T
The Edge
Guest
Age: 36
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: €90k approx
Annual gross income of spouse: n/a
Type of employment: e.g. Civil Servant, self-employed: commercial semi-state
In general are you:
(a) spending more than you earn, or
(b) saving?
(b)
Rough estimate of value of home €180k
Amount outstanding on your mortgage: €155k
What interest rate are you paying? 3.25% Tracker
Other borrowings – car loans/personal loans etc: none
Do you pay off your full credit card balance each month? Usually, yes.
If not, what is the balance on your credit card? Currently nil
Savings and investments: Approx €40k in various deposit accounts.
Do you have a pension scheme? Yes: but only around €20k approx accumulated thus far.
Do you own any investment or other property? No
Ages of children: n/a
Life insurance: Yes, with mortgage
What specific question do you have or what issues are of concern to you?
My current pension fund is clearly not adequate, as a result of having only been contributing into a scheme for around 5 years in total; therefore I am contemplating making AVC's.
Having said that, having no dependents and frankly not planning to either, I doubt the advantages of even having a pension (I assume funds aren't accessible until reaching 65 - how do I even know I'll live that long?) In general I am looking for recommendations as to strategy for medium to long term savings accumulation, should I bump up pension contributions or should I just give up on the pension altogether and increase monthly S.O. to my deposit account, or alternatively invest in shares via an ETF? Someone mentioned BES funds to me - is this a good tax efficient form of investment and what safeguards are available/how risky is it?
EDIT: Should mention that the long term plan is to trade the markets full time from home, currently am still a good bit away from being proficient enough to be able to do that, so emphasis in the near term in basically accumulating a nest egg to fund trading and/or put by 'for a rainy day'.
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: €90k approx
Annual gross income of spouse: n/a
Type of employment: e.g. Civil Servant, self-employed: commercial semi-state
In general are you:
(a) spending more than you earn, or
(b) saving?
(b)
Rough estimate of value of home €180k
Amount outstanding on your mortgage: €155k
What interest rate are you paying? 3.25% Tracker
Other borrowings – car loans/personal loans etc: none
Do you pay off your full credit card balance each month? Usually, yes.
If not, what is the balance on your credit card? Currently nil
Savings and investments: Approx €40k in various deposit accounts.
Do you have a pension scheme? Yes: but only around €20k approx accumulated thus far.
Do you own any investment or other property? No
Ages of children: n/a
Life insurance: Yes, with mortgage
What specific question do you have or what issues are of concern to you?
My current pension fund is clearly not adequate, as a result of having only been contributing into a scheme for around 5 years in total; therefore I am contemplating making AVC's.
Having said that, having no dependents and frankly not planning to either, I doubt the advantages of even having a pension (I assume funds aren't accessible until reaching 65 - how do I even know I'll live that long?) In general I am looking for recommendations as to strategy for medium to long term savings accumulation, should I bump up pension contributions or should I just give up on the pension altogether and increase monthly S.O. to my deposit account, or alternatively invest in shares via an ETF? Someone mentioned BES funds to me - is this a good tax efficient form of investment and what safeguards are available/how risky is it?
EDIT: Should mention that the long term plan is to trade the markets full time from home, currently am still a good bit away from being proficient enough to be able to do that, so emphasis in the near term in basically accumulating a nest egg to fund trading and/or put by 'for a rainy day'.