Age: 46
Spouse’s/Partner's age: 45
Annual gross income from employment or profession: 200k guaranteed salary with 20-30k additional
Annual gross income of spouse: 36000
Monthly take-home pay: 11000 between us both, additional earnings included
Type of employment: e.g. Civil Servant, self-employed
Public sector health workers both
In general are you:
(a) spending more than you earn, or
(b) saving? Saving 4000 per month currently
Rough estimate of value of home: 900,000
Amount outstanding on your mortgage: 430,000, current term 22 years left
What interest rate are you paying?
2.6% fixed for 5 years, approx 4 years left on this. KBC
Other borrowings – car loans/personal loans etc
No other borrowings
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? Nil
Savings and investments:
Currently have approx 200,000 in savings in low interest savings or current accounts
Very small amounts of shares
Do you have a pension scheme?
Public sector pensions (defined benefit HSE) with 14 years accrued each. I have retirement age 67, my wife retirement age 60
Do you own any investment or other property?
No
Ages of children:
8 and 6
Life insurance:
Public sector spouses and children for both + Life Insurance for me to value 1.5M.
I also have income protection insurance to cover my salary and additional
What specific question do you have or what issues are of concern to you?
We obviously have a sum of savings doing nothing for us at the moment, and are unsure of best use.
Options we are considering are:
1) Paying down a portion of the mortgage within the limits of the fixed term agreement (~10% of the remaining) - we have previously been advised against this as we have mortgage protection insurance
2) Purchase AVCs on my spouses pension as she will only have 28 years service at retirement and now works part-time
3) Investments - we considered using Degiro to purchase indexed funds such as Vanguard
From now, as we are saving 4K monthly, how do we best invest this on an ongoing basis?
We would welcome any advice on the above.
Thanks
Spouse’s/Partner's age: 45
Annual gross income from employment or profession: 200k guaranteed salary with 20-30k additional
Annual gross income of spouse: 36000
Monthly take-home pay: 11000 between us both, additional earnings included
Type of employment: e.g. Civil Servant, self-employed
Public sector health workers both
In general are you:
(a) spending more than you earn, or
(b) saving? Saving 4000 per month currently
Rough estimate of value of home: 900,000
Amount outstanding on your mortgage: 430,000, current term 22 years left
What interest rate are you paying?
2.6% fixed for 5 years, approx 4 years left on this. KBC
Other borrowings – car loans/personal loans etc
No other borrowings
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? Nil
Savings and investments:
Currently have approx 200,000 in savings in low interest savings or current accounts
Very small amounts of shares
Do you have a pension scheme?
Public sector pensions (defined benefit HSE) with 14 years accrued each. I have retirement age 67, my wife retirement age 60
Do you own any investment or other property?
No
Ages of children:
8 and 6
Life insurance:
Public sector spouses and children for both + Life Insurance for me to value 1.5M.
I also have income protection insurance to cover my salary and additional
What specific question do you have or what issues are of concern to you?
We obviously have a sum of savings doing nothing for us at the moment, and are unsure of best use.
Options we are considering are:
1) Paying down a portion of the mortgage within the limits of the fixed term agreement (~10% of the remaining) - we have previously been advised against this as we have mortgage protection insurance
2) Purchase AVCs on my spouses pension as she will only have 28 years service at retirement and now works part-time
3) Investments - we considered using Degiro to purchase indexed funds such as Vanguard
From now, as we are saving 4K monthly, how do we best invest this on an ongoing basis?
We would welcome any advice on the above.
Thanks