Personal details
Your age: 49
Your spouse's age: 50
Partner's age if not married:
Number and age of children: 4 children; 17,15,13,9
Income and expenditure
Annual gross income from employment or profession: €48,000
Annual gross income of spouse/partner: €35,000
Monthly take-home pay: €6,200 including rental income plus €560 child benefit
Type of employment - e.g. Employee or self-employed. Employee
Employer type: e.g. public servant, private company. Own private company
In general are you:
(a) spending more than you earn, or Saving, €2,800
(b) saving?
Summary of Assets and Liabilities
Family home value: €600,000
Mortgage on family home: N/A
Net equity: €600,000
Cash:
Defined Contribution pension fund: circa €15,000
Company shares :
Buy to Let Property value: €300,000
Buy to let Mortgage: N/A
Total net assets: €1.2 million
Family home mortgage information
Lender
Interest rate
Type of interest rate: tracker, variable, fixed.
If fixed, what is the term remaining of the fixed rate?
If tracker, what is the margin e.g. ECB + 1%
Remaining term: (Original term is not relevant)
Monthly repayment:
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes, no other borrowings
If not, what is the balance on your credit card?
Pension information
Value of pension fund: €15,000
Buy to let properties
Value: €300,000
Rental income per year: €20,400 before tax and expenses
Rough annual expenses other than mortgage interest : €4,800 before tax
Lender
Interest rate
If fixed, what is the term remaining of the fixed rate?
Other savings and investments:
€250,000 in Trade Republic, N26, BOI, €50,000 loan to family member
Other information which might be relevant
Life insurance:
What specific question do you have or what issues are of concern to you?
I'm not sure if this is the right thread to post in as it is more pension and investment advice I am looking for rather than a complete makeover. I know exactly what I am spending, I have been tracking it for many years. I honestly don't believe there is any advice I can take on saving money. Also, the family loan is 100% going to be repaid but not for 10 years. It is not something I need advise on.
We have achieved a comfortable position financially without taking any big risk. We don't have any real pensions as we have never really paid tax at the higher rate before this. I last paid into a pension in 2006. The job I am now in is secure with the above salary as a minimum. I could bring this up to €70,000 if I wished but I am happy with the hours I am working. I would like to retire in 10 years. My spouses salary above is also a minimum which could go up to €50,000 if we want to put in more hours.
I am financially literate but not so much investment wise. I have been quite risk adverse up to now but I believe I could deal with a medium risk investment profile. I would like some advice on how to initially invest €100,000. I don't need the funds in the next 10 years minimum. I'm not sure I have it in me to manage it myself. Any advice on what to look for or what to avoid? I consider around €100,000 of savings as a college fund so currently have that in N26 and Trade Republic saving accounts, keeping amounts under the deposit guarantee scheme. We will probably have 3 moving away for college in the next 5 years.
We would also like to set up a pension scheme for both of us. We are both directors of separate companies. One of the companies is a service company, no surcharge, and the other is for a trade. I am able to prepare and file accounts myself so the only cost to this is a filing fee and a bit of my time. Would it be better to operate under the one and set up a pension this way? Would it be advisable to set up an occupational pension scheme under these circumstances? We would be able to avoid USC and PRSI on contributions this way. We could look at up to €2,000 pension contributions between us. We will both qualify for the full contributory pension, whatever that will be at that point.
Any advise would be appreciated.
Your age: 49
Your spouse's age: 50
Partner's age if not married:
Number and age of children: 4 children; 17,15,13,9
Income and expenditure
Annual gross income from employment or profession: €48,000
Annual gross income of spouse/partner: €35,000
Monthly take-home pay: €6,200 including rental income plus €560 child benefit
Type of employment - e.g. Employee or self-employed. Employee
Employer type: e.g. public servant, private company. Own private company
In general are you:
(a) spending more than you earn, or Saving, €2,800
(b) saving?
Summary of Assets and Liabilities
Family home value: €600,000
Mortgage on family home: N/A
Net equity: €600,000
Cash:
Defined Contribution pension fund: circa €15,000
Company shares :
Buy to Let Property value: €300,000
Buy to let Mortgage: N/A
Total net assets: €1.2 million
Family home mortgage information
Lender
Interest rate
Type of interest rate: tracker, variable, fixed.
If fixed, what is the term remaining of the fixed rate?
If tracker, what is the margin e.g. ECB + 1%
Remaining term: (Original term is not relevant)
Monthly repayment:
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes, no other borrowings
If not, what is the balance on your credit card?
Pension information
Value of pension fund: €15,000
Buy to let properties
Value: €300,000
Rental income per year: €20,400 before tax and expenses
Rough annual expenses other than mortgage interest : €4,800 before tax
Lender
Interest rate
If fixed, what is the term remaining of the fixed rate?
Other savings and investments:
€250,000 in Trade Republic, N26, BOI, €50,000 loan to family member
Other information which might be relevant
Life insurance:
What specific question do you have or what issues are of concern to you?
I'm not sure if this is the right thread to post in as it is more pension and investment advice I am looking for rather than a complete makeover. I know exactly what I am spending, I have been tracking it for many years. I honestly don't believe there is any advice I can take on saving money. Also, the family loan is 100% going to be repaid but not for 10 years. It is not something I need advise on.
We have achieved a comfortable position financially without taking any big risk. We don't have any real pensions as we have never really paid tax at the higher rate before this. I last paid into a pension in 2006. The job I am now in is secure with the above salary as a minimum. I could bring this up to €70,000 if I wished but I am happy with the hours I am working. I would like to retire in 10 years. My spouses salary above is also a minimum which could go up to €50,000 if we want to put in more hours.
I am financially literate but not so much investment wise. I have been quite risk adverse up to now but I believe I could deal with a medium risk investment profile. I would like some advice on how to initially invest €100,000. I don't need the funds in the next 10 years minimum. I'm not sure I have it in me to manage it myself. Any advice on what to look for or what to avoid? I consider around €100,000 of savings as a college fund so currently have that in N26 and Trade Republic saving accounts, keeping amounts under the deposit guarantee scheme. We will probably have 3 moving away for college in the next 5 years.
We would also like to set up a pension scheme for both of us. We are both directors of separate companies. One of the companies is a service company, no surcharge, and the other is for a trade. I am able to prepare and file accounts myself so the only cost to this is a filing fee and a bit of my time. Would it be better to operate under the one and set up a pension this way? Would it be advisable to set up an occupational pension scheme under these circumstances? We would be able to avoid USC and PRSI on contributions this way. We could look at up to €2,000 pension contributions between us. We will both qualify for the full contributory pension, whatever that will be at that point.
Any advise would be appreciated.
