You might confirm, are those details per property, or in total?2 rental properties (bought just before the crash!! don't ask) @ 1500 / month (before tax) with 90k mortgage but after tax yields very little income
apologies BrendanMolzer
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Brendan
Hi Red OnionYou might confirm, are those details per property, or in total?
I don't think that's what anyone said. But, it's not enough to retire comfortably 7 years early.I’m shocked by all this, I’m worried that 360k in pension fund by mid 50s is considered to be essentially worthless to retire on, at any age
I alluded to it. Thought they had €180k in pensions and not €180k each.I don't think that's what anyone said. But, it's not enough to retire comfortably 7 years early.
thanks DeeKie for the sound adviceWell the rates are low and the rents are covering the mortgages so I’d see those as your revenue source for the future in retirement if I were you.
Totally agree with you. It's no wonder so many people don't even bother with pensions with all the hyperbole and fear-mongering that go with all the conversations around it. When you are constantly told you need a million or even half a million to avoid poverty in later life, most people just switch off. To get any sort of pension, you need to be putting 10, 20 grand a year into your pension - when someone with a mortgage and kids who likes the odd holiday and not living in constant frugal mode hears this, they just switch off. Anything you can put aside for your pension is a major bonus in my book, but please don't get bogged down in '000's that get thrown around, it will only depress you and probably put you off just putting in what you can when you can.I’m shocked by all this, I’m worried that 360k in pension fund by mid 50s is considered to be essentially worthless to retire on, at any age.
im certainly heading for a poverty stricken retirement in that case. Or are people on here only used to seven figure funds as being the way to comfort in retirement?
Let's say this is a couple with a paid off mortgage each and 2 x state pensions , medical cards, free travel etc. If you estimate that you draw down 360k @ 3%* per year then that brings in another €900 per month. That doesn't look poverty stricken to me, although it's not a life of luxury.I’m shocked by all this, I’m worried that 360k in pension fund by mid 50s is considered to be essentially worthless to retire on, at any age.
im certainly heading for a poverty stricken retirement in that case. Or are people on here only used to seven figure funds as being the way to comfort in retirement?
If you do decide to sell one of the rentals, it should be Property 2 so you can carry forward the €60k capital loss (which you can offset against any subsequent gains). After costs, that would net you around €200k.Should we sell one of the rentals?
thanks Sarenco I agree with your advice and try to maximise pension contributions from here until then. I can then review retirement options at age 60 with the probability of working a further year or twoIf you do decide to sell one of the rentals, it should be Property 2 so you can carry forward the €60k capital loss (which you can offset against any subsequent gains). After costs, that would net you around €200k.
In your shoes, I think I would hang on to both rentals (notwithstanding all the challenges of being a landlord these days) and I would focus on increasing your pension contributions to greatest extent that you can afford.
You're actually not in bad financial shape at all - although I think retiring at 60 might be a bit optimistic.
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