Moneymakeover 41 year old, married with new baby, self-build on the horizon, potential spouse redundancy - sense check appreciated

E

E46-Munster

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Long-time lurker, first time posting. Tried to be as detailed as possible using the recommended template. Thanks in advance!


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PERSONAL DETAILS

Age: 41
Spouse's age: 36
Children: One, born early 2026

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INCOME AND EXPENDITURE

My gross annual income: €98,500 base (sales role, large multinational). A further ~€60,000 variable/commission projected for 2026, not relied upon for fixed household spend.

Spouse gross annual income: €112,000

Monthly take-home pay:
- Mine (base only): ~€5,200 net
- Mine (blended with variable): ~€8,100 net when commission is flowing
- Spouse: ~€5,490 net

Type of employment: Both employees, both private sector multinationals

Saving or spending? Saving. Monthly surplus on base income alone is approximately €1,450 after all household expenditure. Variable income is
deployed into savings and investments rather than lifestyle.

Important note: Spouse is currently facing a potential redundancy. Approximately 4 years' service - statutory entitlement ~9 weeks' pay, though
US tech employers in Ireland typically pay enhanced packages above statutory. If it proceeds it affects household income, her pension contributions, and
our self-build timing.

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SUMMARY OF ASSETS AND LIABILITIES

- Family home value: ~€450,000
- Mortgage outstanding: ~€195,000
- Net equity: ~€255,000
- Cash (total): ~€96,800 (breakdown in cash section below)
- My DC pension: ~€162,000
- Spouse DC pension: ~€72,000
- RSUs/shares (mine): ~€219,000 (detail below)
- RSUs (spouse): Small tranche, vesting schedule not yet fully mapped
- Buy to let: None
- Other investments: ~€46,000 (detail below)

Estimated total net assets: ~€800,000 excluding lifestyle assets and
spouse RSUs

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FAMILY HOME MORTGAGE

- Lender: AIB
- Interest rate: 2.15%
- Type: Fixed until April 2027
- Remaining term: To February 2046
- Monthly repayment: €1,347 (includes €200 voluntary overpayment
above contractual amount)

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OTHER BORROWINGS

None whatsoever. Zero car loans, zero personal loans, zero outstanding credit card balance. We carry no debt outside the mortgage.

Credit cards: Cleared in full every month without exception. Used purely to accumulate points and benefits.

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PENSION INFORMATION

Mine (occupational DC scheme):
- Current value: ~€162,000
- Contributions: €370 employee + €370 employer match + €1,110 AVC =
€1,480/month total personal (€17,760/year)
- Fund: Invested mostly equity
- Age 41 relief cap: 25% x €115,000 = €28,750 maximum
- Unused 2026 headroom: ~€11,000 which I am planning to deploy before
year end
- I set my AVC level without properly checking the annual cap and have
been leaving tax relief on the table as a result. Addressing this now.

Spouse (occupational DC scheme):
- Current value: ~€72,000
- Contributions: 20% employee + 6% employer
- Fund allocation not yet confirmed
- If redundancy proceeds, contributions would pause - unclear whether
employer match crystallises or is clawed back

No previous pension schemes for either of us.

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CASH BREAKDOWN

- Current account: €75,000 - has been sitting here doing double duty
as a rainy day fund and a notional deposit for the next mortgage. Parked out
of inertia more than strategy. I know this needs to be fixed.
- Cash savings platform: ~€20,000
- Other: ~€1,800
- Total: ~€96,800

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OTHER SAVINGS AND INVESTMENTS

- Stocks account: ~€32,000, up approximately 12% unrealised
- Brokerage: ~€14,000, mix of individual equities and a UCITS ETF.
Aware of the 41% exit tax and 8-year deemed disposal rules on the ETF -
planning to exit and redeploy into investment trusts (taxed at 33% CGT)
instead.
- RSUs from previous employer: ~945 shares of a large US tech stock.
Current value ~€219,000, cost basis ~€128,000, unrealised gain ~€91,000.
CGT on full exit ~€29,500, half exit ~€13,500. Considering executing via
IBKR to avoid the FX spread on the current custodian platform.

I will be honest - the investments outside of pension have grown out of curiosity and testing hunches over the years rather than any coherent strategy. Some calls have worked out, some have not. I am not under any illusion that this constitutes a plan. I need focus.

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LIFESTYLE

- A few cars - daily driver plus some stored, all owned outright with zero finance
- One decent watch and some jewellery, not insignificant in value, owned outright
- Zero debt on any of these items

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INSURANCE

- Mortgage protection: In place (Irish Life via AIB). Suspect overpriced for the cover level - planning a comparison quote
- Life assurance: 7x base salary via employer (bought up from 3x default)
- Income protection: 66.67% of salary via employer - have not confirmed whether based on base or total compensation
- Health insurance: Via employer as BIK, claiming 20% tax relief via Form 11
- Specified illness cover: None in place for either of us - aware this is a gap
- Section 72 CAT policy: Not in place - see CAT section below

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THE SELF-BUILD PROJECT

We have access to a family land site and plan to build our forever home there. Budget approximately €600,000-€700,000. Currently at feasibility stage with an architect. Approximate 2-year horizon. The potential redundancy adds timing uncertainty - we would want clarity on her employment situation before committing heavily to build costs.

- Site transfer: Parents transferring the site to me. Believe s.603A TCA 1997 provides CGT relief on their side, and the transfer should fall well within my Group A CAT threshold (€400,000 lifetime). Open to correction on this.
- Mortgage decision point: AIB fixed rate expires April 2027 - a natural review point regardless of build timeline.

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CAT PLANNING

Spouse has a projected inheritance exposure - her share of an estate that sits materially above the Group A CAT threshold. Embedded liability potentially ~€130,000 at 33%. Considering a Section 72 whole-of-life policy for the medium term to address this.

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ON FINANCIAL ADVISORS

I have considered speaking to a QFA to bring proper structure to all of this. My hesitation is uncertainty about whether I would get genuine independent advice or a sales pitch dressed up as a plan. Has anyone found a genuinely fee-only advisor in Ireland who charges for their time rather than earning commission on products?

__________________________________________________

RETIREMENT TARGET

Age 55-60 for both of us. Target income approximately €90,000-€100,000 in today's money. Children through Irish public schools and universities.

__________________________________________________

SPECIFIC QUESTIONS

1. Dublin house - keep or sell?
The plan has always been to sell under s.604 PPR relief (no CGT) when we
move to the self-build. But I am genuinely torn. The house is in a central
Dublin location, quiet area, no new supply coming. I have an attachment to
it - potentially as a base for our child when college-aged in ~18 years, or
as somewhere to stay during Dublin work trips after we move.

I know the numbers on rental are punishing - 52% marginal rate on profit
plus losing full PPR relief through time-apportionment on eventual sale under
s.604. Is there any workable scenario for keeping it or is selling the only
rational move?

2. Spouse redundancy
What are typical enhanced package multiples at US tech companies in Ireland
for approximately 4 years' service? Any PRSI or tax implications on the lump
sum to be aware of?

3. The €75,000 in cash
Rainy day fund plus build deposit is the logic, but is there a smarter
structure that preserves liquidity without leaving it earning nothing?

4. Pension AVC headroom
Am I right that maximising to the 25% age-related cap before 31 October is
the priority action for 2026?

5. RSU disposal via IBKR
Is this the standard approach for Irish residents managing US equity
compensation? Any pitfalls to watch for?

6. Self-build mortgage lenders
Who is actually good to deal with in practice? And how does a potential
spouse redundancy affect a joint application - is borrowing capacity
reassessed at drawdown or at initial application?

7. Fee-only financial advisors
Do they exist in meaningful numbers in Ireland and can anyone recommend one?

8. Any obvious structural gaps?
Happy to provide any further detail that would help.

Thanks in advance.
 
E46-Munster said:
1. Dublin house - keep or sell?
Click to expand...
See other threads here on the new rental rules in the PRS. The legislation is now very complex and designed to trap the landlord. The rules change the whole time and never in the property owners' favour. There is a very real risk that you will not be able to access the house for your child when the time comes. The system is designed to keep rents below market level while imposing ever higher costs on the property owner via inspections and increasing standards.

You would need to think long and hard about renting out the property. The money released by a sale would reduce your borrowing requirement on your self build. There is a real saving in that.
 
Do the cars have a value. Make sure site is legally transferred to you before you build. Would your wife’s parents consider gifting the 3k small gift allowance to each of you to bring down the potential inheritance tax liability.

In my opinion it’s unwise to go to your forever home now if it will make life hell working in Dublin, especially if your jobs are Dublin. based. In addition you mention Dublin location is perfect. Your sales job presumably means you don’t need to be “in office” but what about your spouse. The current trend of home working will be clawed back. In any case your new baby means you don’t have to move for primary school for another 4 years etc.

It’s exceedingly difficult, thankfully, to fire a woman who has just given birth, your wife might therefore survive the current cull. Of course there’s always voluntary redundancy. You both might, or might not, be happy to live on one salary.
 
Thanks all for responses so far.

A few things to respond to:

  • Dublin house - I thought as much, it seems counter-productive and a large risk to keep it. Which is slightly annoying but I wouldn't want it dragging behind us in our wake. Equity released in the house would significantly reduce borrowings for the self-build project.
  • Cars - We have two on the road and two in storage (free). Value across all 4 is probably €60k. 3/4 are of the fun variety and 1 sensible, well maintained family car. I tend to buy 5-6 year old well maintained premium cars. Would plan to go electric as soon as possible when we have access to a definite parking spot, solar panels & battery. My user-name might give away some of the detail here! ;)
  • Maternity Leave - She's not due back to work for another 8 months. I won't go into a lot of detail here but we have taken legal advice and it seems her company have messed up, majorly. That will play out over the next few months but we're working on the assumption she doesn't have a job to return to in that company.
  • Forever home - I work almost exclusively from home or travel out of the country for work so I am okay once I am near an airport, which I would be at the self-build location. We aren't 100% committed to moving out of Dublin just yet but what we can build vs. what we can buy are worlds apart. There are huge lifestyle trade-offs but they're something we'll make final decisions on once we have architect proposals in hand. I don't want to end up in the middle ground of suburbia.
 
E46-Munster said:
Dublin house - I thought as much, it seems counter-productive and a large risk to keep it. Which is slightly annoying but I wouldn't want it dragging behind us in our wake. Equity released in the house would significantly reduce borrowings for the self-build project.
Click to expand...
A bad tenant can stop paying rent and give you the runaround for 2 years or more while you pay a solicitor to get it sorted out.

That is stressful enough in itself, even before you take into account having no rental income to pay the mortgage.

If you sell, you avoid that risk and you have a lower mortgage on your self build. That gives you more financial freedom if one of you wants to work less, if you are thinking of having another child, things like that.
 
Remember your wife will be earning up public holidays, annual leave, service etc and they will then have to pay her notice period from the date she returns. So push that date out as far as possible. Also I know that you have just had a baby so congrats :) but bear in mind if planning the next minimum service in a new role before ml kicks in, waitinfg periods for maternity coverage if work pays for health insurance. And also how difficult it can be to return from ml from a newish role with small babies/kids at home. Just a few things worth considering.
 
E46-Munster said:
3. The €75,000 in cash
Rainy day fund plus build deposit is the logic, but is there a smarter
structure that preserves liquidity without leaving it earning nothing?
Click to expand...

What follows may make sense over the short term but the bigger challenge you'll need to address is a concrete plan for your savings in light of existing debt Vs potential future development.

With a mortgage rate of 2.15% the €75k sitting in a current account is costing you €134 a month in avoidable interest. With current DIRT rates you'd need a gross deposit rate in excess of 3.2% to break even. From what I can see there's nothing on the market right now that meets that but somewhere like advanzia at 3.14% would at least limit the cost to you (for a couple of months at least). If you want instant access and a good rate check out the following:

Best Buy - Instant Access & Notice Deposit Products

Euro Lump Sum Instant Access & Notice Deposit Products Available for Irish Residents - 10 Categories: Last Updated: 29 August 2026 Current ECB Deposit Rate: 2.25% 1. Lump Sum Instant Access & Notice Savings Products: Excluding Products with Fees Excluding Promotional Rates Excluding Pure MMF...
www.askaboutmoney.com
 
E46-Munster said:
  • Dublin house - I thought as much, it seems counter-productive and a large risk to keep it. Which is slightly annoying but I wouldn't want it dragging behind us in our wake. Equity released in the house would significantly reduce borrowings for the self-build project.
Click to expand...
You're surely not going to make such a massive decision from a few posts on here. The wealthist Irish people I know have Dublin homes for their adult children. If you get out of the Dublin market it's very hard to return to it later as it's very expensive.

E46-Munster said:
Cars - W. My user-name might give away some of the detail here! ;)
Click to expand...
Actually I thought it might be a road in Cork or Kerry. :eek:

E46-Munster said:
  • Maternity Leave - She's not due back to work for another 8 months. I won't go into a lot of detail here but we have taken legal advice and it seems her company have messed up, majorly. That will play out over the next few months but we're working on the assumption she doesn't have a job to return to in that company.
Click to expand...
That's not pleasant. My view of that is make them pay. Never forget you are just a number. They care nothing for you is my experience. The worst department in large companies is HR by a mile. We managed a large settlement from an American multi national by threatening legal. The lawyer cost me 100 Euro. Got my husband to send one email and the company with to one of the top four accountants who advised them to back down. That's what it took. The stress was horrific though.

E46-Munster said:
Forever home - I work almost exclusively from home or travel out of the country for work so I am okay once I am near an airport, which I would be at the self-build location. We aren't 100% committed to moving out of Dublin just yet but what we can build vs. what we can buy are worlds apart. There are huge lifestyle trade-offs but they're something we'll make final decisions on once we have architect proposals in hand. I don't want to end up in the middle ground of suburbia.
Click to expand...
Sounds like a sensible plan. Make sure your costings are realistic for the self build.
 
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E46-Munster said:
That will play out over the next few months but we're working on the assumption she doesn't have a job to return to in that company.
Click to expand...
Keep a close eye on this. You have probably already decided/booked childcare based on the assumption that she will return (if not, get on it asap!). Even if there will be a gap between the start date of childcare and your wife finding/beginning a new job, keep your spot as they are hard to find and you can do a slower/shorter day intro if she is not yet working.

Or her present company might expect her to return to work out notice. Or the severance plans might drag on and she might be back while it gets finalised. And if it does drag on and you are planning on expanding your family anyway, remember that ML can start quite early (16 weeks before the end of the week of your due date) and that the company has to wait until her return from leave to give her notice of redundancy. Check her contract for notice period as you have to give 4 weeks notice of intention to take ML, so if she has a longer notice period than 4 weeks they can in theory give her notice of redundancy before any ML starts.
 
Bronte said:
The wealthist Irish people I know have Dublin homes for their adult children.
Click to expand...
Very likely rented them out when they could be assured of vacant possession when their children needed them. That is far, far from guaranteed now. Tenants can overhold for years with the help of Threshold and the RTB. There is also a real risk of further restrictive regulatory change.

Likely also these very wealthy people can currently afford to leave the house vacant pending their child moving in.

I doubt that really wealthy people are risking losing extremely valuable assets for the sake of €1k plus a month in rent (possibly less due to the RPZs) after taxes and costs.
 
E46-Munster said:
- Income protection: 66.67% of salary via employer - have not confirmed whether based on base or total compensation
Click to expand...
almost certainly base (but check)

also how feasible is a self build for 6-700k, what size house are you thinking of (im asking because most people i know that move out of Dublin to self build are usually thinking of pretty substantial properties and 700k doesnt go nearly as far as it used to!

Finally, pensions are low and sell the Dublin house when the time comes.

Good luck
 
E46-Munster said:
RETIREMENT TARGET

Age 55-60 for both of us. Target income approximately €90,000-€100,000 in today's money. Children through Irish public schools and universities.
Click to expand...
Being very blunt, I don't think you have any hope of achieving this unless you make big changes to lifestyle.

You currently have €10.7k net income excluding the commission. Mortgage and surplus reduce this to ~€9k per month on everything else. Your lifestyle is north of €100k net income.

There is nothing wrong with spending the money you earn...you are accumulating wealth but not nearly enough to replace that kind of spending.

E46-Munster said:
Budget approximately €600,000-€700,000. Currently at feasibility stage with an architect.
Click to expand...
I would also be worried about the potential for significant overspend here. It's very easy to skip landscaping and interior finishing with self builds and it becomes a never ending project and spend over several years. Be very clear on what you are getting for the €600-700k and that it meets your needs and expectations.

E46-Munster said:
Important note: Spouse is currently facing a potential redundancy. Approximately 4 years' service - statutory entitlement ~9 weeks' pay, though
US tech employers in Ireland typically pay enhanced packages above statutory. If it proceeds it affects household income, her pension contributions, and
our self-build timing.
Click to expand...
It really shouldn't impact your self build plans at all. As in individual, you should be able to borrow in excess of €450k when commission is included. Different lenders treat commission/bonuses differently so it would be worth doing your research on this.

But otherwise you have €300k in cash and investments along with the equity in your home.
 
CharlieMac said:
nearly always way cheaper than building unless you and your friends are in the trades.
Click to expand...

It’s got to the point where the true cost of a self build is almost impossible to justify as the house isn’t worth what it costs to build unless you get a free site, and lets call a spade a spade you are able to avail of tax evasion.

I know a few going though it at the moment and it’s not just a case of an old school friend doing a few Saturday and evening for a few quid and they will help in return.
 
Thanks all for the continued engagement, really useful perspectives. Let me try to address the various points raised. I can't figure out how to neatly quote people so apologies for the wall of text!

DUBLIN HOUSE
I want to be clear that I am not making any decisions based on a few forum posts. I am inviting opinions and the responses are largely confirming what I had already suspected. The tax treatment alone makes renting very difficult to justify at our marginal rate, and the point about the regulatory environment and vacant possession risk is well made, something I had not fully thought through. The equity released will materially reduce what we need to borrow for the build. Final decision will be made in the fullness of time but the direction of travel seems clear.

SELF-BUILD BUDGET

A few people have questioned whether €600-700k is realistic. Fair challenge and I understand the scepticism, build costs have moved significantly in recent years.

To give some more context: this is a one-off architect-designed 4-bed on family land in Cork. Planning won't be an issue and the site is fully serviced. We are working with an architect who has recently delivered a comparable project for people we know, on budget, working alongside a local builder he has an established relationship with.

We haven't committed to a number yet. What we have done is task the architect with presenting options for the site that match the type of house we want and fit within the budget we have specified. Once we have those options and costings in front of us we will make proper decisions. We are not going in blind, we are going in with a process. The finishing cost concern is noted and it is something we will be very explicit about with the architect. Our intention is turnkey excluding landscaping and external works.

MATERNITY LEAVE AND REDUNDANCY

Thanks for the detailed points on this. We are aware of the protections and have taken legal advice. Won't go into detail publicly but we are comfortable we understand the position.

The childcare point is a total blindspot for me if I am honest. Something I need to research urgently. Thanks for flagging it.

PENSION
To answer the question on employer matching, yes the maximum match available is 5% and I am already at that ceiling. Total contributions including AVCs are running at 25% of pensionable salary which is the Revenue maximum for my age band.

One thing this thread has prompted me to look into is that my pensionable salary excludes commission under my scheme rules, which means a material chunk of my income sits outside the pension relief net entirely. The vehicle to address that appears to be a PRSA running alongside the occupational scheme, which I was not previously aware of. Has anyone here set up a PRSA in this kind of situation? Would welcome recommendations on providers or things to watch out for.

My pension is with Willis Towers Watson via LifeSight and I currently have a 75/25 split between an equity fund and a diversified fund. I am 41 with a target retirement age of 55 to 60. I do not find the LifeSight platform particularly intuitive to navigate and would welcome any views on whether that allocation is appropriate for my horizon, or whether I should be shifting more heavily into equity at this stage.

INCOME PROTECTION
Almost certainly base as suggested. Will confirm but not expecting a different answer.

THE CARS
Not for sale just yet! I have held onto it this long, it is heading toward classic territory and I intend to see that through. Ask me again in ten years

FOREVER HOME TIMING
To be transparent, we are not 100% committed to the move yet and we are at feasibility stage for good reason. The opportunity is to build a house with the kind of space, privacy and security that simply is not available to us in Dublin at any realistic price. If we wanted that kind of space closer to the city we would end up in commuter belt suburbia anyway, which holds no appeal. Being near Cork Airport actually suits my work pattern well as I work almost entirely remotely or travelling internationally. We will make the final call once the architect's proposals are in hand and we can see what we are actually getting for the money.

RETIREMENT TARGET
Point noted and I am actively working on it. More moving parts to the picture than the headline numbers suggest but the direction of travel is clear.

Thanks again to everyone who contributed, really appreciate it!
 
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