Hello,
Thank you in advance for any comments. I was unsure should this go into Pensions forum or Money makeover over but decided to post here as I have found this to be a wealth of information.
I am seeking advise based on my circumstances;
I am 40 yo, married, 2 kids under 4.
Presently living abroad and a non resident in Ireland for tax
We will be returning to live in Ireland sometime next year.
I own 2 investment properties in Ireland
Property 1, Value 300k, Mortgage 100k @ 3%, Rent 17k PA
Property 2, Value 500k, No Mortgage, Rent 30k PA
I do not have a pension in Ireland
I have cash of 300k, in bank.
When I return to Ireland I anticipate a salary of 90k for me plus 40k for my wife, Gross.
I am assuming, I would need 4k per month, excl childcare and mortgage for all expenses incl holidays
We are looking to purchase a home prior to retuning within the next year. In the area we are looking, the price for the desired house will most likely be 800-900k based on present market conditions.
My question is this;
1) As I do not have a pension I will need to maximise contributions in order to be in a position to retire at 60-65. What avenues do I have here? Can I deposit a lump sum when I return to Ireland. What is the max I can contribute and what would that contribution give me at 60 or 65? Does this include Employer Contributions?
2) Are my assumed monthly expenditure amounts reasonable?
3) Based on above information, while I know I can get a mortgage for the amount I need, I am very keen not to over extend myself for future me. Is a mortgage of this amount serviceable or should I rethink the type of house?
4) Should I sell one of the investment properties to bring the mortgage down. I am however comfortable being a landlord.
Thanks again for reading
Thank you in advance for any comments. I was unsure should this go into Pensions forum or Money makeover over but decided to post here as I have found this to be a wealth of information.
I am seeking advise based on my circumstances;
I am 40 yo, married, 2 kids under 4.
Presently living abroad and a non resident in Ireland for tax
We will be returning to live in Ireland sometime next year.
I own 2 investment properties in Ireland
Property 1, Value 300k, Mortgage 100k @ 3%, Rent 17k PA
Property 2, Value 500k, No Mortgage, Rent 30k PA
I do not have a pension in Ireland
I have cash of 300k, in bank.
When I return to Ireland I anticipate a salary of 90k for me plus 40k for my wife, Gross.
I am assuming, I would need 4k per month, excl childcare and mortgage for all expenses incl holidays
We are looking to purchase a home prior to retuning within the next year. In the area we are looking, the price for the desired house will most likely be 800-900k based on present market conditions.
My question is this;
1) As I do not have a pension I will need to maximise contributions in order to be in a position to retire at 60-65. What avenues do I have here? Can I deposit a lump sum when I return to Ireland. What is the max I can contribute and what would that contribution give me at 60 or 65? Does this include Employer Contributions?
2) Are my assumed monthly expenditure amounts reasonable?
3) Based on above information, while I know I can get a mortgage for the amount I need, I am very keen not to over extend myself for future me. Is a mortgage of this amount serviceable or should I rethink the type of house?
4) Should I sell one of the investment properties to bring the mortgage down. I am however comfortable being a landlord.
Thanks again for reading