D
Dummy
Guest
Hi
I'm looking for advice for my parents who were living and working in Africa and have now retired back to Ireland this year.
Ages: Both 63
Pension: One pension of £10,000 sterling p/a (not sure if index linked). As they have worked for a long time outside the state (and EU) I don't think they're entitled to a state pension
Property: PPR worth roughly €1 million (hard to know in this market) with mortgage of €70k. Investment property worth approx €350k with mortgage of €250, rent covers mortgage and service charge.
Other assets: Stocks/bonds/cash of approx €350k
Difficult to live in Dublin on that cash flow so they're considering maybe buying in the country and renting PPR (approx €2200 p/m) (they understand the CGT implications) or else selling PPR and buying down the country, for say €600k including stamp, and using balance to pay off investment property and live off rent (approx €1400 p/m) rest of balance and pension.
If they sold PPR would they be better off buying a pension with the balance? What kind of pension could you get for €400/450k (if topping up balance with own assets)?
I know the above are very loose figures but I'd really appreciate anyones thoughts on the above situation. Apologies if I've posted in the wrong forum.
Thanks
Dummy
I'm looking for advice for my parents who were living and working in Africa and have now retired back to Ireland this year.
Ages: Both 63
Pension: One pension of £10,000 sterling p/a (not sure if index linked). As they have worked for a long time outside the state (and EU) I don't think they're entitled to a state pension
Property: PPR worth roughly €1 million (hard to know in this market) with mortgage of €70k. Investment property worth approx €350k with mortgage of €250, rent covers mortgage and service charge.
Other assets: Stocks/bonds/cash of approx €350k
Difficult to live in Dublin on that cash flow so they're considering maybe buying in the country and renting PPR (approx €2200 p/m) (they understand the CGT implications) or else selling PPR and buying down the country, for say €600k including stamp, and using balance to pay off investment property and live off rent (approx €1400 p/m) rest of balance and pension.
If they sold PPR would they be better off buying a pension with the balance? What kind of pension could you get for €400/450k (if topping up balance with own assets)?
I know the above are very loose figures but I'd really appreciate anyones thoughts on the above situation. Apologies if I've posted in the wrong forum.
Thanks
Dummy