Age: 47
Spouse’s/Partner's age: 54
Annual gross income from employment or profession: 73k
Annual gross income of spouse: 28k
Monthly take-home pay: 6000 combined
Type of employment: US corporation
Spouse: county council
In general are you:
(a) spending more than you earn, or
(b) saving?
Mostly saving
Rough estimate of value of home: 320k
Amount outstanding on your mortgage: nil
What interest rate are you paying? n/a
Other borrowings – car loans/personal loans etc: nil
Do you pay off your full credit card balance each month? yes
If not, what is the balance on your credit card? n/a
Savings and investments: 78k
Do you have a pension scheme? yes, defined contribution, fund value 115k. Spouse: single pension scheme with county council, plus previous occupational pension fund valued at 44k
Do you own any investment or other property? no
Ages of children: 17, 15, 13
Life insurance: yes - 200k dual life (premium 58eur/mth), plus death in benefit pension self 292k , spouse 56k (will only kick in in 2 years time)- plus old mortgage protection (mortgage was estinguished) for 60k on a reducing basis (premium 17 eur/mth)
Question: how to optimize savings so they help us with retirement. Should we use part of them for a deposit on a buy to let, spend some of them on much wanted home improvements, throw them into the pension scheme... (We have eyed a buy to let for 176k, projected rental income 1k/mth.)
Spouse’s/Partner's age: 54
Annual gross income from employment or profession: 73k
Annual gross income of spouse: 28k
Monthly take-home pay: 6000 combined
Type of employment: US corporation
Spouse: county council
In general are you:
(a) spending more than you earn, or
(b) saving?
Mostly saving
Rough estimate of value of home: 320k
Amount outstanding on your mortgage: nil
What interest rate are you paying? n/a
Other borrowings – car loans/personal loans etc: nil
Do you pay off your full credit card balance each month? yes
If not, what is the balance on your credit card? n/a
Savings and investments: 78k
Do you have a pension scheme? yes, defined contribution, fund value 115k. Spouse: single pension scheme with county council, plus previous occupational pension fund valued at 44k
Do you own any investment or other property? no
Ages of children: 17, 15, 13
Life insurance: yes - 200k dual life (premium 58eur/mth), plus death in benefit pension self 292k , spouse 56k (will only kick in in 2 years time)- plus old mortgage protection (mortgage was estinguished) for 60k on a reducing basis (premium 17 eur/mth)
Question: how to optimize savings so they help us with retirement. Should we use part of them for a deposit on a buy to let, spend some of them on much wanted home improvements, throw them into the pension scheme... (We have eyed a buy to let for 176k, projected rental income 1k/mth.)