Personal details
Age: 50
Spouse’s/Partner's age: 47
Number and age of children: 2 (13 + 15)
Income and expenditure
Annual gross income from employment or profession: 150K
Annual gross income of spouse: 63K
Monthly take-home pay 9.5-10 k ( varies with wife as she can do Call etc )
Type of employment:
Private sector
partner - Public Sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving 1k a month
Summary of Assets and Liabilities
Family home worth €800k with a €550k mortgage till 2040
Repayments 3100pm currently fixed at 2.2% till 2030
Cash of €100k
Defined Contribution pension fund from old employer : €280k
Defined Contribution pension fund from current employer : €80k
Contributions currently 3k a month between employer and my contributions. ( Basically 25% of pensionable salary)
*Take home pay above is after pensions deductions
Partner 20 years full service now on 80% of time for last 5 years and probably until retirement.
Insurances:
Mortgage protection
Income protection of 50% of salary after 1 year
death in service 10 times salary
not sure on partner
Questions:
I appreciate we are luckier than some as we bought our forever home a number of years ago and love the house and area but the house is an old 1960's and needs updating and hopefully extending.
Based on estimates we have got recently our savings wont cover what we would like to do. Probably 50-60k short.
Wish list is Update the house and retire a few years early.
If I take the house one of the options I was looking at was taking a lump sum from my old employer pension to cover the House work.
What will that do long term to our early retirement plans?
Reality is I cant see myself retiring for another 10 years minimum.. Still need to get kids to finish school and college etc..
Any advice greatly appreciated.