Hi All
First post in a long time so please bear with me, i have been talking with my wife and we are not sure how we stand financially as we head towards retirement.
Age:52
Spouse’s/Partner's age:50
Annual gross income from employment or profession: 50,000
Annual gross income of spouse:35,000
Monthly take-home pay around 5,500
Type of employment: e.g. Civil Servant, self-employed both PAYE
In general are you:
(a) spending more than you earn, or
(b) saving?
Breaking even eating out a bit too much.
Rough estimate of value of home 420,000
Amount outstanding on your mortgage: 140,000
What interest rate are you paying? 0.9 above ECB Rate
Other borrowings – car loans/personal loans etc No apart from Tax on the apartment about 4,000 per year.
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: have a bond to mature next year about 70,000 and 5,000 in the bank. I also have 50,000 is shares between 4 different US Based companies.
Do you have a pension scheme? Yes we both have, mine about 215,000 ( 2 pensions one 50,000 and the other 165,000) and wife about 180,000
Do you own any investment or other property? Yes Apartment mortgage finishes in 13 years time.
Value 280,000 mortgage 160,000
Ages of children: No Kids
Life insurance: Yes on PR and BTL
What specific question do you have or what issues are of concern to you?
The apartment is low rent 1,200 and i have to add about 350 euro per month to pay for life insurance, management fees and the mortgage.
My main question is would we have enough to retire on as we hit the grand age of 60, i know it depends what type of life style we would want. The answer to that is `we would like to be comfortable nothing crazy, 1 or 2 small holidays a year and Golf club membership.
The plan with the apartment is when mortgage is up or very small sell and buy a small place abroad and use the rest of the money for retirement.
Regarding the shares the plan is at retirement sell about 3,000 per year for a holiday.
So i ask myself why i am asking this question, i have been trolling Google with searches for "How much do people have/need at retirement". I have not had much luck i would think the figure would be anywhere between 40,000 to 50,000 which includes state pension for a married couple.
Any replies most welcome, sorry for long post.
First post in a long time so please bear with me, i have been talking with my wife and we are not sure how we stand financially as we head towards retirement.
Age:52
Spouse’s/Partner's age:50
Annual gross income from employment or profession: 50,000
Annual gross income of spouse:35,000
Monthly take-home pay around 5,500
Type of employment: e.g. Civil Servant, self-employed both PAYE
In general are you:
(a) spending more than you earn, or
(b) saving?
Breaking even eating out a bit too much.
Rough estimate of value of home 420,000
Amount outstanding on your mortgage: 140,000
What interest rate are you paying? 0.9 above ECB Rate
Other borrowings – car loans/personal loans etc No apart from Tax on the apartment about 4,000 per year.
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: have a bond to mature next year about 70,000 and 5,000 in the bank. I also have 50,000 is shares between 4 different US Based companies.
Do you have a pension scheme? Yes we both have, mine about 215,000 ( 2 pensions one 50,000 and the other 165,000) and wife about 180,000
Do you own any investment or other property? Yes Apartment mortgage finishes in 13 years time.
Value 280,000 mortgage 160,000
Ages of children: No Kids
Life insurance: Yes on PR and BTL
What specific question do you have or what issues are of concern to you?
The apartment is low rent 1,200 and i have to add about 350 euro per month to pay for life insurance, management fees and the mortgage.
My main question is would we have enough to retire on as we hit the grand age of 60, i know it depends what type of life style we would want. The answer to that is `we would like to be comfortable nothing crazy, 1 or 2 small holidays a year and Golf club membership.
The plan with the apartment is when mortgage is up or very small sell and buy a small place abroad and use the rest of the money for retirement.
Regarding the shares the plan is at retirement sell about 3,000 per year for a holiday.
So i ask myself why i am asking this question, i have been trolling Google with searches for "How much do people have/need at retirement". I have not had much luck i would think the figure would be anywhere between 40,000 to 50,000 which includes state pension for a married couple.
Any replies most welcome, sorry for long post.