Personal details
Your age: 48
Your spouse's age: 48
Number and age of children: 3 children - age 9, 11, 13
Income and expenditure
Annual gross income from employment or profession: €84,000 plus annual bonus of approx €35K PA
Annual gross income of spouse/partner: €78,000
Type of employment - Spouse is a teacher, public sector post-95 with 29 years service. Currently commutes 50 mins each way.
I am in private sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving ...just about but nothing structured put in place.
Summary of Assets and Liabilities
Family home value: €750k approx ( recently did a large extension / renovation which increased the value but but necessitated taking a mortgage out having nearly cleared the previous mortgage - was cheaper than moving in our location)
Mortgage on family home: €200k - 14 years left. Rate of 3.5%
Holiday Home: €165,000 - mortgage free. No income. used by family.
Site of land - worth circa €65K. - Mortgage free. No income.
Cash: Circa - €10k in bank.
Company shares - I own shares in the business I work which will be sold back to employer on retirement. Value will change but it is improving every year. Currently worth circa €350K & hope to avail of retirement relief when the time comes.
Other borrowings – car loans/personal loans etc
€30k car loan, 1% interest, 4.5 years remaining. Electric car - savings in diesel is largely paying the monthly payment here.
Do you pay off your full credit card balance each month? Yes
Pension information
Have a PRSA which currently owns a commercial property - worth €250,000. This pays a monthly contribution of €1,000 into a high equity New Ireland Fund, currently valued at just €5K.
Also have an investment bond worth €46K with New Ireland ( no regular contribution here).
Also have a seperate high equity pension fund worth €42,000 - there is an annual contribution of €32,000 (employee & employer) made to this fund.
Wife has a PRSA which she purchased with her AVC, currently worth €130,000 and high in equities - annual contribution of €6,000 made to this.
Wife is a primary school teacher. Teachers pension.
Outgoings
€1537 PM Mortgage on home.
Car loan, as per above.
Life Assurance.
Health Insurance
Critical Illness Cover - paid for by Employer
Kids Clubs etc
Childcare costs circa €500pm
Car & House Insurance
Other
In the background is the likely hood of benefitting from a substantial estate left by parents (in excess of €500k).
What specific question do you have or what issues are of concern to you?
Wife is now 48 and in discussions she wants to step away at 55 at which point she will have 35 years service done.
She will get a reduced pension & reduced lump sum as a result. She has mentioned working as a substitute in the local area (large catchment area with lots of schools) thereafter if needed.
I'm hesitant to get behind the plan given our outgoings and relative youth of the kids - thinking college etc.
On the other side wife will receive a lump sum which could be used either to clear the mortgage or college costs.
I also find my entire lifestyle is a lot more relaxed in the school holiday time as she will pick up more of the household day to day "jobs" which could become the norm should she retire at 55.
I also would like to go at the latest 60 years and in my head every year extra she works is a year earlier I can go or at the worst ensure I can go at 60. In addition increasing her lump sum and monthly pension...Possibly being selfish on my part....
Essentially looking for some advise around the feasibility of o/h plan to go at 55 plus some pro's & con's to feed into the decision and/or indeed anything that can be done now to make it more feasible because tbh I would like her to be able to go then as her job is not becoming any easier as she gets older and dont want to get to the point that she hates it as Ive seen in quite a few of her former colleagues.
thanks
Your age: 48
Your spouse's age: 48
Number and age of children: 3 children - age 9, 11, 13
Income and expenditure
Annual gross income from employment or profession: €84,000 plus annual bonus of approx €35K PA
Annual gross income of spouse/partner: €78,000
Type of employment - Spouse is a teacher, public sector post-95 with 29 years service. Currently commutes 50 mins each way.
I am in private sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving ...just about but nothing structured put in place.
Summary of Assets and Liabilities
Family home value: €750k approx ( recently did a large extension / renovation which increased the value but but necessitated taking a mortgage out having nearly cleared the previous mortgage - was cheaper than moving in our location)
Mortgage on family home: €200k - 14 years left. Rate of 3.5%
Holiday Home: €165,000 - mortgage free. No income. used by family.
Site of land - worth circa €65K. - Mortgage free. No income.
Cash: Circa - €10k in bank.
Company shares - I own shares in the business I work which will be sold back to employer on retirement. Value will change but it is improving every year. Currently worth circa €350K & hope to avail of retirement relief when the time comes.
Other borrowings – car loans/personal loans etc
€30k car loan, 1% interest, 4.5 years remaining. Electric car - savings in diesel is largely paying the monthly payment here.
Do you pay off your full credit card balance each month? Yes
Pension information
Have a PRSA which currently owns a commercial property - worth €250,000. This pays a monthly contribution of €1,000 into a high equity New Ireland Fund, currently valued at just €5K.
Also have an investment bond worth €46K with New Ireland ( no regular contribution here).
Also have a seperate high equity pension fund worth €42,000 - there is an annual contribution of €32,000 (employee & employer) made to this fund.
Wife has a PRSA which she purchased with her AVC, currently worth €130,000 and high in equities - annual contribution of €6,000 made to this.
Wife is a primary school teacher. Teachers pension.
Outgoings
€1537 PM Mortgage on home.
Car loan, as per above.
Life Assurance.
Health Insurance
Critical Illness Cover - paid for by Employer
Kids Clubs etc
Childcare costs circa €500pm
Car & House Insurance
Other
In the background is the likely hood of benefitting from a substantial estate left by parents (in excess of €500k).
What specific question do you have or what issues are of concern to you?
Wife is now 48 and in discussions she wants to step away at 55 at which point she will have 35 years service done.
She will get a reduced pension & reduced lump sum as a result. She has mentioned working as a substitute in the local area (large catchment area with lots of schools) thereafter if needed.
I'm hesitant to get behind the plan given our outgoings and relative youth of the kids - thinking college etc.
On the other side wife will receive a lump sum which could be used either to clear the mortgage or college costs.
I also find my entire lifestyle is a lot more relaxed in the school holiday time as she will pick up more of the household day to day "jobs" which could become the norm should she retire at 55.
I also would like to go at the latest 60 years and in my head every year extra she works is a year earlier I can go or at the worst ensure I can go at 60. In addition increasing her lump sum and monthly pension...Possibly being selfish on my part....
Essentially looking for some advise around the feasibility of o/h plan to go at 55 plus some pro's & con's to feed into the decision and/or indeed anything that can be done now to make it more feasible because tbh I would like her to be able to go then as her job is not becoming any easier as she gets older and dont want to get to the point that she hates it as Ive seen in quite a few of her former colleagues.
thanks