fastfullback
Registered User
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- 12
Age: 39
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: €112K and bonus upto €25K
Annual gross income of spouse: €25k {3 day a week}
Monthly take-home pay €5300 on my salary
Type of employment: e.g. Civil Servant, self-employed Both Private Sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving €1500 a month
Mortgage €860 a month
Groceries €700 a month
Childcare €600 a month
Rough estimate of value of home €320K
Amount outstanding on your mortgage: €173K
What interest rate are you paying? 2.95%
Selling this house at the moment. Hope to be done by May and then add around €140K in equity towards new house build in 2022. We'll rent in the interim.
Other borrowings – car loans/personal loans etc None.
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? N/A
Savings and investments: 70K Cash , 28K company stocks (gross)
Do you have a pension scheme? Yes. Current value is €126K and I'm paying in 10% and company matching 7%. Also did a one off AVC this year of €6K from bonus.
Wife's pension is small around €15K
Do you own any investment or other property? N/A
Ages of children: 3 year old and 4 month old.
Life insurance: Yes, Life Insurance and serious illness. Also good cover by work
What specific question do you have or what issues are of concern to you?
I'm planning to build in 2022, probably going to be at least €450K all in for the build so mortgage of at least €250K. My plan is to take this out for a long ish term {25 years} at a low fixed term rate {around 2%} and then use excess salary to max out pension as #1 priority and any excess can then be used to overpay mortgage. This may mean I have to use some of my pension lump sum to pay off mortgage but that seems like a good strategy to me
Does this sound like a good plan?
I've been reluctant to max out pension the last year or 2 as I wanted the cash in the short term for the house, but I'm now thinking I should just max it out and take a higher mortgage amount if needed. I already have alot of cash on hand so I think this makes sense.
Good plan?
I'm lucky to be earning a good salary so if I max my pension contributions I'll be able to pay in €35K a year. €115K {revenue limit} x 25% {I'm 40 this year} plus €7K company contribution.
If I can keep this up for next 15-20 years I should build a significant pot. Currently invested 100% in equity which I'll do for in at least for the next 10-15 years.
Good overall pension strategy?
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: €112K and bonus upto €25K
Annual gross income of spouse: €25k {3 day a week}
Monthly take-home pay €5300 on my salary
Type of employment: e.g. Civil Servant, self-employed Both Private Sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving €1500 a month
Mortgage €860 a month
Groceries €700 a month
Childcare €600 a month
Rough estimate of value of home €320K
Amount outstanding on your mortgage: €173K
What interest rate are you paying? 2.95%
Selling this house at the moment. Hope to be done by May and then add around €140K in equity towards new house build in 2022. We'll rent in the interim.
Other borrowings – car loans/personal loans etc None.
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? N/A
Savings and investments: 70K Cash , 28K company stocks (gross)
Do you have a pension scheme? Yes. Current value is €126K and I'm paying in 10% and company matching 7%. Also did a one off AVC this year of €6K from bonus.
Wife's pension is small around €15K
Do you own any investment or other property? N/A
Ages of children: 3 year old and 4 month old.
Life insurance: Yes, Life Insurance and serious illness. Also good cover by work
What specific question do you have or what issues are of concern to you?
I'm planning to build in 2022, probably going to be at least €450K all in for the build so mortgage of at least €250K. My plan is to take this out for a long ish term {25 years} at a low fixed term rate {around 2%} and then use excess salary to max out pension as #1 priority and any excess can then be used to overpay mortgage. This may mean I have to use some of my pension lump sum to pay off mortgage but that seems like a good strategy to me
Does this sound like a good plan?
I've been reluctant to max out pension the last year or 2 as I wanted the cash in the short term for the house, but I'm now thinking I should just max it out and take a higher mortgage amount if needed. I already have alot of cash on hand so I think this makes sense.
Good plan?
I'm lucky to be earning a good salary so if I max my pension contributions I'll be able to pay in €35K a year. €115K {revenue limit} x 25% {I'm 40 this year} plus €7K company contribution.
If I can keep this up for next 15-20 years I should build a significant pot. Currently invested 100% in equity which I'll do for in at least for the next 10-15 years.
Good overall pension strategy?
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