Age: 53
Spouse’s/Partner's age: Not applicable
Annual gross income from employment or profession: €74, 000
Annual gross income spouse: Not applicable
Type of employment: Public Sector
Expenditure pattern: Definately a saver
Rough estimate of value of home: €340,000
Mortgage on home: None (paid off early)
Mortgage provider: Not applicable
Type of mortgage: Tracker, interest only, fixed rate: Not applicable
Interest rate: Not applicable
Other borrowings – car loans/personal loans etc.: None
Do you pay off your full credit card balance each month? Yes
Savings and investments:
€200,000 cash savings in low interest accounts.
€120,000 An Post Saving Certs (2 to. 2.5 yrs into 5 Yr term)
€80,000 to €100,000 in shares.
(I am carrying €65,000 loss on bank shares to offset on profits from these shares or investment properties below.)
Do you have a pension scheme?
Yes, defined benefit. 34 yrs reckonable. PRSI Class D so only paying in about €1k per annum in contribution.
Maxxing out on full contribution AVC to benefit from tax credit. Concern about over funding but unlikely to work to get full pension.
Do you own any investment or other property?
5 investment properties.
All guaranteed interest only trackers for the remaining terms (8 to 10yrs average). Cannot be removed (legal agreement).
Total borrowings: €1.1
Current values: €1.45m
Generating pre-tax profit of about €45,000 to €50,000.
I am considering selling down the properties over the next few years, the first this year due it being vacant now.
As it currently stands the properties could be sold with minimal CGT exposure as two are valued less than purchase price.
Ages of children: None.
Life insurance: Yes. Tied to mortgage, now paid, plus that associated with occupational pension.
What specific question do you have or what issues are of concern to you?
I am aware I am in a good position. I have an income over expenditure of nearly 3k a month which is just sitting in my bank making nothing. What options do I have to diversify?
My appetite for risk is moderate, and thinking towards early retirement. Cash is cash so maybe State Savings, even with the low returns now are best?
Would it be a good idea to invest more in a unit linked fund to get better return on the lump sum and then put more in over time instead of on deposit ? My bank are suggesting this but I am not sure this is for me. These suggested retrurns are just that and there is risk too. If I go this route I would need to look around rather than take the pitch of the bank sales team ahead of others.
I know I could afford some risk. However, with the properties I am carrying a lot of risk and exposure to one sector.
I don't intend to work until I am 60, most likely not beyond 55, so two more years is very likely. As it stands now, I could quit and be OK until 60, and then get approx 30k pension allowing for actuarial reduction for leaving before normal retirement age.
I think its time to start to enjoy the benefits of some good decisions when younger and some good fortune to benefit from them.
Suggestions / advice welcome.
Spouse’s/Partner's age: Not applicable
Annual gross income from employment or profession: €74, 000
Annual gross income spouse: Not applicable
Type of employment: Public Sector
Expenditure pattern: Definately a saver
Rough estimate of value of home: €340,000
Mortgage on home: None (paid off early)
Mortgage provider: Not applicable
Type of mortgage: Tracker, interest only, fixed rate: Not applicable
Interest rate: Not applicable
Other borrowings – car loans/personal loans etc.: None
Do you pay off your full credit card balance each month? Yes
Savings and investments:
€200,000 cash savings in low interest accounts.
€120,000 An Post Saving Certs (2 to. 2.5 yrs into 5 Yr term)
€80,000 to €100,000 in shares.
(I am carrying €65,000 loss on bank shares to offset on profits from these shares or investment properties below.)
Do you have a pension scheme?
Yes, defined benefit. 34 yrs reckonable. PRSI Class D so only paying in about €1k per annum in contribution.
Maxxing out on full contribution AVC to benefit from tax credit. Concern about over funding but unlikely to work to get full pension.
Do you own any investment or other property?
5 investment properties.
All guaranteed interest only trackers for the remaining terms (8 to 10yrs average). Cannot be removed (legal agreement).
Total borrowings: €1.1
Current values: €1.45m
Generating pre-tax profit of about €45,000 to €50,000.
I am considering selling down the properties over the next few years, the first this year due it being vacant now.
As it currently stands the properties could be sold with minimal CGT exposure as two are valued less than purchase price.
Ages of children: None.
Life insurance: Yes. Tied to mortgage, now paid, plus that associated with occupational pension.
What specific question do you have or what issues are of concern to you?
I am aware I am in a good position. I have an income over expenditure of nearly 3k a month which is just sitting in my bank making nothing. What options do I have to diversify?
My appetite for risk is moderate, and thinking towards early retirement. Cash is cash so maybe State Savings, even with the low returns now are best?
Would it be a good idea to invest more in a unit linked fund to get better return on the lump sum and then put more in over time instead of on deposit ? My bank are suggesting this but I am not sure this is for me. These suggested retrurns are just that and there is risk too. If I go this route I would need to look around rather than take the pitch of the bank sales team ahead of others.
I know I could afford some risk. However, with the properties I am carrying a lot of risk and exposure to one sector.
I don't intend to work until I am 60, most likely not beyond 55, so two more years is very likely. As it stands now, I could quit and be OK until 60, and then get approx 30k pension allowing for actuarial reduction for leaving before normal retirement age.
I think its time to start to enjoy the benefits of some good decisions when younger and some good fortune to benefit from them.
Suggestions / advice welcome.
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