Personal details
Your age: 52
Your spouse's age: 53
Partner's age if not married: Married
Number and age of children: 2 - (18) (16)
Income and expenditure
Annual gross income from employment or profession: On a part time contract due to college and health issues: €26k PA
Annual gross income of spouse/partner: Self employed €40K PA
Monthly take-home pay: €2100 approx ( some changes depending on overtime)
Type of employment - e.g. Employee or self-employed. Part time employee - 3 days a week (other two days are college)
Employer type: e.g. public servant, private company. Charity.
In general are you:
(a) spending more than you earn, or - Not overspending and no debt.
(b) saving? Saving a tiny bit when I can for college/ holiday.
Summary of Assets and Liabilities
Family home value: €600k
Mortgage on family home: 0
Net equity: €600k
Cash: 7k in credit union account. 6k in joint savings account. ( emergency fund - our monthly living expenses are €1500 a month)
Defined Contribution pension fund: €40K
Company shares : 0
Buy to Let Property value: €300k
Buy to let Mortgage: 0
Total net assets: €900k property, €40k pension, 13K savings.
Family home mortgage information
Lender NA
Interest rate NA
Type of interest rate: tracker, variable, fixed. NA
If fixed, what is the term remaining of the fixed rate? NA
If tracker, what is the margin e.g. ECB + 1% NA
Remaining term: (Original term is not relevant) NA
Monthly repayment: NA
Other borrowings – car loans/personal loans etc 0
Do you pay off your full credit card balance each month? No credit card.
If not, what is the balance on your credit card? No credit card.
Pension information
Value of pension fund: €40k
Buy to let properties
Value: €300k
Rental income per year: 0 ( see below - terrified to rent it out with new regulations and cant sell it - see below).
Rough annual expenses other than mortgage interest : €2.5K: insurance, heat, repairs. Have almost €15k of expenses that I cant use as I have no rental income to offset - accountant has these listed but unusable.
Lender NA
Interest rate NA
If fixed, what is the term remaining of the fixed rate? NA
Other savings and investments: 0
Other information which might be relevant
Life insurance: 0
What specific question do you have or what issues are of concern to you?
Its nearly 8 years since I last posted on this and things have moved on a good bit.
I got diagnosed with a chronic pain condition which limited my work (last years helth expenses were €7k
), I also got diagnosed with depression which also impacted things. I'm working now though in a part time job and I'm three years into a 4 year degree which I graduate out of next June 2027 and from then on I can earn as a self employed person. College is self funded - I save like crazy but low income so low savings. I should be able to build earnings quickly in that career and at my own pace/ availability. Earnings should be €60kish after a year or two. I can build this up while retaining my part time job. I'm hoping that can help with pension quickly. Maybe catch up a bit.
My wifes business is fine but not massively well paid but will tick along.
I know I'm very behind on pension but I have had no money to put into pension and I think it would have been tax inefficient to do so as I am mostly at lower rate of tax.
We live a frugal enough life - no debt or car loan. We do a holiday each year. I dont drink or smoke and have an easy social life with no expensive hobbies.
We did have a tracker mortgage and got an inheritance and cleared the mortgage last year.
My kids; 18 year old is working full time - no interest in college, lives at home and doing grand. 16 year old has had some health difficulties and took a year out of school and is now working a four day week and enjoying earning. Not sure if she will go back to school or college. Currently no college fees and they are both happy to earn and have great work ethic. If college is an option we will get a loan I expect.
We have a rental property which is attached to my parents in laws property so we cannot sell it. Worth 300K on its own but not sellable unless sold with parent in laws property ( same entrance etc) Have checked this with auctioneer. We had this rented and it paid the small mortgage but not rented now for over a year. Some repairs to do but still reluctant to rent out becuase of new regulations and becuase my parents in law live beside so if there was an issue with tenants it would directly affect them. Also cannot evict tenants really any longer. We are looking at maybe AirBnB but we are RPZ so this requires planning permission. Would love to sell it but cannot. If we rented it we could get €2k a month easily.
I will qualify for Irish pension and thanks to @DannyBoyD I did the UK pension apllication and it looks like I will get that ( will post seperately and link to that query here). (EDIT - here is my UK Pensions post: https://www.askaboutmoney.com/threads/got-accepted-for-uk-pension-but-have-questions.243092/)
My wife will inherit €1m + in time and her parents are doing the full small gifts of €1k per month to us. They are not tax efficient so I think we will be paying a chunk of tax and maybe having to sell their house/ our rental property to cover this.
I guess my questions are:
Am I doing all I can to hang in there? What would you change?
Should I/ can I do anything with pension?
What about rental property - interested to hear views on this? Take the risk? Try AirbnB? Leave it empty?
Thanks very much. The advice here is always great.
Your age: 52
Your spouse's age: 53
Partner's age if not married: Married
Number and age of children: 2 - (18) (16)
Income and expenditure
Annual gross income from employment or profession: On a part time contract due to college and health issues: €26k PA
Annual gross income of spouse/partner: Self employed €40K PA
Monthly take-home pay: €2100 approx ( some changes depending on overtime)
Type of employment - e.g. Employee or self-employed. Part time employee - 3 days a week (other two days are college)
Employer type: e.g. public servant, private company. Charity.
In general are you:
(a) spending more than you earn, or - Not overspending and no debt.
(b) saving? Saving a tiny bit when I can for college/ holiday.
Summary of Assets and Liabilities
Family home value: €600k
Mortgage on family home: 0
Net equity: €600k
Cash: 7k in credit union account. 6k in joint savings account. ( emergency fund - our monthly living expenses are €1500 a month)
Defined Contribution pension fund: €40K
Company shares : 0
Buy to Let Property value: €300k
Buy to let Mortgage: 0
Total net assets: €900k property, €40k pension, 13K savings.
Family home mortgage information
Lender NA
Interest rate NA
Type of interest rate: tracker, variable, fixed. NA
If fixed, what is the term remaining of the fixed rate? NA
If tracker, what is the margin e.g. ECB + 1% NA
Remaining term: (Original term is not relevant) NA
Monthly repayment: NA
Other borrowings – car loans/personal loans etc 0
Do you pay off your full credit card balance each month? No credit card.
If not, what is the balance on your credit card? No credit card.
Pension information
Value of pension fund: €40k
Buy to let properties
Value: €300k
Rental income per year: 0 ( see below - terrified to rent it out with new regulations and cant sell it - see below).
Rough annual expenses other than mortgage interest : €2.5K: insurance, heat, repairs. Have almost €15k of expenses that I cant use as I have no rental income to offset - accountant has these listed but unusable.
Lender NA
Interest rate NA
If fixed, what is the term remaining of the fixed rate? NA
Other savings and investments: 0
Other information which might be relevant
Life insurance: 0
What specific question do you have or what issues are of concern to you?
Its nearly 8 years since I last posted on this and things have moved on a good bit.
I got diagnosed with a chronic pain condition which limited my work (last years helth expenses were €7k
), I also got diagnosed with depression which also impacted things. I'm working now though in a part time job and I'm three years into a 4 year degree which I graduate out of next June 2027 and from then on I can earn as a self employed person. College is self funded - I save like crazy but low income so low savings. I should be able to build earnings quickly in that career and at my own pace/ availability. Earnings should be €60kish after a year or two. I can build this up while retaining my part time job. I'm hoping that can help with pension quickly. Maybe catch up a bit.My wifes business is fine but not massively well paid but will tick along.
I know I'm very behind on pension but I have had no money to put into pension and I think it would have been tax inefficient to do so as I am mostly at lower rate of tax.
We live a frugal enough life - no debt or car loan. We do a holiday each year. I dont drink or smoke and have an easy social life with no expensive hobbies.
We did have a tracker mortgage and got an inheritance and cleared the mortgage last year.
My kids; 18 year old is working full time - no interest in college, lives at home and doing grand. 16 year old has had some health difficulties and took a year out of school and is now working a four day week and enjoying earning. Not sure if she will go back to school or college. Currently no college fees and they are both happy to earn and have great work ethic. If college is an option we will get a loan I expect.
We have a rental property which is attached to my parents in laws property so we cannot sell it. Worth 300K on its own but not sellable unless sold with parent in laws property ( same entrance etc) Have checked this with auctioneer. We had this rented and it paid the small mortgage but not rented now for over a year. Some repairs to do but still reluctant to rent out becuase of new regulations and becuase my parents in law live beside so if there was an issue with tenants it would directly affect them. Also cannot evict tenants really any longer. We are looking at maybe AirBnB but we are RPZ so this requires planning permission. Would love to sell it but cannot. If we rented it we could get €2k a month easily.
I will qualify for Irish pension and thanks to @DannyBoyD I did the UK pension apllication and it looks like I will get that ( will post seperately and link to that query here). (EDIT - here is my UK Pensions post: https://www.askaboutmoney.com/threads/got-accepted-for-uk-pension-but-have-questions.243092/)
My wife will inherit €1m + in time and her parents are doing the full small gifts of €1k per month to us. They are not tax efficient so I think we will be paying a chunk of tax and maybe having to sell their house/ our rental property to cover this.
I guess my questions are:
Am I doing all I can to hang in there? What would you change?
Should I/ can I do anything with pension?
What about rental property - interested to hear views on this? Take the risk? Try AirbnB? Leave it empty?
Thanks very much. The advice here is always great.
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