Age: 39
Spouse’s/Partner's age: 38
Annual gross income from employment or profession: 63,000
Annual gross income of spouse: 80,000
Monthly take-home pay: ~7,300
Type of employment:
Me: public servant (10 years service)
Spouse: Multinational
In general are you:
Saving
Rough estimate of value of home: 380,000
Amount outstanding on your mortgage: 77,000
What interest rate are you paying? 3.9% (fixed for one more year)
Other borrowings – None but will need a new car in the next year
Do you pay off your full credit card balance each month? Yes
Savings and investments: 48,000 in low interest saving accounts
company shares currently worth 30,000
Do you have a pension scheme?
Me: Yes - public sector scheme (not paying AVCs)
Spouse: None
Do you own any investment or other property? No
Ages of children: None
Life insurance: None
What specific question do you have or what issues are of concern to you?
We currently work in Dublin and do not see ourselves staying here long term. We would like to move in the next 10-12 years and wondering how we can make this a possibility? My family own land on the North West coast and we would like to start building a house there to move to in the future. We were thinking we can start this now and use the next 10-12 years to pay down the mortgage and use it as a holiday rental for some of the time. The hope is we keep our Dublin property and that the rent would help towards monthly living expenses. I suppose we are hoping to semi retire at that stage (wishful thinking perhaps??). Unfortunately, my career is very specific and only Dublin based. My spouse is in IT so working remotely or consultancy work is a possibility. I am just wondering what is the best use of our current finances to allow this to happen. Should we be paying of the mortgage (or mortgages), paying into AVCs while we are both in the higher tax bracket, or investing? Any advice will be greatly appreciated. We are good savers we just not sure how best to use it.
Spouse’s/Partner's age: 38
Annual gross income from employment or profession: 63,000
Annual gross income of spouse: 80,000
Monthly take-home pay: ~7,300
Type of employment:
Me: public servant (10 years service)
Spouse: Multinational
In general are you:
Saving
Rough estimate of value of home: 380,000
Amount outstanding on your mortgage: 77,000
What interest rate are you paying? 3.9% (fixed for one more year)
Other borrowings – None but will need a new car in the next year
Do you pay off your full credit card balance each month? Yes
Savings and investments: 48,000 in low interest saving accounts
company shares currently worth 30,000
Do you have a pension scheme?
Me: Yes - public sector scheme (not paying AVCs)
Spouse: None
Do you own any investment or other property? No
Ages of children: None
Life insurance: None
What specific question do you have or what issues are of concern to you?
We currently work in Dublin and do not see ourselves staying here long term. We would like to move in the next 10-12 years and wondering how we can make this a possibility? My family own land on the North West coast and we would like to start building a house there to move to in the future. We were thinking we can start this now and use the next 10-12 years to pay down the mortgage and use it as a holiday rental for some of the time. The hope is we keep our Dublin property and that the rent would help towards monthly living expenses. I suppose we are hoping to semi retire at that stage (wishful thinking perhaps??). Unfortunately, my career is very specific and only Dublin based. My spouse is in IT so working remotely or consultancy work is a possibility. I am just wondering what is the best use of our current finances to allow this to happen. Should we be paying of the mortgage (or mortgages), paying into AVCs while we are both in the higher tax bracket, or investing? Any advice will be greatly appreciated. We are good savers we just not sure how best to use it.
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