Age: 34
Spouse’s/Partner's age: 35 (we recently started living together but haven't merged our financed yet. I would like to get my finances in order first. She is not dependent on me financially and is possible a little better off.
Annual gross income from employment or profession: 68k
Annual gross income of spouse: NA
Monthly take-home pay: 3,190euro
Type of employment: e.g. Civil Servant, self-employed: Semi state (DC pension)
In general are you:
(a) spending more than you earn, or
(b) saving?
a. I spend less than I earn.
Yes
b.
I currently put about 1,000 a month to my house deposit fund. This will drop a bit post covid...
Rough estimate of value of home: Renting. Hope to buy with 24 months. Looking at some places in the 350k range but sure if that's reasonable. Girlfriend would have similar savings.
Amount outstanding on your mortgage: na
What interest rate are you paying? na
Other borrowings – car loans/personal loans etc
No borrowings.
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? na
Savings and investments:
I lived in Canada for 9 years and still have money there.
In Canada:
Canada has two main saving schemes.
1. Tax Free Saving Account, I don't think there is an Irish equivalent but basically it allows you to save/invest 5k a year tax free. I have left money in here as if I take it out I can't add it back while not living there. I don't think there would be any tax to pay to transer this to Ireland. Under this program I have:
High (2%) interest saving account (not locked in): 30k euro (I saw/see this as a house deposit fund)
Mutual Funds: 8k euro
2. Retirement Saving Scheme. This is basically a private pension. I got tax relief putting funds in. I could pull them out put I would need to pay some tax.
Mutual Funds: 4.5k euro.
This is today's conversion, the value dropped by 5% at the start of covid.
In Ireland:
House Deposit Fund: 42k euro in regular saving accounts.
Do you have a pension scheme? Yes.
Current job:
I contribute 8% and my employer puts in 12%
Current value: 31k
Future: 430k
I also contributed to a DB pension for 4 years in Canada. Not sure how good 4 years is though.
Do you own any investment or other property? No
Ages of children: none. unsure if they are in future.
Life insurance: no, should I?
What specific question do you have or what issues are of concern to you?
I don't expect anyone to be an expect on the Canadian details but do people have thoughts on if I should bring back my savings from my tax free account in Canada to use as a deposit or would I be better leaving them there and investing to maximize the use of the tax free benefit? I don't see myself living there again.
When I had my DB pension in Canada I though I was pretty set for life, but life changes... now I only started my Irish pension at 31 although I understand the contribution rate is good.. From my pension website it recommended making further contributions if I want my pension to be 50% of my current salary. Is that a target I should aim for? Or am I better to save further for a deposit? Its hard to answer questions about how much money I would like in retirement when there are so many unknowns.
If possible I would like to retire early 60s. Again it seems so far away but it would be good to know what would need o be done to achieve that.
I would like to develop a financial plan around house and pension and try and follow it (adjusting as need be when life throws stuff at you). Basically I wan't to be as aware as possible of the impacts on buying a house costing x on ability to retire etc.
Spouse’s/Partner's age: 35 (we recently started living together but haven't merged our financed yet. I would like to get my finances in order first. She is not dependent on me financially and is possible a little better off.
Annual gross income from employment or profession: 68k
Annual gross income of spouse: NA
Monthly take-home pay: 3,190euro
Type of employment: e.g. Civil Servant, self-employed: Semi state (DC pension)
In general are you:
(a) spending more than you earn, or
(b) saving?
a. I spend less than I earn.
Yes
b.
I currently put about 1,000 a month to my house deposit fund. This will drop a bit post covid...
Rough estimate of value of home: Renting. Hope to buy with 24 months. Looking at some places in the 350k range but sure if that's reasonable. Girlfriend would have similar savings.
Amount outstanding on your mortgage: na
What interest rate are you paying? na
Other borrowings – car loans/personal loans etc
No borrowings.
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? na
Savings and investments:
I lived in Canada for 9 years and still have money there.
In Canada:
Canada has two main saving schemes.
1. Tax Free Saving Account, I don't think there is an Irish equivalent but basically it allows you to save/invest 5k a year tax free. I have left money in here as if I take it out I can't add it back while not living there. I don't think there would be any tax to pay to transer this to Ireland. Under this program I have:
High (2%) interest saving account (not locked in): 30k euro (I saw/see this as a house deposit fund)
Mutual Funds: 8k euro
2. Retirement Saving Scheme. This is basically a private pension. I got tax relief putting funds in. I could pull them out put I would need to pay some tax.
Mutual Funds: 4.5k euro.
This is today's conversion, the value dropped by 5% at the start of covid.
In Ireland:
House Deposit Fund: 42k euro in regular saving accounts.
Do you have a pension scheme? Yes.
Current job:
I contribute 8% and my employer puts in 12%
Current value: 31k
Future: 430k
I also contributed to a DB pension for 4 years in Canada. Not sure how good 4 years is though.
Do you own any investment or other property? No
Ages of children: none. unsure if they are in future.
Life insurance: no, should I?
What specific question do you have or what issues are of concern to you?
I don't expect anyone to be an expect on the Canadian details but do people have thoughts on if I should bring back my savings from my tax free account in Canada to use as a deposit or would I be better leaving them there and investing to maximize the use of the tax free benefit? I don't see myself living there again.
When I had my DB pension in Canada I though I was pretty set for life, but life changes... now I only started my Irish pension at 31 although I understand the contribution rate is good.. From my pension website it recommended making further contributions if I want my pension to be 50% of my current salary. Is that a target I should aim for? Or am I better to save further for a deposit? Its hard to answer questions about how much money I would like in retirement when there are so many unknowns.
If possible I would like to retire early 60s. Again it seems so far away but it would be good to know what would need o be done to achieve that.
I would like to develop a financial plan around house and pension and try and follow it (adjusting as need be when life throws stuff at you). Basically I wan't to be as aware as possible of the impacts on buying a house costing x on ability to retire etc.
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