Hi all,
I've been pretty lucky with my career, but I've done nothing to plan for retirement, other than my contributory pension as part of my employment. I'd like to be able to smartly handle the money I have, as well as plan for ideally early retirement, and how to handle land inheritance without being severely taxed. Details are
Age: 41
Spouse’s/Partner's age: 44
Annual gross income from employment or profession: 200k
Annual gross income of spouse: 20k
Monthly take-home pay: 8k (some auto goes to company stocks as a savings scheme so would be higher without that)
Type of employment: e.g. Civil Servant, self-employed: employee.
In general are you:
(a) spending more than you earn, or
(b) saving
Saving. Have about 150k in the bank, anotjer 350k in stocks.
Rough estimate of value of home
Amount outstanding on your mortgage:
120k
What interest rate are you paying?
3.2%
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
If not, what is the balance on your credit card?
Savings and investments:
Stocks, 350k.
Do you have a pension scheme?
Yes, about 18k a year, current pension pot is 270k
Do you own any investment or other property?
No
Ages of children:
12,11,6
Life insurance:
Yes,basic
So, things I'd like to do:
Retirement - current projection is 40k pa, if I retire at 65, so clearly would like to have investment income. Perhaps rental property? If so, where?
Retire early - maybe late 50s?
I will likely inherent land from the family farm, valued at ~400k. However I'm not a farmer, and its not desirable to sell the land (pressure to keep it in thw family), so this stands to be a large tax burden - is there any way I could minimize this?
Any and all advice is appreciated!
I've been pretty lucky with my career, but I've done nothing to plan for retirement, other than my contributory pension as part of my employment. I'd like to be able to smartly handle the money I have, as well as plan for ideally early retirement, and how to handle land inheritance without being severely taxed. Details are
Age: 41
Spouse’s/Partner's age: 44
Annual gross income from employment or profession: 200k
Annual gross income of spouse: 20k
Monthly take-home pay: 8k (some auto goes to company stocks as a savings scheme so would be higher without that)
Type of employment: e.g. Civil Servant, self-employed: employee.
In general are you:
(a) spending more than you earn, or
(b) saving
Saving. Have about 150k in the bank, anotjer 350k in stocks.
Rough estimate of value of home
Amount outstanding on your mortgage:
120k
What interest rate are you paying?
3.2%
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
If not, what is the balance on your credit card?
Savings and investments:
Stocks, 350k.
Do you have a pension scheme?
Yes, about 18k a year, current pension pot is 270k
Do you own any investment or other property?
No
Ages of children:
12,11,6
Life insurance:
Yes,basic
So, things I'd like to do:
Retirement - current projection is 40k pa, if I retire at 65, so clearly would like to have investment income. Perhaps rental property? If so, where?
Retire early - maybe late 50s?
I will likely inherent land from the family farm, valued at ~400k. However I'm not a farmer, and its not desirable to sell the land (pressure to keep it in thw family), so this stands to be a large tax burden - is there any way I could minimize this?
Any and all advice is appreciated!