Houseseeker16
Registered User
- Messages
- 11
Many thanks in advance for any insights!
Personal details
Age: 48
Partner's age: 49
Number and age of children: 3 (10, 8 and 6)
Income and expenditure
In general : Saving about 2k per month plus child benefit. We have childcare cost of about 800 per month that will not be needed in about 3 years.
Summary of Assets and Liabilities
Do you pay off your full credit card balance each month? Yes
Other savings and investments: none
Do you have a pension scheme?
- Me Defined contribution pension fund: value 490k contributing 15% incl avcs with employer contributing about 10%. Projected fund at age 60 is 1.5M
- Partner - defined contribution fund of 80k from previous employment. Just started new pension contributing 7% and employer contributing 9%. Partner was on illness benefit for 7 years, So we had some hard years and lived frugally but have come through and illness is fully resolved and back to work.
Life insurance: 70% serious illness income through income protection cover through pensions, death in service benefit of 8 x salary both, mortgage cover life insurance for 440k
Not married but due to get married in 2024
What specific question do you have or what issues are of concern to you?
I know the marriage item is our biggest risk but that will be fixed in 2024 when we are due to tie the knot!
Our plan is to save for the house updates of about 60k but keep saving the 20k education fund adding child benefit each month.
The house upgrade is our focus right now and it’ll prob take 3 years to save and complete work. By then we’ll be 51-ish.
We are not overpaying mortgage - but planning to do that once childcare cost ends (altho will then be into teenage years which I believe are expensive!)
Our salaries will potentially grow 2 to 3% per annum. Partner scope for promotion - I’m not keen to go any more senior.
Is it ok to have this focus now or would we potentially be missing the boat on maximising our pension contributions now? (Or overpaying mortgage)
I would like to retire at 60 and pension models 180k lump sum and 36k per annum income which I feel I could live off until govt pension kicks in. Partner happy to work til 67.
Is there anything wrong with this picture that we’re overlooking? Should we be putting the 20k into equities or something given that we are a good 9 years away from needing that for 3rd level. We will support kids in uni / 3rd level but they will be expected to live at home and attend local university rather than rent (unless self funding!)
Personal details
Age: 48
Partner's age: 49
Number and age of children: 3 (10, 8 and 6)
Income and expenditure
- Annual gross income: €130k
- Annual gross income of partner: €55k
- Monthly take-home pay €5800 me, €3500 them
In general : Saving about 2k per month plus child benefit. We have childcare cost of about 800 per month that will not be needed in about 3 years.
Summary of Assets and Liabilities
- Family home worth €650k, mortgage of 340k on fixed rate 2.2 til 2026. 17 years left on mortgage.
- Note Family home needs a refurb over time (not urgent but old and dated) - about 60k or so
- Cash of €20k - sitting in aib savings account earning v little planning on keeping as emergency fund or if no emergencies then use for 3rd level costs in future
- Other borrowings – none
Do you pay off your full credit card balance each month? Yes
Other savings and investments: none
Do you have a pension scheme?
- Me Defined contribution pension fund: value 490k contributing 15% incl avcs with employer contributing about 10%. Projected fund at age 60 is 1.5M
- Partner - defined contribution fund of 80k from previous employment. Just started new pension contributing 7% and employer contributing 9%. Partner was on illness benefit for 7 years, So we had some hard years and lived frugally but have come through and illness is fully resolved and back to work.
Life insurance: 70% serious illness income through income protection cover through pensions, death in service benefit of 8 x salary both, mortgage cover life insurance for 440k
Not married but due to get married in 2024
What specific question do you have or what issues are of concern to you?
I know the marriage item is our biggest risk but that will be fixed in 2024 when we are due to tie the knot!
Our plan is to save for the house updates of about 60k but keep saving the 20k education fund adding child benefit each month.
The house upgrade is our focus right now and it’ll prob take 3 years to save and complete work. By then we’ll be 51-ish.
We are not overpaying mortgage - but planning to do that once childcare cost ends (altho will then be into teenage years which I believe are expensive!)
Our salaries will potentially grow 2 to 3% per annum. Partner scope for promotion - I’m not keen to go any more senior.
Is it ok to have this focus now or would we potentially be missing the boat on maximising our pension contributions now? (Or overpaying mortgage)
I would like to retire at 60 and pension models 180k lump sum and 36k per annum income which I feel I could live off until govt pension kicks in. Partner happy to work til 67.
Is there anything wrong with this picture that we’re overlooking? Should we be putting the 20k into equities or something given that we are a good 9 years away from needing that for 3rd level. We will support kids in uni / 3rd level but they will be expected to live at home and attend local university rather than rent (unless self funding!)
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