Age: 47
Spouse’s/Partner's age: 49
Annual gross income from employment or profession: 90,000
Annual gross income of spouse: 48,000
Monthly take-home pay: 7200
Type of employment: e.g. Both are private sector
In general are you: Saving. it varies between 250 and 750/month
Rough estimate of value of home: 405,000
Amount outstanding on your mortgage: 278,000 and 16 years
What interest rate are you paying? 2.3% Fixed for next 18 months; will then change to 4.3% Variable
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month?: Yes
Savings and investments: 65,000 in a few different accounts between the 2 of us.
Do you have a pension scheme?: Yes, 170,000 in my scheme ; I pay 5% and this is matched by the company; Spouse has about 100,000 in her scheme; she pays 6% and this is matched by her company. 5 and 6% are the maximum both companies match.
Do you own any investment or other property? Yes, approximately valued at 300,000 with mortgage of 26,000 outstanding; repayments are 912/month; Interest rate is 0.6% Tracker with about 2.5 years left. We rent it out at 1650 per month. The annual tax bill is about 7000.
Ages of children: None
Life insurance: Yes, not sure on the details but I think it's about 4 times our salaries
What specific question do you have or what issues are of concern to you?
1. Looking for an overall review and comments on the above so see if we have the "right" balance between savings and pension contributions. Also feel that the right thing to do for diversification is to hold onto the investment property.
2. Specifically looking for advice on how to reduce tax bill for the investment property e.g. should we move the mortgage from the home to the investment property?
3. How soon can we expect to retire? We won't have children and college funds.
Thanks
Spouse’s/Partner's age: 49
Annual gross income from employment or profession: 90,000
Annual gross income of spouse: 48,000
Monthly take-home pay: 7200
Type of employment: e.g. Both are private sector
In general are you: Saving. it varies between 250 and 750/month
Rough estimate of value of home: 405,000
Amount outstanding on your mortgage: 278,000 and 16 years
What interest rate are you paying? 2.3% Fixed for next 18 months; will then change to 4.3% Variable
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month?: Yes
Savings and investments: 65,000 in a few different accounts between the 2 of us.
Do you have a pension scheme?: Yes, 170,000 in my scheme ; I pay 5% and this is matched by the company; Spouse has about 100,000 in her scheme; she pays 6% and this is matched by her company. 5 and 6% are the maximum both companies match.
Do you own any investment or other property? Yes, approximately valued at 300,000 with mortgage of 26,000 outstanding; repayments are 912/month; Interest rate is 0.6% Tracker with about 2.5 years left. We rent it out at 1650 per month. The annual tax bill is about 7000.
Ages of children: None
Life insurance: Yes, not sure on the details but I think it's about 4 times our salaries
What specific question do you have or what issues are of concern to you?
1. Looking for an overall review and comments on the above so see if we have the "right" balance between savings and pension contributions. Also feel that the right thing to do for diversification is to hold onto the investment property.
2. Specifically looking for advice on how to reduce tax bill for the investment property e.g. should we move the mortgage from the home to the investment property?
3. How soon can we expect to retire? We won't have children and college funds.
Thanks