Age: 45
Spouse’s/Partner's age: 48
Annual gross income from employment or profession: €105k base salary with Overtime of €10k-20k per pear and a bonus between €12k-20k
Annual gross income spouse: €39k (works part time)
Type of employment: Both in the private sector
Expenditure pattern: We’re both generally 'savers'
Rough estimate of value of home: €700k
Mortgage on home: €0
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Savings and investments:
€80k in low interest savings accounts which definitely needs to work harder
€22500k in a company share scheme which started 2 years and plan to liquidate €6350 every 6 months after the 3 year tax exemption for each tranche of shares purchased. Currently plan to top up the company scheme with the max allowed of €12700 as its a good way to avoid tax on my annual bonus along with maxing my pension contributions.
We have a separate fund of €12k for home improvements which we top up by €750 on a monthly basis. No massive extensions planned in the future as we already spent €200k 7/8 years ago renovating.
Separate fund of €4k also for any utility replacement/emergency works around the house etc.. so we never need to dip into savings. This gets topped up on a monthly basis by €150
All expenses (holidays, Xmas, birthdays, insurance, subscriptions, memberships etc..) in our household are budgeted for on a annual basis and broken out into monthly reductions so we never have any big bills. Easier this way we find.
Do you have a pension scheme?
Current pension scheme - Defined Contribution Scheme - 8% from employer. I'm maxing my AVCs at 25% and the current fund value is €425k
My partner is in a Defined Contribution Scheme with 2% from the employer and maxing their AVCs at 25% with a current fund value of €91k
Do you own any investment or other property? No
Ages of children:
14
11
7
Life insurance: Yes.
What specific question do you have or what issues are of concern to you?
In our mind we have done pretty well paying off our mortgage and are maxing our AVCs so need to take the next step.
We are conscious we need to start planning for our children with college only around the corner. We would hope they stay in Dublin for college which would greatly reduce the costs.
We need to make our savings work harder and probably need to look into long term investments of at least 5-10 years to gain a greater return. We are okay investing for this long but lack any experience or knowlege in this area so any help/information would be greatly appreciated. One of our employeers does have a connection with New Ireland which results in reduced fees and commissions but we have no idea what investments to look at and what questions to ask.
Also should income protection we should look at especially for myself as I'm the primary bread winner?
Any other advice would be great appreciated.
Spouse’s/Partner's age: 48
Annual gross income from employment or profession: €105k base salary with Overtime of €10k-20k per pear and a bonus between €12k-20k
Annual gross income spouse: €39k (works part time)
Type of employment: Both in the private sector
Expenditure pattern: We’re both generally 'savers'
Rough estimate of value of home: €700k
Mortgage on home: €0
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Savings and investments:
€80k in low interest savings accounts which definitely needs to work harder
€22500k in a company share scheme which started 2 years and plan to liquidate €6350 every 6 months after the 3 year tax exemption for each tranche of shares purchased. Currently plan to top up the company scheme with the max allowed of €12700 as its a good way to avoid tax on my annual bonus along with maxing my pension contributions.
We have a separate fund of €12k for home improvements which we top up by €750 on a monthly basis. No massive extensions planned in the future as we already spent €200k 7/8 years ago renovating.
Separate fund of €4k also for any utility replacement/emergency works around the house etc.. so we never need to dip into savings. This gets topped up on a monthly basis by €150
All expenses (holidays, Xmas, birthdays, insurance, subscriptions, memberships etc..) in our household are budgeted for on a annual basis and broken out into monthly reductions so we never have any big bills. Easier this way we find.
Do you have a pension scheme?
Current pension scheme - Defined Contribution Scheme - 8% from employer. I'm maxing my AVCs at 25% and the current fund value is €425k
My partner is in a Defined Contribution Scheme with 2% from the employer and maxing their AVCs at 25% with a current fund value of €91k
Do you own any investment or other property? No
Ages of children:
14
11
7
Life insurance: Yes.
What specific question do you have or what issues are of concern to you?
In our mind we have done pretty well paying off our mortgage and are maxing our AVCs so need to take the next step.
We are conscious we need to start planning for our children with college only around the corner. We would hope they stay in Dublin for college which would greatly reduce the costs.
We need to make our savings work harder and probably need to look into long term investments of at least 5-10 years to gain a greater return. We are okay investing for this long but lack any experience or knowlege in this area so any help/information would be greatly appreciated. One of our employeers does have a connection with New Ireland which results in reduced fees and commissions but we have no idea what investments to look at and what questions to ask.
Also should income protection we should look at especially for myself as I'm the primary bread winner?
Any other advice would be great appreciated.