Can i stop worrying abut money?

Discussion in 'Money makeover' started by 52andout, May 16, 2016.

  1. Sarenco

    Sarenco Frequent Poster

    Great to hear from you again 52andout.

    A few quick thoughts:-
    1. Be careful not to let your expenses escalate too much - you have a distance to go yet!
    2. Global equities have performed very strongly in the very recent past but try not to peek at the value of your DC scheme too often - it's the long-term performance (20 years+) that really matters.
    3. Interest rates have certainly fallen further but then so has inflation (CPI is currently minus 0.3%). I still think 5-year State Savings Certificates are a great deal.
    I don't think you need to make any radical changes to your investment approach given your circumstances. You could take on more investment risk but to what end?

    Is there a particular area of the voluntary sector that you think could benefit from your time? I've no doubt that other posters will usefully put you to work once they have a sense of where your talents could best be employed!
  2. Marion

    Marion Moderator

    Or ... You could always join Lucy Kellaway's campaign and become a teacher.

    How great would that be.

    DeeKie likes this.
  3. cremeegg

    cremeegg Frequent Poster

    No you couldn't. You would find it almost impossible to get a job.
  4. moneybox

    moneybox Frequent Poster

    Look at charities in your local area, local knowledge is key. I support SVDP myself, there is a branch in every town.
  5. Bronte

    Bronte Frequent Poster

    I think this is very important for you. You've relatively young. It's important that you have a focus and an enjoyment. Now is the time to take up sport. Pick one you enjoy and that has a social aspect to it. Golf is a great one, takes ages, is healthy without being too much and has a great social aspect to it. However some people hate golf, that would be me, so something like a tennis club perhaps. If you don't swim, now is the time to go to class, very good exercise that. A daily walk. Get a dog, one that needs exercise, and will give you company at home. Take up art class, meet people that way.

    What is it you always wanted to do, then do that.

    I agree with the poster who suggested some wow holidays with your wife and child - don't underestimate that for wonderful memories. My kids, still young, they remember the most amazing things.
  6. 52andout

    52andout Registered User

    Last edited: Nov 27, 2016
    Thanks for suggestions .ALL Very helpful.
    I Agree don't need to to worry more about money .

    I will pursue the following:
    Holiday of lifetime spend even if aleady allocate 8k for holidays!!
    V de P agree v good
    Fitness will do some 5ks as pretty fit already

    Re teaching why no chance ?
    Last edited: Nov 27, 2016
  7. gnf_ireland

    gnf_ireland Frequent Poster

    There is no 'voluntary' teaching positions in Ireland to my knowledge, so you would be competing for teaching jobs with younger graduates etc. I imagine if you qualified as at teacher at say 55 - you might struggle to get a position in the field

    that said, I did not make the comment above - just adding my opinion to it
  8. 52andout

    52andout Registered User

    52andout here

    Just coming back with another question rather than starting anew thread

    Our Details as per Opening post except Wife losing job next month. Redundancy minimal - statutory.
    - see below

    Question: Should I draw down from pension funds or use my savings to fund our 2018+ lifestyle or a bit of both ?
  9. 52andout

    52andout Registered User

    Last edited: Jun 1, 2017
    OP updated

    Age: 53
    Spouse’s/Partner's age: 51

    Annual gross income from employment or profession: 0 unemployed
    Annual gross income of spouse: being made redundant 1k employment benefit for 9 months then assume 0

    Monthly take-home pay 3300 per month

    Type of employment: n/a

    In general are you:
    (a) spending more than you earn, or
    (b) saving?
    spending >income
    expenditure = 4400 per month - detailed budget done allowing for everything)

    Rough estimate of value of home 600k
    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 750k (not accessed yet)
    DB @ 63 18k per annum

    Do you own any investment or other property? no

    Ages of children: 11

    Life insurance: none

    What specific question do you have or what issues are of concern to you?

    (expenditure = 4400 per month - detailed budget done allowing for everything)

    Question: Should I draw down from pension funds or use my savings to fund our 2018+ lifestyle or a bit of both ?
    Last edited: Jun 1, 2017
  10. Sarenco

    Sarenco Frequent Poster

    Hi 52andout

    It might make sense for you to refresh your OP with more up to date figures.

    As a general principle, I think you should leave your pension funds alone for as long as you possibly can. Hopefully the funds will continue to grow with no Irish tax drag.

    Incidentally, are you making voluntary PRSI payments to keep up your entitlements?
  11. 52andout

    52andout Registered User

  12. 52andout

    52andout Registered User

    yes thanks
  13. rjjd

    rjjd New Member

    Congratulations on your enviable position. Well done.

    Re good governance and low expenses. These are not mutually exclusive. Good governance costs money. Could I suggest you look at They match specific skills to vetted charities.
  14. postman pat

    postman pat Frequent Poster

    or to me........