Personal details
Your age: 63 in September
Your spouse's age: 62
Number and age of children: all adults living elsewhere
Income and expenditure
Annual gross income from employment or profession: approx. EUR105K
Annual gross income of spouse: approx. EUR60K
Monthly take-home pay:
6200
3200
Type of employment
Private PAYE
State-funded charity PAYE
In general are you:
(a) spending more than you earn, or
(b) saving?
Been saving, mostly in PRSA, for 5 years. Before that, didn’t save too much.
Summary of Assets and Liabilities
Family home value: 490K
Mortgage on family home: 100K
Cash: 15K, saving 400/mo plus occasional topups and withdrawals
Bitcoin: invested 9K, worth 91K today
Pension information
Me: PRSA – 256K balance, paying in 2.9K per month (forecast age 65: 355K)
Spouse: work pension – 115K balance (forecast age 65: 150K)
I’m eligible for partial US state pension €15Kpa if taken from age 67, could take now early at 62 for 11.5Kpa
We’ve both applied for UK state pension scheme – have 6 years on record, hope to pay for 18 past years and 4 future years which would result in 75-80% of full UK pension from age 67
We’re both eligible for Irish state pension, but probably somewhere around 80-90% of full amount
Family home mortgage information
Lender PTSB
Interest rate 5-year green mort fixed at 3.2% for 3 more years
Remaining term: 6 years
Monthly repayment: 1743 but paying extra 10K p.a. to pay it off quicker (3-4 years from now)
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? yes
Other information which might be relevant
Life insurance: 116/pm joint term life policy worth 150K but expires 2034, also 120/pm mort protection policy decreasing according to mort balance
What specific question do you have or what issues are of concern to you?
Are we doing anything wrong with regard to making extra payments on mortgage, large portion of income going to PRSA, holding off on selling bitcoin, life insurance/mortgage protection, not having much cash? Should I take my US state pension early, or would that make no sense because of current income tax situation?
Housing prices are very high in our area. We would like to stay in the area but move to a smaller place in a more desirable (close to village) location but it seems like a decent-sized 2-bedroom house or apartment in our desired location costs even more than our current place, a 4-bedroom duplex on the outskirts. With 100K left on mortgage, it’s hard to get our heads around how we could accomplish buying something even for the same cost that ours would sell for – we feel like we'll have to wait till it’s paid off. All our focus is on paying off mortgage and PRSA saving – but are we missing something?
Your age: 63 in September
Your spouse's age: 62
Number and age of children: all adults living elsewhere
Income and expenditure
Annual gross income from employment or profession: approx. EUR105K
Annual gross income of spouse: approx. EUR60K
Monthly take-home pay:
6200
3200
Type of employment
Private PAYE
State-funded charity PAYE
In general are you:
(a) spending more than you earn, or
(b) saving?
Been saving, mostly in PRSA, for 5 years. Before that, didn’t save too much.
Summary of Assets and Liabilities
Family home value: 490K
Mortgage on family home: 100K
Cash: 15K, saving 400/mo plus occasional topups and withdrawals
Bitcoin: invested 9K, worth 91K today
Pension information
Me: PRSA – 256K balance, paying in 2.9K per month (forecast age 65: 355K)
Spouse: work pension – 115K balance (forecast age 65: 150K)
I’m eligible for partial US state pension €15Kpa if taken from age 67, could take now early at 62 for 11.5Kpa
We’ve both applied for UK state pension scheme – have 6 years on record, hope to pay for 18 past years and 4 future years which would result in 75-80% of full UK pension from age 67
We’re both eligible for Irish state pension, but probably somewhere around 80-90% of full amount
Family home mortgage information
Lender PTSB
Interest rate 5-year green mort fixed at 3.2% for 3 more years
Remaining term: 6 years
Monthly repayment: 1743 but paying extra 10K p.a. to pay it off quicker (3-4 years from now)
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? yes
Other information which might be relevant
Life insurance: 116/pm joint term life policy worth 150K but expires 2034, also 120/pm mort protection policy decreasing according to mort balance
What specific question do you have or what issues are of concern to you?
Are we doing anything wrong with regard to making extra payments on mortgage, large portion of income going to PRSA, holding off on selling bitcoin, life insurance/mortgage protection, not having much cash? Should I take my US state pension early, or would that make no sense because of current income tax situation?
Housing prices are very high in our area. We would like to stay in the area but move to a smaller place in a more desirable (close to village) location but it seems like a decent-sized 2-bedroom house or apartment in our desired location costs even more than our current place, a 4-bedroom duplex on the outskirts. With 100K left on mortgage, it’s hard to get our heads around how we could accomplish buying something even for the same cost that ours would sell for – we feel like we'll have to wait till it’s paid off. All our focus is on paying off mortgage and PRSA saving – but are we missing something?