Personal details
Age: 52
Spouse’s/Partner's age: Deceased Oct 2023
Number and age of children: 3 aged 26yrs, 22yrs, 17yrs. (All living at home. 26 is earning but low income as has significant needs, 22 in full time Uni, 17 in school final year)
Income and expenditure
Annual gross income from employment or profession: €34,500
Annual gross income of spouse: n/a
Monthly take-home pay: €2,400
Type of employment: Civil Servant. HSE. Part-time
In general are you:
(a) spending more than you earn, or
(b) saving? Saving generally
Summary of Assets and Liabilities
Family home sold last year. Profit of €212,000 when mortgage paid off
Cash of €170,000 Partners Life Insurance. And €105,000 savings
Defined Contribution pension fund: Defined Benefit Pension Scheme. Public sector, 20 years part time service. Briefly paid AVC’s in 2008 of €1500 total
Company shares : None
Currently renting at €1,200 pm.
Family home mortgage information - Offer
Lender: BOI Letter of offer issued July ’23 in my name only (partner was on early medical retirement) for €106,000
Interest rate 4.5%
Term :18 years
Type of interest rate: fixed for 60 months
Think this offer is valid for 12 months
Monthly repayment would be €716
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
No loans. 2008 car needs replacing
Other savings and investments:
Do you have a pension scheme? Yes.
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: No
What specific question do you have or what issues are of concern to you?
I have €487,000 and I’d like some advice on what to do with this.
I’m currently on sick leave from work. I took carers leave in Sept 23, partner died Oct and I have not returned since. Currently on half pay. As acknowledged elsewhere on AAM there’s a lot of upheaval in our lives at the moment and advice would probably be not to make any big changes but I want to buy a house for myself and my 3 dependants and I’d also like to change career. I hate my current job but would need a total retrain to move out of it.
I could buy and be mortgage free but not sure if putting everything into a house would be advisable. Or would it?
Apologies for the vague (clueless) answer re pension. That’s because I’m vague and clueless on this. I’m waiting a callback from HSE Superannuation who will make this all clear. Hopefully I’ll be able to add exact figures then
I wasn’t married so no access to partners pension. I’m aware of the recent supreme court ruling in regard to a Widowers entitlement to pension despite not being married. This could eventually apply to me but will take legislative change which I’m assuming is slow
This has exhausted my ability to explain my finances which I’m assuming are considered a mess but please feel free to ask any questions if there’s stuff I’ve left out
Thanks for any advice
Age: 52
Spouse’s/Partner's age: Deceased Oct 2023
Number and age of children: 3 aged 26yrs, 22yrs, 17yrs. (All living at home. 26 is earning but low income as has significant needs, 22 in full time Uni, 17 in school final year)
Income and expenditure
Annual gross income from employment or profession: €34,500
Annual gross income of spouse: n/a
Monthly take-home pay: €2,400
Type of employment: Civil Servant. HSE. Part-time
In general are you:
(a) spending more than you earn, or
(b) saving? Saving generally
Summary of Assets and Liabilities
Family home sold last year. Profit of €212,000 when mortgage paid off
Cash of €170,000 Partners Life Insurance. And €105,000 savings
Defined Contribution pension fund: Defined Benefit Pension Scheme. Public sector, 20 years part time service. Briefly paid AVC’s in 2008 of €1500 total
Company shares : None
Currently renting at €1,200 pm.
Family home mortgage information - Offer
Lender: BOI Letter of offer issued July ’23 in my name only (partner was on early medical retirement) for €106,000
Interest rate 4.5%
Term :18 years
Type of interest rate: fixed for 60 months
Think this offer is valid for 12 months
Monthly repayment would be €716
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
No loans. 2008 car needs replacing
Other savings and investments:
Do you have a pension scheme? Yes.
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: No
What specific question do you have or what issues are of concern to you?
I have €487,000 and I’d like some advice on what to do with this.
I’m currently on sick leave from work. I took carers leave in Sept 23, partner died Oct and I have not returned since. Currently on half pay. As acknowledged elsewhere on AAM there’s a lot of upheaval in our lives at the moment and advice would probably be not to make any big changes but I want to buy a house for myself and my 3 dependants and I’d also like to change career. I hate my current job but would need a total retrain to move out of it.
I could buy and be mortgage free but not sure if putting everything into a house would be advisable. Or would it?
Apologies for the vague (clueless) answer re pension. That’s because I’m vague and clueless on this. I’m waiting a callback from HSE Superannuation who will make this all clear. Hopefully I’ll be able to add exact figures then
I wasn’t married so no access to partners pension. I’m aware of the recent supreme court ruling in regard to a Widowers entitlement to pension despite not being married. This could eventually apply to me but will take legislative change which I’m assuming is slow
This has exhausted my ability to explain my finances which I’m assuming are considered a mess but please feel free to ask any questions if there’s stuff I’ve left out
Thanks for any advice
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