Pauliwalnuts
Registered User
- Messages
- 54
Age 51
Spouse age 50
Children aged 12, 14 and 17
My income €206k a year – private sector
Spouse income €0 – Home Maker
Other benefits
Health Insurance, Life Cover, Fuel Card & Phone all paid for by my employer
Primary residence
Home value: €500k
Mortgage : €109k
Second house:
Home value: €250k
Rent: $6.5k annually (Family Member – Not interested in charging more)
Interest rate: Tracker mortgage – BOI 1.25% percent above ECB rate
Not finished until 2036 - 9 years remaining. Don’t see the logic in paying it down faster as I am returning a lot more via my stock broker account.
No other loans or credit. Generally saving every month. Goes into investment account
Savings:
Bank: €430k – Stockbroker Account
Have €120k in unvested stock due to vest in a few months time
Pension:
Private Pension: €1.05M – Maxing AVC’s + 7% employer contribution
PRSI Contribs to Date Me : 32.5 years
PRSI Contribs to Date Wife : 27 Years.
Can access my private pension if I so choose, provided I leave my current employer
Educational fund for kids: Will be covered by my savings
Inheritance:
Due to receive 130k once probate is concluded. This is taking time even though it’s uncontentious. Getting towards 2 years at this point. No idea why its so slow.
Other Income:
I run a part time business on the side. It is currently valued at €1.5M. Had it valued relatively recently.
It is generating about €40k annually in profit at present. I am re-investing all of the proceeds at the moment to invest in stock, capital equipment etc. so I can continue to grow.
I do not take any money out, however from now on I will be paying my wife’s Class S PRSI contributions as she takes an active part & our youngest child has just turned 13 therefore no more home-caring credits are available.
I employ somebody on a part time basis to help largely with maintenance type activities but the bulk of the work is done by both myself and my wife.
Questions
I would like to retire from my current job and focus exclusively on the business. It’s my passion but I know if will never generate the kind of income and benefits I am getting from my current employment.
Also the income is lumpy. It comes in bursts at certain periods of the year but there are lean months when nothing much is coming in.
I have 30 years service at my MNC employer and could avail of a package which would be 2 x Salary. Its clearly a senior role & comes with considerable pressure and expectations. I’d like to take things a small bit easier.
I’ve worked my ass off to get to this position but I am feeling pretty burned out by it and whilst I have loved my time there for the most part I feel like its served its purpose & set me up nicely for later life.
I can see myself maybe staying there for another few years, possibly till I am 55 but I don’t think I can do much more than that.
Am I insane to think about leaving this role & I am also worried about whether I have enough squirrelled away
Any advice welcome!
Spouse age 50
Children aged 12, 14 and 17
My income €206k a year – private sector
Spouse income €0 – Home Maker
Other benefits
Health Insurance, Life Cover, Fuel Card & Phone all paid for by my employer
Primary residence
Home value: €500k
Mortgage : €109k
Second house:
Home value: €250k
Rent: $6.5k annually (Family Member – Not interested in charging more)
Interest rate: Tracker mortgage – BOI 1.25% percent above ECB rate
Not finished until 2036 - 9 years remaining. Don’t see the logic in paying it down faster as I am returning a lot more via my stock broker account.
No other loans or credit. Generally saving every month. Goes into investment account
Savings:
Bank: €430k – Stockbroker Account
Have €120k in unvested stock due to vest in a few months time
Pension:
Private Pension: €1.05M – Maxing AVC’s + 7% employer contribution
PRSI Contribs to Date Me : 32.5 years
PRSI Contribs to Date Wife : 27 Years.
Can access my private pension if I so choose, provided I leave my current employer
Educational fund for kids: Will be covered by my savings
Inheritance:
Due to receive 130k once probate is concluded. This is taking time even though it’s uncontentious. Getting towards 2 years at this point. No idea why its so slow.
Other Income:
I run a part time business on the side. It is currently valued at €1.5M. Had it valued relatively recently.
It is generating about €40k annually in profit at present. I am re-investing all of the proceeds at the moment to invest in stock, capital equipment etc. so I can continue to grow.
I do not take any money out, however from now on I will be paying my wife’s Class S PRSI contributions as she takes an active part & our youngest child has just turned 13 therefore no more home-caring credits are available.
I employ somebody on a part time basis to help largely with maintenance type activities but the bulk of the work is done by both myself and my wife.
Questions
I would like to retire from my current job and focus exclusively on the business. It’s my passion but I know if will never generate the kind of income and benefits I am getting from my current employment.
Also the income is lumpy. It comes in bursts at certain periods of the year but there are lean months when nothing much is coming in.
I have 30 years service at my MNC employer and could avail of a package which would be 2 x Salary. Its clearly a senior role & comes with considerable pressure and expectations. I’d like to take things a small bit easier.
I’ve worked my ass off to get to this position but I am feeling pretty burned out by it and whilst I have loved my time there for the most part I feel like its served its purpose & set me up nicely for later life.
I can see myself maybe staying there for another few years, possibly till I am 55 but I don’t think I can do much more than that.
Am I insane to think about leaving this role & I am also worried about whether I have enough squirrelled away
Any advice welcome!