wavejumper
Registered User
- Messages
- 118
Personal details
Age: 51
single, no children.
Income and expenditure
Annual gross income from employment or profession: 45k
Monthly take-home pay 2400 (600 already going to PRSA monthly)
Type of employment: e.g. engineer, private sector
Saving about 200 a month
Monthly mortgage repayment 877, due to end March 2024.
Summary of Assets and Liabilities
Family home worth €380k
Cash of 198k
Credit Union: 5k
PSRA fund: €5k, employer not contributing.
Other borrowings – car loans/personal loans etc
None
Other savings and investments:
20k pension fund from previous employer.
What specific question do you have or what issues are of concern to you?
I recently inherited the 200k which improved my situation considerably as I can now max out the pension contribution which I was only able to start 2 years ago due to personal circumstances.
With the mortgage on my home paid in a few months I am undecided on what to do with the inheritance. After discussing with an advisor, I am looking into leaving 6 month’s salary worth of rainy fund in the current account, invest a portion (about 80k) of the rest into an indexed fund with Standard Life and put the remainder (100k) in a long term saving account (either 10 year with the post office solidarity fund or the AIB savings account).
In this scenario It didn’t look like I was going to get past age 75 with any money left other than the state pension. Is this too pessimistic? Is there anything else I can do to improve my situation?
Age: 51
single, no children.
Income and expenditure
Annual gross income from employment or profession: 45k
Monthly take-home pay 2400 (600 already going to PRSA monthly)
Type of employment: e.g. engineer, private sector
Saving about 200 a month
Monthly mortgage repayment 877, due to end March 2024.
Summary of Assets and Liabilities
Family home worth €380k
Cash of 198k
Credit Union: 5k
PSRA fund: €5k, employer not contributing.
Other borrowings – car loans/personal loans etc
None
Other savings and investments:
20k pension fund from previous employer.
What specific question do you have or what issues are of concern to you?
I recently inherited the 200k which improved my situation considerably as I can now max out the pension contribution which I was only able to start 2 years ago due to personal circumstances.
With the mortgage on my home paid in a few months I am undecided on what to do with the inheritance. After discussing with an advisor, I am looking into leaving 6 month’s salary worth of rainy fund in the current account, invest a portion (about 80k) of the rest into an indexed fund with Standard Life and put the remainder (100k) in a long term saving account (either 10 year with the post office solidarity fund or the AIB savings account).
In this scenario It didn’t look like I was going to get past age 75 with any money left other than the state pension. Is this too pessimistic? Is there anything else I can do to improve my situation?