Age: 41
Spouse’s/Partner's age: N/A
Annual gross income from employment or profession: 77K with bonus
Annual gross income of spouse: N/A
Monthly take-home pay: 3102*. After all deductions i.e. AVC and Health insurance
Type of employment: PAYE, private.
Spouse: nil
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving.
Rough estimate of value of home: 225k bought in Nov 2019
Amount outstanding on your mortgage: Approx. 187k
What interest rate are you paying? 2 years fixed @ 2.3%, 23 years plus. Mortgage repayment + overpayment is 1086
Other borrowings – car loans/personal loans etc: n/a.
Do you pay off your full credit card balance each month? n/a
If not, what is the balance on your credit card? n/a
Savings and investments: 22K in deposits
Do you have a pension scheme? yes, defined contribution 7% employer contribution and pension pot 29K started late (2019) invested 100% in equities. Now maximizing from 2021 by bonus lumpsum payment plus 1000 AVC each month.
Do you own any investment or other property? no
Ages of children: n/a
Life insurance: yes – 4 X Base salary for death benefit
Spouse: n/a
Question: I want to file my 2020 tax return, and I don’t to know if I should fully maximize my remaining AVC for 2020 of around €10,000 which will cost me €6,000 from my savings after relief?
I’m overpaying my mortgage to bring down LTV to 79-80% by end of the 2-year fixed term in November and can switch to available lower rate. Future plan to sell the apartment and upgrade to a house in 3-4 years timeframe.
Looking forward to your helpful responses on the forum.
Thank you
Spouse’s/Partner's age: N/A
Annual gross income from employment or profession: 77K with bonus
Annual gross income of spouse: N/A
Monthly take-home pay: 3102*. After all deductions i.e. AVC and Health insurance
Type of employment: PAYE, private.
Spouse: nil
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving.
Rough estimate of value of home: 225k bought in Nov 2019
Amount outstanding on your mortgage: Approx. 187k
What interest rate are you paying? 2 years fixed @ 2.3%, 23 years plus. Mortgage repayment + overpayment is 1086
Other borrowings – car loans/personal loans etc: n/a.
Do you pay off your full credit card balance each month? n/a
If not, what is the balance on your credit card? n/a
Savings and investments: 22K in deposits
Do you have a pension scheme? yes, defined contribution 7% employer contribution and pension pot 29K started late (2019) invested 100% in equities. Now maximizing from 2021 by bonus lumpsum payment plus 1000 AVC each month.
Do you own any investment or other property? no
Ages of children: n/a
Life insurance: yes – 4 X Base salary for death benefit
Spouse: n/a
Question: I want to file my 2020 tax return, and I don’t to know if I should fully maximize my remaining AVC for 2020 of around €10,000 which will cost me €6,000 from my savings after relief?
I’m overpaying my mortgage to bring down LTV to 79-80% by end of the 2-year fixed term in November and can switch to available lower rate. Future plan to sell the apartment and upgrade to a house in 3-4 years timeframe.
Looking forward to your helpful responses on the forum.
Thank you