Personal details
Age: 38
Spouse’s/Partner's age: 39
Number and age of children:
1 child under a year.
Income and expenditure
Annual gross income from employment or profession: €70,000
Annual gross income of spouse: €85,000 (on unpaid mat leave) Something like €260 per week.
Monthly take-home pay: €3,600 for me. Approx. €1k for my wife on mat leave.
Type of employment: Me: Semi state Wife : private
In general are you:
(a) spending more than you earn, or
(b) saving?
Currently spending a little more than we earn but once my wife returns to work we will be saving. Not sure how much as need to confirm creche fees, new expences with a child etc.
Summary of Assets and Liabilities
Family home worth €445k with a €250k mortgage
Savings of €130k
Defined Contribution pension fund:
Me: €85k (contribute 20% between employer and employee)
Wife: €128k (contributes approx. 10%, no employer contribution)
Family home mortgage information
Lender: BOI (transferred from KBC)
Interest rate: 2.4%
Type of interest rate: tracker, variable, fixed. Fixed
If fixed, what is the term remaining of the fixed rate? 34 months
Remaining term: 22years 10 months
Monthly repayment: 1,175
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
No other borrowings. Own cars outright.
Other savings and investments:
Do you have a pension scheme? Yes, noted above.
Do you own any investment or other property? No.
Other information which might be relevant
No life assurance beyond mortgage protection. My employer will pay my wife 3.5 times my salary if I die. I think I have some other benefits with that also that I need to look into.
My wife has no such protection.
Our mortgage is an ex KBC mortgage so we can pay down an additional 10% of remaining balance within the term.
My future pension value is showing as 560,000.
What specific question do you have or what issues are of concern to you?
My wife is relatively well covered should I die but if something were to happen to her I (and our child) would be in a more difficult situation. Okay mortgage would be paid off by she has no income protection or similar. We need to address this but I am not sure what we require. Also as my cover is linked to my job it may prevent me moving if we rely fully on that and new job does not offer similar. This seems a big gap in our future planning.
We have good savings and are not sure to pay down mortgage, pay more into pension or invest?
The last few years have been about buying a house, getting married and having a baby so lots of big expenses and change in financial priorities. Having a child sort of changes priorities and we now have a focus on the medium and long term. Not sure what that actually means.
Age: 38
Spouse’s/Partner's age: 39
Number and age of children:
1 child under a year.
Income and expenditure
Annual gross income from employment or profession: €70,000
Annual gross income of spouse: €85,000 (on unpaid mat leave) Something like €260 per week.
Monthly take-home pay: €3,600 for me. Approx. €1k for my wife on mat leave.
Type of employment: Me: Semi state Wife : private
In general are you:
(a) spending more than you earn, or
(b) saving?
Currently spending a little more than we earn but once my wife returns to work we will be saving. Not sure how much as need to confirm creche fees, new expences with a child etc.
Summary of Assets and Liabilities
Family home worth €445k with a €250k mortgage
Savings of €130k
Defined Contribution pension fund:
Me: €85k (contribute 20% between employer and employee)
Wife: €128k (contributes approx. 10%, no employer contribution)
Family home mortgage information
Lender: BOI (transferred from KBC)
Interest rate: 2.4%
Type of interest rate: tracker, variable, fixed. Fixed
If fixed, what is the term remaining of the fixed rate? 34 months
Remaining term: 22years 10 months
Monthly repayment: 1,175
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
No other borrowings. Own cars outright.
Other savings and investments:
Do you have a pension scheme? Yes, noted above.
Do you own any investment or other property? No.
Other information which might be relevant
No life assurance beyond mortgage protection. My employer will pay my wife 3.5 times my salary if I die. I think I have some other benefits with that also that I need to look into.
My wife has no such protection.
Our mortgage is an ex KBC mortgage so we can pay down an additional 10% of remaining balance within the term.
My future pension value is showing as 560,000.
What specific question do you have or what issues are of concern to you?
My wife is relatively well covered should I die but if something were to happen to her I (and our child) would be in a more difficult situation. Okay mortgage would be paid off by she has no income protection or similar. We need to address this but I am not sure what we require. Also as my cover is linked to my job it may prevent me moving if we rely fully on that and new job does not offer similar. This seems a big gap in our future planning.
We have good savings and are not sure to pay down mortgage, pay more into pension or invest?
The last few years have been about buying a house, getting married and having a baby so lots of big expenses and change in financial priorities. Having a child sort of changes priorities and we now have a focus on the medium and long term. Not sure what that actually means.