Age: 39
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: €62,500
Annual gross income of spouse: €59,000
Monthly take-home pay: €7,010
Type of employment: Both private sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving, 1000 p/m jointly and 500 each separately
Rough estimate of value of home: 450k
Amount outstanding on your mortgage: 250k (1168 p/m - 27 yrs remaining)
What interest rate are you paying? 3% (2 years remaining on 5 yr fixed with BOI)
Other borrowings – car loans/personal loans etc:
Car loan – PCP
Repayments are €320 p/m. I am saving 500 p/m to pay off 11k balloon payment in June this year.
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0 on both our cards
Savings and investments: 1,500 in joint savings - We recently depleted our joint savings after doing work to our garden & some home improvements. We had saved roughly 20k to do this work.
I have 6k in personal savings, this will be used to pay off my PCP car loan balloon payment in June. I will receive about 3.5k in April from annual work bonus. I will use this, plus what I have saved to pay off the car.
Spouse has 9k in personal savings. Will be used if he needs to change car, or for repairs etc. This can also be used as a buffer if anything unexpected happens in lieu of our joint savings being built up again.
Do you have a pension scheme?
Yes, work DC pension. My employer contributes 10%. At the moment, I contribute nothing. Current value 75k.
DB benefit pension from previous employer. I think it’s only worth about €150 p/m with 16k lump sum aged 60. I looked into the transfer value and it was about €18k, so I just left it where it was.
Spouse also has work DC pension currently valued at about 50k. His employer pays 6% and he pays 4%
Do you own any investment or other property? No
Ages of children: None – no plans to have children
Life insurance: My employer will pay 6x my annual salary in the event of my death. Spouse has no Life insurance.
What specific question do you have or what issues are of concern to you?
We have had a lot of expense in the last 5 years, we got married, bought our first house together and have spent a lot of money decorating/improving our house. That’s all done now and we would like to start planning for the future. I am planning to start contributing 5% to my pension in AVC’s each month. My husband is planning on doing the same. Is this enough? Is there anything else we should be looking into at this point of our lives? Appreciate any advice, thank you!
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: €62,500
Annual gross income of spouse: €59,000
Monthly take-home pay: €7,010
Type of employment: Both private sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving, 1000 p/m jointly and 500 each separately
Rough estimate of value of home: 450k
Amount outstanding on your mortgage: 250k (1168 p/m - 27 yrs remaining)
What interest rate are you paying? 3% (2 years remaining on 5 yr fixed with BOI)
Other borrowings – car loans/personal loans etc:
Car loan – PCP
Repayments are €320 p/m. I am saving 500 p/m to pay off 11k balloon payment in June this year.
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0 on both our cards
Savings and investments: 1,500 in joint savings - We recently depleted our joint savings after doing work to our garden & some home improvements. We had saved roughly 20k to do this work.
I have 6k in personal savings, this will be used to pay off my PCP car loan balloon payment in June. I will receive about 3.5k in April from annual work bonus. I will use this, plus what I have saved to pay off the car.
Spouse has 9k in personal savings. Will be used if he needs to change car, or for repairs etc. This can also be used as a buffer if anything unexpected happens in lieu of our joint savings being built up again.
Do you have a pension scheme?
Yes, work DC pension. My employer contributes 10%. At the moment, I contribute nothing. Current value 75k.
DB benefit pension from previous employer. I think it’s only worth about €150 p/m with 16k lump sum aged 60. I looked into the transfer value and it was about €18k, so I just left it where it was.
Spouse also has work DC pension currently valued at about 50k. His employer pays 6% and he pays 4%
Do you own any investment or other property? No
Ages of children: None – no plans to have children
Life insurance: My employer will pay 6x my annual salary in the event of my death. Spouse has no Life insurance.
What specific question do you have or what issues are of concern to you?
We have had a lot of expense in the last 5 years, we got married, bought our first house together and have spent a lot of money decorating/improving our house. That’s all done now and we would like to start planning for the future. I am planning to start contributing 5% to my pension in AVC’s each month. My husband is planning on doing the same. Is this enough? Is there anything else we should be looking into at this point of our lives? Appreciate any advice, thank you!