The worry I would have is will I live long enough to spend all my money ,man your in a super poistion enjoyAge: 52
Spouse’s/Partner's age: 50
Annual gross income from employment or profession: 0 unemployed
Annual gross income of spouse: 48k
Monthly take-home pay 3300 per month
Type of employment: private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
spending >income 1000 per month since lost job
Rough estimate of value of home 500k
Amount outstanding on your mortgage: 0
What interest rate are you paying? n/a
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?
Savings and investments:900k savings certs bank deposits
Do you have a pension scheme? yes ( previous jobs)
DC and prsas total 650k (not accessed yet)
DB @ 65 20k per annum
Do you own any investment or other property? no
Ages of children: 10
Life insurance: none
What specific question do you have or what issues are of concern to you?
Have i enough to assets to stop worrying about money
even if expenditure - income = 1000 per month?
(expenditure = 4300 per month - detailed budget done allowing for everything)
I think so provided wife keeps her job but welcome views
[QUOTE="mtk, post: 1473616, member: 41262"]
Anyone any thoughts on what i should diversify into from deposits/savings certs?
If I was ever lucky enough to find myself in your enviable position, I would make sure that the bulk of my PRSA/DC fund (perhaps even 100%) was invested in globally diversified equity funds.
Why take unnecessary risks? Your fixed income investments will probably keep pace with inflation and beyond that does it really matter?
Here's a link to a similar question posed by a poster that was looking for opinions as to whether they could comfortably retire with around half your net worth that you might find helpful:-
http://www.askaboutmoney.com/threads/retiring-at-50.197488/
mtk I agree with those points very perceptive of you
I suggest giving a big portion of it away to charity and lift the weight off your shoulders.
[QUOTE="mtk, post: 1473616, member: 41262"]
The main risks you face imho are
inflation impact on bank deposits/savings certs
DB scheme not funded when you retire
rising education costs
partner/wife loses job
mtk I agree with those points very perceptive of you
Anyone any thoughts on what i should diversify into from deposits/savings certs?
Your cash should remain in deposits (spread across a range of banks under the deposit insurance limits) or govt bonds. You should not be going near any equities/growth funds when you've no future income.
As noted your main risk is inflation.....
Maybe Andy is right! But - the certainty of his views is a little alarming - as is the extent of his conservatism which seems to me that he may well be replacing one risk with another. Maybe a middle ground would be more appropriate?
I hope the OP will find some other worthwhile aim in life now that he has achieved financial independence.
I will happily take them off your hands to ease that worry for you !3) Interest rates have gone even lower and savings certs maturing with nowhere to go .
Any interest in going back to study something that you have an interest in, whether it be economics, politics, arts or whatever ? Any interest in exploring a hobby more, whether it be golf, photography, stamp collecting or lawn bowling ? Ever think about getting an allotment and growing your own veg ?Any suggestions in voluntary sector with good governance and low expenses/overheads
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