Personal details
Age: 60
Spouse’s/Partner's age: 66
children grown up
Income and expenditure
Annual gross income from employment €55k
Annual gross income of spouse: retired – very minimal state pension (long story)
Monthly take-home pay €3500
Summary of Assets and Liabilities
Mortgage paid off. Home worth c. €450k at the moment
Cash of €40k. 30k of this in a self-managed Irish Life portfolio.
Work Pension fund €300k
No debts / loans
Savers rather than spenders
Other information which might be relevant
Inheriting c. €240k (in sterling, from UK). No IHT to pay I assume since below threshold of €335k from parent.
What specific question do you have or what issues are of concern to you?
Glad of advice. Fortunate enough to have mortgage paid off and coming into some family inheritance. Modest regular income and modest retirement future income. I am the sole earner effectively.
Age: 60
Spouse’s/Partner's age: 66
children grown up
Income and expenditure
Annual gross income from employment €55k
Annual gross income of spouse: retired – very minimal state pension (long story)
Monthly take-home pay €3500
Summary of Assets and Liabilities
Mortgage paid off. Home worth c. €450k at the moment
Cash of €40k. 30k of this in a self-managed Irish Life portfolio.
Work Pension fund €300k
No debts / loans
Savers rather than spenders
Other information which might be relevant
Inheriting c. €240k (in sterling, from UK). No IHT to pay I assume since below threshold of €335k from parent.
What specific question do you have or what issues are of concern to you?
Glad of advice. Fortunate enough to have mortgage paid off and coming into some family inheritance. Modest regular income and modest retirement future income. I am the sole earner effectively.
- I’m thinking of maxing out employment pension AVC contribution until I retire. Advice on whether to pay in a lump sum now as well?
- I should have close to a full Irish state pension when I retire
- Have enough years in UK for 50% UK state pension. Thinking of paying voluntary contributions to get full state pension (offer to pay back to 2006 closes in July 2023). Have sent off form applying to do so and asking if I qualify for (much cheaper) class 2 contributions. If class 3 (close to €1000 per year) it could cost c. €17k. Still well worth it, it seems. Would be paid off in 3-4 years after pension starts and I am in good health and family long lived. Any pitfalls here?
- We’d like to give gifts to adult children, maybe €50k each. They are trying to save for buying somewhere to live in this dysfunctional housing market. Are there tax issues here? The IHT tax threshold from a parent is €335k – can 50K be put against this threshold now? I know the annual tax threshold is c. €3K. Is it worth considering setting up a trust or other financial mechanism for each adult child?