Thanks -confident that 844,000 would definitely be adequate.I did a quick calculation
With initial balance of 7,500
And monthly contribution of 1000
And 6% annual appreciation
You should have 844,000 in 27 years
Is that enough to retire?
Property investment sounds good too as that will give you more options allowing you to take more risk with your pension both before and after retirement.
If you are looking to buy an investment property, remember there is no rush. The property market is crazy at the moment (and not just in Ireland) and you are competing against people who will make irrational decisions in order to get their new home. Whereas you are looking to buy somewhere to make money. So you can wait. there's no rush.I guess part of the reason for holding so much cash was for the potential deposit needed for an apartment in the next couple of years.
would like to purchase apartment in partners home country, for personal use and the generate income through AirBnB
I think you do need to factor this in. It may not be generating a lot of profits now but it is a substantial asset that you have and from reading your other thread, you stand to inherit more of the company. Understanding how you can use the company to take a salary/build a pension or eventually realize the value of your ownership will have a big impact on your plans. It is also another reason not to buy a foreign property considering this company has 10 properties.Non salaried, 25% Director, of family company which currently generates small profits but has substantial assets. (prefer to plan my financial future independent of this- and then if this generates money in the future it will be a bonus)
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