whattodonext
Registered User
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- 4
Age: 82
Spouse’s/Partner's age: 81
Annual gross income from employment or profession: Net €27,000 (Occ Pension & State Pension)
Annual gross income of spouse: Net €7,000 (State Pension)
Monthly take-home pay: €2,800 from our combined pensions
Type of employment: e.g. Civil Servant, self-employed: Retired
In general are you:
(b) saving?
Rough estimate of value of home: €350,000
Amount outstanding on your mortgage: €0
What interest rate are you paying? na
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Don't have one
If not, what is the balance on your credit card?
Savings and investments:
Approx €350,000 in savings
Additional €200,000 proceeds from sale of inherited house due this month
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children:
50
40
Life insurance: None
Health insurance: None just medical cards
What specific question do you have or what issues are of concern to you?
Apologies in advance if this is not the right place to raise this. This is a very different Money Makeover given we are now at the average life expectancy and our cash position.
We believe we have far more savings then we will ever be able to spend at our age.
We are concerned about where to leave our savings due to bank guarantee limits.
Investing in anything long term at our age may not make sense.
We would like to gift to our children & grandchildren now - but want to make sure we do not leave ourselves short should the 'worst case' happen and we need 24/7 care in our home/nursing home. Having work hard all our lives and now having a very decent pension we find it hard to think how much that is.
Nursing home really would be a last resort. We would dearly like to help our children now and also not have to sell our own home while we are alive.
Welcome any advice on how much cash we should really preserve should the worst happen and we live another 5-10 years for example, where to keep it, & anything on gifting we should be aware of.
thank you for your time.
Spouse’s/Partner's age: 81
Annual gross income from employment or profession: Net €27,000 (Occ Pension & State Pension)
Annual gross income of spouse: Net €7,000 (State Pension)
Monthly take-home pay: €2,800 from our combined pensions
Type of employment: e.g. Civil Servant, self-employed: Retired
In general are you:
(b) saving?
Rough estimate of value of home: €350,000
Amount outstanding on your mortgage: €0
What interest rate are you paying? na
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Don't have one
If not, what is the balance on your credit card?
Savings and investments:
Approx €350,000 in savings
Additional €200,000 proceeds from sale of inherited house due this month
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children:
50
40
Life insurance: None
Health insurance: None just medical cards
What specific question do you have or what issues are of concern to you?
Apologies in advance if this is not the right place to raise this. This is a very different Money Makeover given we are now at the average life expectancy and our cash position.
We believe we have far more savings then we will ever be able to spend at our age.
We are concerned about where to leave our savings due to bank guarantee limits.
Investing in anything long term at our age may not make sense.
We would like to gift to our children & grandchildren now - but want to make sure we do not leave ourselves short should the 'worst case' happen and we need 24/7 care in our home/nursing home. Having work hard all our lives and now having a very decent pension we find it hard to think how much that is.
Nursing home really would be a last resort. We would dearly like to help our children now and also not have to sell our own home while we are alive.
Welcome any advice on how much cash we should really preserve should the worst happen and we live another 5-10 years for example, where to keep it, & anything on gifting we should be aware of.
thank you for your time.