Hi, I am retiring & want to manage cash flow/get some advice on whether I need to sell a property, etc. i am divorced & my situation is as follows:
Property:
Home worth €550k, €67k owing (500 p/m)
Apartment worth €280k, €309k owing
Pension: (due to start in a few wks)
After-tax lump sum of €96k
Monthly payments of €1850 p/month
Other Income:
Students in home = €2200 p/m for 8 months
MINUS food + cleaner for students = €600 p/m for 8 months
2nd job:
€1000 pm after tax
Loans:
Bank €17k
Other €10k
Apartment:
Rent of €1400 pm
Mortgage repayments of €2000 pm
Maintenance €2200 per annum
Property Tax €500 p/a
Tax €700 roughly
Extras €400 p/a
Life Assurance:
€330 pm
Covers all mortgages being paid fully plus €300k lump sum
Outgoings: total = €1,165
VHI €180 pm
House phone + broadband €70 pm
Mobile phone €125 pm
ESB €150 pm
Gas €150 pm
Car Insurance €50 pm
Car Tax €30 pm
House Insurance €80 pm
TV Licence €15 pm
Refuse/waste €20pm
Sky tv €65
Petrol & Food (when no students) €200 pm
Property Tax €60
So, I am due to retire in 2 wks, and would like some advice.
1. Should I sell the apartment ? it is costing me say €10k a year to keep hold of it. I can pay the outstanding with the lump sum & also clear my remaining house debt & other loans. Thoughts?
2. Should I keep on the life assurance? (I have 3 kids so would like to leave them in a good situation)
All ideas welcome. Thanks for reading.
D6W
Property:
Home worth €550k, €67k owing (500 p/m)
Apartment worth €280k, €309k owing
Pension: (due to start in a few wks)
After-tax lump sum of €96k
Monthly payments of €1850 p/month
Other Income:
Students in home = €2200 p/m for 8 months
MINUS food + cleaner for students = €600 p/m for 8 months
2nd job:
€1000 pm after tax
Loans:
Bank €17k
Other €10k
Apartment:
Rent of €1400 pm
Mortgage repayments of €2000 pm
Maintenance €2200 per annum
Property Tax €500 p/a
Tax €700 roughly
Extras €400 p/a
Life Assurance:
€330 pm
Covers all mortgages being paid fully plus €300k lump sum
Outgoings: total = €1,165
VHI €180 pm
House phone + broadband €70 pm
Mobile phone €125 pm
ESB €150 pm
Gas €150 pm
Car Insurance €50 pm
Car Tax €30 pm
House Insurance €80 pm
TV Licence €15 pm
Refuse/waste €20pm
Sky tv €65
Petrol & Food (when no students) €200 pm
Property Tax €60
So, I am due to retire in 2 wks, and would like some advice.
1. Should I sell the apartment ? it is costing me say €10k a year to keep hold of it. I can pay the outstanding with the lump sum & also clear my remaining house debt & other loans. Thoughts?
2. Should I keep on the life assurance? (I have 3 kids so would like to leave them in a good situation)
All ideas welcome. Thanks for reading.
D6W