I am thinking about the next 10-20 years with a view to being able to cut down on 5 day weeks maybe when I hit 55-60.
Age: 40
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: 112k
Annual gross income of spouse: 0k
Monthly take-home pay: 5.5k plus 280 child benefit
Type of employment: e.g. private sector employee
In general are you:
(b) saving about 6k per year (should be more but doing big AVC each year)
Rough estimate of value of home: 285k
Amount outstanding on your mortgage: 130k
What interest rate are you paying? 0.5% ecb tracker, 18 years left
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes
Savings and investments: 165k cash
Do you have a pension scheme? Yes, 295k DC which I do max AVCs into, spouse 55k DC
Do you own any investment or other property? Yes, value 315k, mortgage remaining of 170k, 0.5% ecb tracker, 17 years left, rented currently at 900 per month, but rental market is at 1500-1600. Not ideal but happy with the tenant and situation.
Ages of children: 3, 5
Life insurance: Just me, covered for 430k via employment, 700k on separate policy I took out so family will ok financially should the worst happen.
I am thinking we could buy 3rd house for 300k with 150k mortgage and rent out existing house for 1300-1400 per month. So, in the long term after the mortgages are paid I would have rental income of about 3k before tax per month which means I could cut down to 4 day week maybe.
Wife will probably go back to work in the next 3-5 years as well.
I think I just carry on as is if we dont buy a 3rd house. Not sure there is anything obvious I am missing that I should be doing?
Both cars are 11 years old so will have to be replaced in next 3-5 years.
I dont have income protection is one thing I guess.
Age: 40
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: 112k
Annual gross income of spouse: 0k
Monthly take-home pay: 5.5k plus 280 child benefit
Type of employment: e.g. private sector employee
In general are you:
(b) saving about 6k per year (should be more but doing big AVC each year)
Rough estimate of value of home: 285k
Amount outstanding on your mortgage: 130k
What interest rate are you paying? 0.5% ecb tracker, 18 years left
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes
Savings and investments: 165k cash
Do you have a pension scheme? Yes, 295k DC which I do max AVCs into, spouse 55k DC
Do you own any investment or other property? Yes, value 315k, mortgage remaining of 170k, 0.5% ecb tracker, 17 years left, rented currently at 900 per month, but rental market is at 1500-1600. Not ideal but happy with the tenant and situation.
Ages of children: 3, 5
Life insurance: Just me, covered for 430k via employment, 700k on separate policy I took out so family will ok financially should the worst happen.
I am thinking we could buy 3rd house for 300k with 150k mortgage and rent out existing house for 1300-1400 per month. So, in the long term after the mortgages are paid I would have rental income of about 3k before tax per month which means I could cut down to 4 day week maybe.
Wife will probably go back to work in the next 3-5 years as well.
I think I just carry on as is if we dont buy a 3rd house. Not sure there is anything obvious I am missing that I should be doing?
Both cars are 11 years old so will have to be replaced in next 3-5 years.
I dont have income protection is one thing I guess.
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