alanalanalan
New Member
- Messages
- 8
Personal details
Age: 34
Spouse’s/Partner's age: 45
Number and age of children: 0
Income and expenditure
Annual gross income from employment or profession: €150,000 basic, plus performance based pensionable bonus ~ €30,000, plus guaranteed non-pensionable bonus ~€10,000 (used for approved share purchase scheme annually), plus €15,000 in RSUs or Stock Options
Annual gross income of spouse: Currently €0 (on career break from local authority - previously €30k/annum)
Monthly take-home pay: €7,000 (after pension contributions/AVCs, excluding bonus)
Type of employment: Private Sector
In general are you:
Saving approx €1,000/month
Summary of Assets and Liabilities
Family home worth €450k with a €290k mortgage - interest rate of 2% with 3 years remaining on fixed rate
Cash of €25k
Defined Contribution pension fund: €180K
Company shares : €20K
No other loans or liabilities
Family home mortgage information
Lender: Haven
Interest rate: 2%
Type of interest rate: Fixed
If fixed, what is the term remaining of the fixed rate? 3 years
Remaining term: 18 years
Monthly repayment: €1,519
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? No credit cards
Other savings and investments:
Do you have a pension scheme? Occupational pension scheme - employee contribution 4% plus employer contribution 8%/max out on AVCs annually up to age-based cap (so typically ~ 18% total contribution)
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: Lump sum of 4 x salary payable to spouse plus value of pension.
What specific question do you have or what issues are of concern to you?
Trying to understand the best way to plan for the future and what it would take to retire early, but comfortably, at 50 or 55. My spouse is currently on a career break and not paying into any pension - would starting a PRSA be the best option to ensure security across both of us into retirement and to divert some bonus € in a tax efficient way? I am already maxing out AVCs.
Just opened a Trade Republic account and will shift monthly savings to there to avail of 4% interest rate. Mortgage is in a good place currently with 2% rate. Don't owe money to anyone or any institution with exception of mortgage.
In a situation where we have a significant income but never have much left over at the end of the month - had a number of unexpected outgoings this year (death of a parent with funeral costs, unexpected travel costs - am also financially supporting family member monthly). Have no long term investments, knowledge of options is relatively low (with exception of retaining some company shares annually).
Trying to understand how to make the most of what I know is a fantastic salary while it lasts, be as tax efficient as possible (is that via a new PRSA to be set up by spouse?) and prepare for the later stages of life! Should I start looking at longer term investments? ETFs? Stocks? Just keep saving at 4% in Trade Republic? Thanks!!
Age: 34
Spouse’s/Partner's age: 45
Number and age of children: 0
Income and expenditure
Annual gross income from employment or profession: €150,000 basic, plus performance based pensionable bonus ~ €30,000, plus guaranteed non-pensionable bonus ~€10,000 (used for approved share purchase scheme annually), plus €15,000 in RSUs or Stock Options
Annual gross income of spouse: Currently €0 (on career break from local authority - previously €30k/annum)
Monthly take-home pay: €7,000 (after pension contributions/AVCs, excluding bonus)
Type of employment: Private Sector
In general are you:
Saving approx €1,000/month
Summary of Assets and Liabilities
Family home worth €450k with a €290k mortgage - interest rate of 2% with 3 years remaining on fixed rate
Cash of €25k
Defined Contribution pension fund: €180K
Company shares : €20K
No other loans or liabilities
Family home mortgage information
Lender: Haven
Interest rate: 2%
Type of interest rate: Fixed
If fixed, what is the term remaining of the fixed rate? 3 years
Remaining term: 18 years
Monthly repayment: €1,519
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? No credit cards
Other savings and investments:
Do you have a pension scheme? Occupational pension scheme - employee contribution 4% plus employer contribution 8%/max out on AVCs annually up to age-based cap (so typically ~ 18% total contribution)
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: Lump sum of 4 x salary payable to spouse plus value of pension.
What specific question do you have or what issues are of concern to you?
Trying to understand the best way to plan for the future and what it would take to retire early, but comfortably, at 50 or 55. My spouse is currently on a career break and not paying into any pension - would starting a PRSA be the best option to ensure security across both of us into retirement and to divert some bonus € in a tax efficient way? I am already maxing out AVCs.
Just opened a Trade Republic account and will shift monthly savings to there to avail of 4% interest rate. Mortgage is in a good place currently with 2% rate. Don't owe money to anyone or any institution with exception of mortgage.
In a situation where we have a significant income but never have much left over at the end of the month - had a number of unexpected outgoings this year (death of a parent with funeral costs, unexpected travel costs - am also financially supporting family member monthly). Have no long term investments, knowledge of options is relatively low (with exception of retaining some company shares annually).
Trying to understand how to make the most of what I know is a fantastic salary while it lasts, be as tax efficient as possible (is that via a new PRSA to be set up by spouse?) and prepare for the later stages of life! Should I start looking at longer term investments? ETFs? Stocks? Just keep saving at 4% in Trade Republic? Thanks!!