Do you think I should just continue as is, I don't think there is much I am doing wrong financially with things like paying pension AVCs and picking low cost mortgage rates in the past etc
Age: 45
Spouse’s/Partner's age: 45
Annual gross income from employment or profession: 135k
Annual gross income of spouse: 25k self employed
Monthly take-home pay: 6300 from my employment
Type of employment: I am an employee, spouse is self-employed
In general:
saving about 3k per month
Rough estimate of value of home: 335k
Amount outstanding on your mortgage: 110k
What interest rate are you paying: 0.5% over ECB
Other borrowings: 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: 165k cash, 15k in equities, 100k (net after tax value) in employer Share Options scheme
Do you have a pension scheme: yes, DC scheme 650k in fund (employer 8%, my 5% plus I make AVCs to the allowed maximum, separate PRSA with 75k fund, spouse has old DC scheme from previous employer 75k (no contributions being made). All funds in high risk equity funds.
Do you own any investment or other property: House rented out, value 335k, mortgage 140k at 0.5% over ECB, rent 1000 per month, mortgage repayments 900 per month
Ages of children: 6,10
Life insurance: 4 times salary via my employment, separate 700k life insurance on me, mortgage protection policies on both properties
Risks that I am aware of:
- I don't have income protection insurance
- Landlord regulation changes may prevent me from selling my property with vacant possession. But I have reasonably good tenant so no hassles, but rent is at least 500 is not 900 per month below market rates. Decision to be made about selling....
- How much money do I really need in retirement, at this rate I might have too much in the pension funds but then again there might be big pullback on equities that will change the values.
- Best practice says I should sell my share options in my employment, but I am willing to take a risk on it and sell some or all in 3-5 years.
In the next 5 years:
- Will want to buy a bigger property in the area, prices currently about 750-900k for a good family home
My question is do I just continue as I have been doing, because I will need cash for a house I don't think I should look to any other investments?
Age: 45
Spouse’s/Partner's age: 45
Annual gross income from employment or profession: 135k
Annual gross income of spouse: 25k self employed
Monthly take-home pay: 6300 from my employment
Type of employment: I am an employee, spouse is self-employed
In general:
saving about 3k per month
Rough estimate of value of home: 335k
Amount outstanding on your mortgage: 110k
What interest rate are you paying: 0.5% over ECB
Other borrowings: 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: 165k cash, 15k in equities, 100k (net after tax value) in employer Share Options scheme
Do you have a pension scheme: yes, DC scheme 650k in fund (employer 8%, my 5% plus I make AVCs to the allowed maximum, separate PRSA with 75k fund, spouse has old DC scheme from previous employer 75k (no contributions being made). All funds in high risk equity funds.
Do you own any investment or other property: House rented out, value 335k, mortgage 140k at 0.5% over ECB, rent 1000 per month, mortgage repayments 900 per month
Ages of children: 6,10
Life insurance: 4 times salary via my employment, separate 700k life insurance on me, mortgage protection policies on both properties
Risks that I am aware of:
- I don't have income protection insurance
- Landlord regulation changes may prevent me from selling my property with vacant possession. But I have reasonably good tenant so no hassles, but rent is at least 500 is not 900 per month below market rates. Decision to be made about selling....
- How much money do I really need in retirement, at this rate I might have too much in the pension funds but then again there might be big pullback on equities that will change the values.
- Best practice says I should sell my share options in my employment, but I am willing to take a risk on it and sell some or all in 3-5 years.
In the next 5 years:
- Will want to buy a bigger property in the area, prices currently about 750-900k for a good family home
My question is do I just continue as I have been doing, because I will need cash for a house I don't think I should look to any other investments?
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