SqueezedMiddle
Registered User
- Messages
- 50
Age:
46
Spouse’s/Partner's age:
46
Annual gross income from employment or profession:
65k
Annual gross income of spouse:
62k (Civil Service)
Type of employment:
One Multinational, One civil service (25 years so far)
In general are you: (a) spending more than you earn, or (b) saving?
Saving
Rough estimate of value of home:
350k
Amount outstanding on your mortgage:
€50k
Other borrowings – car loans/personal loans etc:
Investment property €20k left
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
20k in Savings and investments
Do you have a pension scheme?
Me: 280k - contributing the max 25% to it.
Spouse: Civil service pension plus AVCs of about €700 PM (AVCs currently worth about 50k)
Do you own any investment or other property?
Yes
Apartment. Worth €150k. 50k left on mortgage. Rent is €900 pm due to rent control, market rent would be €1200. Thinking of just selling this what with the rent control and treatment of landlords etc.
Ages of children:
1 child aged 5 years
Life insurance:
Pay about €250 pm in total for 20 year term life insurance. 15 years remaining on it.
Basically if either of us kick it the other gets about €1M.
Health insurance with VHI for the 3 of us paid for by my employer.
Also pay small amounts for mortgage protection insurance.
What specific question do you have or what issues are of concern to you?
Basically we are both sick of working the amount of hours and then paying such a high rate of tax. We would both like to just retire in 5 years, when we will both be 51 and our kid will be 10. I see my parents both worked themselves into their mid 70s with little choice and it leaves a mark on you. We want more family time and time to ourselves than working allows.
We pay any cash we have left off the mortgages and they should be totally paid off by 5 years time. And also there should be enough money but away for education etc for our kid.
After that we would like to retire to do as we please. No interest in working after that age, just want to enjoy ourselves and spend time with our families.
At the moment we are comfortable and paying AVCs and mortgages and still have enough money left to take a few holidays a year and pay off more of the mortgages. We are never stuck for money. Cars etc are bought outright whenever we need to buy one. We never take loans apart from the mortgages.
Ive said this to some friends and they think its impossible.
After all of the extra mortgage payments, plus regular mortgage payments, AVCs, tax etc we get by very well on about €3000 PM. So I think if we could get €3000 PM or close to that we would be very comfortable. More would be great too, dont get me wrong. I just dont know if we can achieve that on what we have put away.
Is it possible for us to retire in 5 years using the pensions we have at the moment?
If not is there anything we could do to get there?
Thanks in Advance.
46
Spouse’s/Partner's age:
46
Annual gross income from employment or profession:
65k
Annual gross income of spouse:
62k (Civil Service)
Type of employment:
One Multinational, One civil service (25 years so far)
In general are you: (a) spending more than you earn, or (b) saving?
Saving
Rough estimate of value of home:
350k
Amount outstanding on your mortgage:
€50k
Other borrowings – car loans/personal loans etc:
Investment property €20k left
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
20k in Savings and investments
Do you have a pension scheme?
Me: 280k - contributing the max 25% to it.
Spouse: Civil service pension plus AVCs of about €700 PM (AVCs currently worth about 50k)
Do you own any investment or other property?
Yes
Apartment. Worth €150k. 50k left on mortgage. Rent is €900 pm due to rent control, market rent would be €1200. Thinking of just selling this what with the rent control and treatment of landlords etc.
Ages of children:
1 child aged 5 years
Life insurance:
Pay about €250 pm in total for 20 year term life insurance. 15 years remaining on it.
Basically if either of us kick it the other gets about €1M.
Health insurance with VHI for the 3 of us paid for by my employer.
Also pay small amounts for mortgage protection insurance.
What specific question do you have or what issues are of concern to you?
Basically we are both sick of working the amount of hours and then paying such a high rate of tax. We would both like to just retire in 5 years, when we will both be 51 and our kid will be 10. I see my parents both worked themselves into their mid 70s with little choice and it leaves a mark on you. We want more family time and time to ourselves than working allows.
We pay any cash we have left off the mortgages and they should be totally paid off by 5 years time. And also there should be enough money but away for education etc for our kid.
After that we would like to retire to do as we please. No interest in working after that age, just want to enjoy ourselves and spend time with our families.
At the moment we are comfortable and paying AVCs and mortgages and still have enough money left to take a few holidays a year and pay off more of the mortgages. We are never stuck for money. Cars etc are bought outright whenever we need to buy one. We never take loans apart from the mortgages.
Ive said this to some friends and they think its impossible.
After all of the extra mortgage payments, plus regular mortgage payments, AVCs, tax etc we get by very well on about €3000 PM. So I think if we could get €3000 PM or close to that we would be very comfortable. More would be great too, dont get me wrong. I just dont know if we can achieve that on what we have put away.
Is it possible for us to retire in 5 years using the pensions we have at the moment?
If not is there anything we could do to get there?
Thanks in Advance.