newbie1234
Registered User
- Messages
- 17
Age 44
PAYE Worker & Director with shareholding
Income €80000
Bonus approx. €18,000 PA
Pension: New Ireland Executive Pension
Current Value €190,000
Current Employer Contribution 12.5%
Total annual contribution between employer and myself @ €26400 PA
Spouse Details:
Age 44
Teacher In position since 23 years service
Income €70,000
Pension -Teachers’ Pension
AVC - Current annual contributions @ €6,000 (monthly circa €500)
Current Value @ €120,000
This has just been transferred out of cornmarket to a New Ireland fund which is heavily geared towards equities.
Other:
●3 children, 9,8,6
●Main PDH – Currently € 100K Mortgage O/S
mortgage @ 1000pm ( I overpay)
Value circa 460k
Currently on 2.9% with UB however well along in the process of switching to Avant at 1.9% fixed and reducing the term.
●Rental Property – Currently € 90K Mortgage O/S (value circa €150K)
monthly rental income @ €950 / Mortgage @ €810
Currently with UB at 1.9% fixed 10 years
We currently overpay this a little every month.
● Small holiday home in Spain, no mortgage & no income generated. Will not rent it out as did so in the past and was a disaster.
It's used a lot in normal times by wife and kids given her holidays
●Investment Purchase of Commercial Site / Land – value circa €60K but should increase. Mortgage free.
No income from same.
●Shareholding – currently hold a small shareholding % of employers business which if sold today would be worth approx. €150,000.
Ive been told in annual review discussions that there is an intention there to double this shareholding at no cost to myself in the coming 5 to 10 years. (its not bankable I know but good to know its in the pipeline)
Car Loan @ 15k of which I'm clearing 500pm
No credit card debt
Very little savings (circa €20K)
I currently have a serious illness insurance policy in place.
Also a 4 times death in service policy thru employer.
€1m life policy on each of us as well as the life policies that are tied to the mortgages.
Would expect to be the beneficiary of an estate worth approx 300k in the next 25 years
...............
Query
1) anything jump out at people that you would change??
2) kids are getting to the age where the house is beginning to seem a bit small and very noisy which has lead me to looking around. To get what I would need to justify us moving we would be looking at an outlay of 800k and after getting to the position we are in to go back into such debt quite frankly would give me the heeby jeebies.
Am I wrong to have such concerns? As realise it would be paying into a cgt free asset..would love an objective view. .. Which brings me to the point that the aspirational property would only be paid off and would we would be looking to downsize most likely to a property much like the one we are in now in the location we are in now? Or on the flip side, given Kildare location will the kids be in the house a lot longer than we think so is a bigger place justified now..
3) Another option would be to extend our current property at a cost of circa 70k which would give us the extra living area space that we think we need.
4)in the background of all this is a wife who would love to retire at 55 (she is on the old teachers package with respect of pension etc, the name of which I forget but I know its better than what new entrants to the profession get) and possibly do substitute work when it suits her.
5) I would possibly like to retire myself at 58/60 and spend 6 months of the year in sunnier climates.
Thats about it.
Thanks
PAYE Worker & Director with shareholding
Income €80000
Bonus approx. €18,000 PA
Pension: New Ireland Executive Pension
Current Value €190,000
Current Employer Contribution 12.5%
Total annual contribution between employer and myself @ €26400 PA
Spouse Details:
Age 44
Teacher In position since 23 years service
Income €70,000
Pension -Teachers’ Pension
AVC - Current annual contributions @ €6,000 (monthly circa €500)
Current Value @ €120,000
This has just been transferred out of cornmarket to a New Ireland fund which is heavily geared towards equities.
Other:
●3 children, 9,8,6
●Main PDH – Currently € 100K Mortgage O/S
mortgage @ 1000pm ( I overpay)
Value circa 460k
Currently on 2.9% with UB however well along in the process of switching to Avant at 1.9% fixed and reducing the term.
●Rental Property – Currently € 90K Mortgage O/S (value circa €150K)
monthly rental income @ €950 / Mortgage @ €810
Currently with UB at 1.9% fixed 10 years
We currently overpay this a little every month.
● Small holiday home in Spain, no mortgage & no income generated. Will not rent it out as did so in the past and was a disaster.
It's used a lot in normal times by wife and kids given her holidays
●Investment Purchase of Commercial Site / Land – value circa €60K but should increase. Mortgage free.
No income from same.
●Shareholding – currently hold a small shareholding % of employers business which if sold today would be worth approx. €150,000.
Ive been told in annual review discussions that there is an intention there to double this shareholding at no cost to myself in the coming 5 to 10 years. (its not bankable I know but good to know its in the pipeline)
Car Loan @ 15k of which I'm clearing 500pm
No credit card debt
Very little savings (circa €20K)
I currently have a serious illness insurance policy in place.
Also a 4 times death in service policy thru employer.
€1m life policy on each of us as well as the life policies that are tied to the mortgages.
Would expect to be the beneficiary of an estate worth approx 300k in the next 25 years
...............
Query
1) anything jump out at people that you would change??
2) kids are getting to the age where the house is beginning to seem a bit small and very noisy which has lead me to looking around. To get what I would need to justify us moving we would be looking at an outlay of 800k and after getting to the position we are in to go back into such debt quite frankly would give me the heeby jeebies.
Am I wrong to have such concerns? As realise it would be paying into a cgt free asset..would love an objective view. .. Which brings me to the point that the aspirational property would only be paid off and would we would be looking to downsize most likely to a property much like the one we are in now in the location we are in now? Or on the flip side, given Kildare location will the kids be in the house a lot longer than we think so is a bigger place justified now..
3) Another option would be to extend our current property at a cost of circa 70k which would give us the extra living area space that we think we need.
4)in the background of all this is a wife who would love to retire at 55 (she is on the old teachers package with respect of pension etc, the name of which I forget but I know its better than what new entrants to the profession get) and possibly do substitute work when it suits her.
5) I would possibly like to retire myself at 58/60 and spend 6 months of the year in sunnier climates.
Thats about it.
Thanks