
I think I want to keep about €20k as an emergency fund so really €20k to play with. Options are either pay off some of my mortgage, we can pay €26k within the next 5 years without a penalty or make a lump sum contribution to my pension and up my contribution from 8% to closer to 20%. My work also contribute 12%.
Pension current value of around 60k, future of around 540k but I feel that might be a bit lo if I want to retire early. Currently our mortgage runs to age 61 and I would like to get that don at some stage.
I also have some interest in investing but don't seems like mortgage and pension should be priority.
My thought is the money would be best used in my pension given the relatively low interest rate I'm on and being in the higher tax bracket. That I should try and get as close as I can to the 20%. I have the potential for some extra money and if that happens I could put it to mortgage. Although its tempting to put it on the mortgage as the outcome is guaranteed savings / time.
Am I missing anything?
If I do go down the pension rout are AVC always the way to go? I don't know much about the fees in my work pension. Its with AON.