Age: 35
Partner's age: 35
Annual gross income from employment or profession: €65,000 new entrant to Public Service
Annual gross income of partner: 75k + 10k car allowance PAYE
Monthly take-home pay: I expect to earn about €1,500 per fortnight after pension etc. This works out about €3,250 per month average. Partner €3,700 after pension (max contributions).
Rough estimate of value of home: €500k
Amount outstanding on your mortgage: €290k – 26 years remaining
What interest rate are you paying? 2.35% HAVEN – in the process of moving to Haven. Repayment circa €1,500.
No credit cards, no loans, no children planned.
Savings: We maintain a buffer of a couple of grand in our savings a/c having spent all of our savings on our wedding last summer. We are saving ballpark €400 a month while covering all household expenses including new furniture etc as required. My wife has probably €20k in a savings account in her own name as she is very risk adverse as her family were not good with money. Neither of us are fans of being in debt (except for a mortgage, we much prefer to save and then spend).
Insurances: We have mortgage protection insurance, health insurance and we have our own income protection policies with a 6-month lag although we earned much less when we took out these policies.
Pension scheme: My wife only recently started contributing the maximum into her pension, previously she had been putting in 5% which was matched by her employer. She has currently ballpark €70k in her pension fund, which is in the default managed fund.
I have about €75k in my pension fund, all in equities, which I will no longer be able to contribute to. I will look to move this to a low fee provider ASAP – any advice appreciated.
What specific question do you have or what issues are of concern to you?
My main question is in relation to the PS pension scheme, the outgoings for me will be much less than I am used to making from my previous contributions. I expect to have about 32 years service when I retire. I am wondering what AVC / buying of years options there is available and how they make sense financially. The whole public sector pension seems a minefield compared to the private sections.
Any other advice on our overall position appreciated also.
Partner's age: 35
Annual gross income from employment or profession: €65,000 new entrant to Public Service
Annual gross income of partner: 75k + 10k car allowance PAYE
Monthly take-home pay: I expect to earn about €1,500 per fortnight after pension etc. This works out about €3,250 per month average. Partner €3,700 after pension (max contributions).
Rough estimate of value of home: €500k
Amount outstanding on your mortgage: €290k – 26 years remaining
What interest rate are you paying? 2.35% HAVEN – in the process of moving to Haven. Repayment circa €1,500.
No credit cards, no loans, no children planned.
Savings: We maintain a buffer of a couple of grand in our savings a/c having spent all of our savings on our wedding last summer. We are saving ballpark €400 a month while covering all household expenses including new furniture etc as required. My wife has probably €20k in a savings account in her own name as she is very risk adverse as her family were not good with money. Neither of us are fans of being in debt (except for a mortgage, we much prefer to save and then spend).
Insurances: We have mortgage protection insurance, health insurance and we have our own income protection policies with a 6-month lag although we earned much less when we took out these policies.
Pension scheme: My wife only recently started contributing the maximum into her pension, previously she had been putting in 5% which was matched by her employer. She has currently ballpark €70k in her pension fund, which is in the default managed fund.
I have about €75k in my pension fund, all in equities, which I will no longer be able to contribute to. I will look to move this to a low fee provider ASAP – any advice appreciated.
What specific question do you have or what issues are of concern to you?
My main question is in relation to the PS pension scheme, the outgoings for me will be much less than I am used to making from my previous contributions. I expect to have about 32 years service when I retire. I am wondering what AVC / buying of years options there is available and how they make sense financially. The whole public sector pension seems a minefield compared to the private sections.
Any other advice on our overall position appreciated also.