aurelius42
New Member
- Messages
- 9
Personal details
Age: 55
Spouse’s/Partner's age: 56
Number and age of children: 4 (all in 20s)
Income and expenditure
Annual gross income from employment or profession: €100k
Annual gross income of spouse: €0
Monthly take-home pay €5000
Type of employment: Me: Public servant Spouse: not working outside home
In general : Saving a little
Summary of Assets and Liabilities
Family home worth €400k ,no mortgage
Cash of €150k
Defined Benefit pension fund: >30yr service (of max 40), can draw down at 60
Buy to Let Property worth €350k with no mortgage
Other borrowings – none
Do you pay off your full credit card balance each month? Yes
Buy to let properties
Value: €350k
Rental income per year: €0 (no longer want to rent, hassle)
Rough annual expenses other than mortgage interest : €2000
Other savings and investments: €150k cash mentioned above, no appetite for ETF/Funds etc. due to tax/hassle/fees
Do you have a pension scheme? Public sector pre-95, can retire at 60 or before (actuarily reduced)
Life insurance: x1.5 income through income protection cover, none otherwise on either of us.
What specific question do you have or what issues are of concern to you?
Considering out retirement options given some recent life changes and whether our finances align. Spouse has significant physical disability, never earned and so no pension entitlement or state support (ever due to means test). While 'kids' all educated well, have a little ways to go before earning or earning well so some supports needed until then.
My work is very stressful and own health of concern given my commitments. Could take unpaid leave but maybe not enough respite and will affect pension. Original plan retire at 60 with ~€50k (no contributory pension at 66 for either of us).
Can't add to pension (e.g. AVCs) because single-income status means marginal tax rate + USC on draw-down later. No interest in renting again (hassle).
Thoughts move to enjoying life more while health still allows (e.g. travelling just about still possible). Considered selling one home (PPR) and/or extending the other (2nd home in South-East) to allow perhaps one child live-in to support care of spouse (making use of cash). Lifestyle not extravagant but COL suggests even <€50k pension might be a pinch?
Age: 55
Spouse’s/Partner's age: 56
Number and age of children: 4 (all in 20s)
Income and expenditure
Annual gross income from employment or profession: €100k
Annual gross income of spouse: €0
Monthly take-home pay €5000
Type of employment: Me: Public servant Spouse: not working outside home
In general : Saving a little
Summary of Assets and Liabilities
Family home worth €400k ,no mortgage
Cash of €150k
Defined Benefit pension fund: >30yr service (of max 40), can draw down at 60
Buy to Let Property worth €350k with no mortgage
Other borrowings – none
Do you pay off your full credit card balance each month? Yes
Buy to let properties
Value: €350k
Rental income per year: €0 (no longer want to rent, hassle)
Rough annual expenses other than mortgage interest : €2000
Other savings and investments: €150k cash mentioned above, no appetite for ETF/Funds etc. due to tax/hassle/fees
Do you have a pension scheme? Public sector pre-95, can retire at 60 or before (actuarily reduced)
Life insurance: x1.5 income through income protection cover, none otherwise on either of us.
What specific question do you have or what issues are of concern to you?
Considering out retirement options given some recent life changes and whether our finances align. Spouse has significant physical disability, never earned and so no pension entitlement or state support (ever due to means test). While 'kids' all educated well, have a little ways to go before earning or earning well so some supports needed until then.
My work is very stressful and own health of concern given my commitments. Could take unpaid leave but maybe not enough respite and will affect pension. Original plan retire at 60 with ~€50k (no contributory pension at 66 for either of us).
Can't add to pension (e.g. AVCs) because single-income status means marginal tax rate + USC on draw-down later. No interest in renting again (hassle).
Thoughts move to enjoying life more while health still allows (e.g. travelling just about still possible). Considered selling one home (PPR) and/or extending the other (2nd home in South-East) to allow perhaps one child live-in to support care of spouse (making use of cash). Lifestyle not extravagant but COL suggests even <€50k pension might be a pinch?