jethrothe2nd
Registered User
- Messages
- 10
Personal details
Your age: 51
Your spouse's age: 45
Number and age of children: 2 - 11 and 13
Income and expenditure
Annual gross income from employment or profession: 52k
Annual gross income of spouse/partner: 32k
Monthly take-home pay: 5K
Type of employment: Employee
Employer type: Public Sector for both of us.
In general are you: (b) saving
(a) spending more than you earn, or
(b) saving?
We save 400/500 a month and put aside around another 400 for our annual holiday
Summary of Assets and Liabilities
Family home value: approx. 420K
Mortgage on family home: 24K
Net equity: €406k
Cash:
€1,200 emergency fund
€17.5k in bank (10-12k earmarked for home improvements/5k for braces)
€10k in credit union
€30k in 2 year deposit account (BOI – 3%)
€15k (current value) in US shares. Dividends of around 2.5% a year which are reinvested. Plan for this to go toward college fees
€10k in children’s allowance to go towards college fees. Not earning any interest
Value of pension fund:
In public sector pension scheme for last 3.5 years. Also have a dormant private sector pension with a current value of around €250,000. My wife has been in the public sector pension scheme for the last 4 years and has a dormant private sector pension (value to be confirmed but it’s a very small amount)
Family home mortgage information:
Lender: BoI
Interest rate: 3%
Type of interest rate: 5 year fixed.
We have prioritised paying off the mortgage. Mortgage end date is Feb 2037 but will be finished in a little over 2 years if we continue overpaying
Other borrowings – car loans/personal loans etc
No loans
Credit card paid monthly when used.
We would really appreciate advice on our position and what we should do. The primary concern is our pension situation, but we also need to consider potentially significant college fees - while we have something toward that we will need a lot more to put both kids though college. The current thinking is that we will continue to
overpay the mortgage until done. This will free up €1k a month, which we would divert mainly to pension, and some to college fees. I’ve had a recent enough career
change and I would expect to see some movement in my income above the normal incremental increases over the next year or 2 which I will help, but I wouldn’t take
that into consideration at this point.
Your age: 51
Your spouse's age: 45
Number and age of children: 2 - 11 and 13
Income and expenditure
Annual gross income from employment or profession: 52k
Annual gross income of spouse/partner: 32k
Monthly take-home pay: 5K
Type of employment: Employee
Employer type: Public Sector for both of us.
In general are you: (b) saving
(a) spending more than you earn, or
(b) saving?
We save 400/500 a month and put aside around another 400 for our annual holiday
Summary of Assets and Liabilities
Family home value: approx. 420K
Mortgage on family home: 24K
Net equity: €406k
Cash:
€1,200 emergency fund
€17.5k in bank (10-12k earmarked for home improvements/5k for braces)
€10k in credit union
€30k in 2 year deposit account (BOI – 3%)
€15k (current value) in US shares. Dividends of around 2.5% a year which are reinvested. Plan for this to go toward college fees
€10k in children’s allowance to go towards college fees. Not earning any interest
Value of pension fund:
In public sector pension scheme for last 3.5 years. Also have a dormant private sector pension with a current value of around €250,000. My wife has been in the public sector pension scheme for the last 4 years and has a dormant private sector pension (value to be confirmed but it’s a very small amount)
Family home mortgage information:
Lender: BoI
Interest rate: 3%
Type of interest rate: 5 year fixed.
We have prioritised paying off the mortgage. Mortgage end date is Feb 2037 but will be finished in a little over 2 years if we continue overpaying
Other borrowings – car loans/personal loans etc
No loans
Credit card paid monthly when used.
We would really appreciate advice on our position and what we should do. The primary concern is our pension situation, but we also need to consider potentially significant college fees - while we have something toward that we will need a lot more to put both kids though college. The current thinking is that we will continue to
overpay the mortgage until done. This will free up €1k a month, which we would divert mainly to pension, and some to college fees. I’ve had a recent enough career
change and I would expect to see some movement in my income above the normal incremental increases over the next year or 2 which I will help, but I wouldn’t take
that into consideration at this point.