Age: 48
Spouse’s/Partner's age: 46
Annual gross income from employment or profession: €83, 000
Annual gross income of spouse: Wife - €48,000
Monthly take-home pay - €7000
Type of employment: Both in Public Service
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving – but not much at this stage.
Rough estimate of value of home - €270,000
Amount outstanding on your mortgage: - Roughly €150,000
What interest rate are you paying? – Tracker Rate 0.5%
Other borrowings – car loans/personal loans etc
Spouse has a car loan of €15000
Do you pay off your full credit card balance each month?
Me - Yes
Spouse - No
If not, what is the balance on your credit card?
Spouse – Balance of about €5,000
Savings and investments:
Small Emergency Fund of about €8,000
Do you have a pension scheme?
Yes – Both in Public Service Pension Scheme
Do you own any investment or other property?
No
Ages of children:
One child – 11 years old
Life insurance:
Have Mortgage Payment Protection.
Public Service Death in Benefit of 1.5 times salary for both of us.
Extra Life Insurance Policy for husband of twice salary.
Both have Income Continuance Plan in place.
What specific question do you have or what issues are of concern to you?
Wife wants to retire at 60 but won’t have enough service, will need to top up on AVCs unless someone thinks of alternative approaches?
I’m not happy with the amount of money in the emergency fund, and also not happy just having the money sitting in a low interest paying account. What are the views on amount of money required and how accessible it should be?
How much should we be saving as a % of income?
What short term and medium term improvements do you think we should make to improve finances overall that would allow for early retirement for wife?
What are the views on paying extra on the mortgage and clearing it earlier?
Any particular products that we should look at to save for child's college education?
Spouse’s/Partner's age: 46
Annual gross income from employment or profession: €83, 000
Annual gross income of spouse: Wife - €48,000
Monthly take-home pay - €7000
Type of employment: Both in Public Service
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving – but not much at this stage.
Rough estimate of value of home - €270,000
Amount outstanding on your mortgage: - Roughly €150,000
What interest rate are you paying? – Tracker Rate 0.5%
Other borrowings – car loans/personal loans etc
Spouse has a car loan of €15000
Do you pay off your full credit card balance each month?
Me - Yes
Spouse - No
If not, what is the balance on your credit card?
Spouse – Balance of about €5,000
Savings and investments:
Small Emergency Fund of about €8,000
Do you have a pension scheme?
Yes – Both in Public Service Pension Scheme
Do you own any investment or other property?
No
Ages of children:
One child – 11 years old
Life insurance:
Have Mortgage Payment Protection.
Public Service Death in Benefit of 1.5 times salary for both of us.
Extra Life Insurance Policy for husband of twice salary.
Both have Income Continuance Plan in place.
What specific question do you have or what issues are of concern to you?
Wife wants to retire at 60 but won’t have enough service, will need to top up on AVCs unless someone thinks of alternative approaches?
I’m not happy with the amount of money in the emergency fund, and also not happy just having the money sitting in a low interest paying account. What are the views on amount of money required and how accessible it should be?
How much should we be saving as a % of income?
What short term and medium term improvements do you think we should make to improve finances overall that would allow for early retirement for wife?
What are the views on paying extra on the mortgage and clearing it earlier?
Any particular products that we should look at to save for child's college education?