Age:
47
Spouse’s/Partner's age:
45
Annual gross income from employment or profession:
€93,000 + 10,000 Bonus
Annual gross income spouse:
85,000 + 15,000 Bonus
Monthly take-home pay:
€7,500 approx (after pension contributions etc. We have company health insurance and death cover).
Type of employment:
Private sector
Expenditure pattern:
Largest outgoing is childcare at 1,400 per month.(after ECCE).
Mortgage on PPR is approx 950 per month.
Mortgage on rental property is approx 1,000 per month.
We are saving between 1,000 and 1,500 per month which, once built up, we use to pay off PPR mortgage.
Rough estimate of value of home
€600,000
Mortgage on home
€140,000 remaining and approx 16 years left on mortgage. We have been overpaying in lump sums ad hoc when we build up savings in order to reduce the monthly payment.
Mortgage provider:
Haven
Type of mortgage:
Variable
Interest rate
2.78%
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
€65,000 Cash savings.
Do you have a pension scheme?
Me €335,000 previous pension (Aviva. 57% My future consolidation fund. 43% My future growth fund.)
Me €100,000 new pension
Wife pension €200,000
My company pays 10% and I pay 25% (max for tax relief).
Wife's company pays 12% and she pays 15%.
Do you own any investment or other property?
Yes. Value €320,000. Mortgage tracker ECB+1.15% €180,000 remaining (17 years). Rented for €2100 a month gross. Agency looking after it.
Ages of children: 2 children - ages 7 and 5.
Life insurance:
Mortgage protection on both properties.
Health insurance thought jobs.
Death in benefit through jobs.
What specific question do you have or what issues are of concern to you?
The pending sale of inherited family home will net me approx 200k after CGT.
My thoughts are to clear the mortgage on our PPR. We also have mortgage protection on our PPR costing 63 euro per month currently for value of 400,000. One question is should I cancel this mortgage protection once I clear the mortgage? We have mortgage protection on the rental property for 220k currently which we will keep as can write off against tax bill.
I will suggest that my wife begin to max her pension contributions then also.
The other issue is that I would like to retire as soon as I comfortably can. I'm not enjoying the rat race and find it stressful, bad for my health (physical and mental)
I'm planning on taking a break for a few months over the summer to spend time with my family and start looking for a new job after the summer. Ideally if possible I would like to get a position with reduced hours and less responsibility and be able to spend more time with the family. Appreciate any thoughts or advice here.
I realise with small kids retirement may be a while away but I'm trying to assess how far away. So any thoughts on that welcome.
My wife would like to continue working until she is 60. I would like to be finished well before that if possible. Lockdown has made me reassess my priorities. I want to spend more time with my kids, I have hobbies that I would like to pursue if time allowed also. I don't enjoy the job and don't think there is any job in this area that to I would enjoy. I don't have any career ambition. A job for me is really just to earn money. There is little satisfaction in it. I'm good enough at the job and am conscientious which has probably gotten me to where I am.
Any thoughts, suggestions advice welcome.
47
Spouse’s/Partner's age:
45
Annual gross income from employment or profession:
€93,000 + 10,000 Bonus
Annual gross income spouse:
85,000 + 15,000 Bonus
Monthly take-home pay:
€7,500 approx (after pension contributions etc. We have company health insurance and death cover).
Type of employment:
Private sector
Expenditure pattern:
Largest outgoing is childcare at 1,400 per month.(after ECCE).
Mortgage on PPR is approx 950 per month.
Mortgage on rental property is approx 1,000 per month.
We are saving between 1,000 and 1,500 per month which, once built up, we use to pay off PPR mortgage.
Rough estimate of value of home
€600,000
Mortgage on home
€140,000 remaining and approx 16 years left on mortgage. We have been overpaying in lump sums ad hoc when we build up savings in order to reduce the monthly payment.
Mortgage provider:
Haven
Type of mortgage:
Variable
Interest rate
2.78%
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
€65,000 Cash savings.
Do you have a pension scheme?
Me €335,000 previous pension (Aviva. 57% My future consolidation fund. 43% My future growth fund.)
Me €100,000 new pension
Wife pension €200,000
My company pays 10% and I pay 25% (max for tax relief).
Wife's company pays 12% and she pays 15%.
Do you own any investment or other property?
Yes. Value €320,000. Mortgage tracker ECB+1.15% €180,000 remaining (17 years). Rented for €2100 a month gross. Agency looking after it.
Ages of children: 2 children - ages 7 and 5.
Life insurance:
Mortgage protection on both properties.
Health insurance thought jobs.
Death in benefit through jobs.
What specific question do you have or what issues are of concern to you?
The pending sale of inherited family home will net me approx 200k after CGT.
My thoughts are to clear the mortgage on our PPR. We also have mortgage protection on our PPR costing 63 euro per month currently for value of 400,000. One question is should I cancel this mortgage protection once I clear the mortgage? We have mortgage protection on the rental property for 220k currently which we will keep as can write off against tax bill.
I will suggest that my wife begin to max her pension contributions then also.
The other issue is that I would like to retire as soon as I comfortably can. I'm not enjoying the rat race and find it stressful, bad for my health (physical and mental)
I'm planning on taking a break for a few months over the summer to spend time with my family and start looking for a new job after the summer. Ideally if possible I would like to get a position with reduced hours and less responsibility and be able to spend more time with the family. Appreciate any thoughts or advice here.
I realise with small kids retirement may be a while away but I'm trying to assess how far away. So any thoughts on that welcome.
My wife would like to continue working until she is 60. I would like to be finished well before that if possible. Lockdown has made me reassess my priorities. I want to spend more time with my kids, I have hobbies that I would like to pursue if time allowed also. I don't enjoy the job and don't think there is any job in this area that to I would enjoy. I don't have any career ambition. A job for me is really just to earn money. There is little satisfaction in it. I'm good enough at the job and am conscientious which has probably gotten me to where I am.
Any thoughts, suggestions advice welcome.