Finance_Novice
Registered User
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- 12
I am posting this on behalf of my father. My mother who died recently used to handle all financial matters so just trying to get some advise for him on here on what to do for his retirement planning.
Personal details
Age: 64
Spouse’s/Partner's age: N/A
Number and age of children: 3 adult children
Income and expenditure
Monthly take-home pay: ~1200
Type of employment: e.g. Civil Servant, self-employed: Self Employed
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Summary of Assets and Liabilities
Family home worth ~€250k with no mortgage
Cash: €300k (includes recent life cover payout for my mother)
Defined Contribution pension fund: €132k
No debt or loans
Other information which might be relevant
Paying €450 a month for critical illness and life cover
Paying €450 a month for VHI (includes cover for youngest daughter)
What specific question do you have or what issues are of concern to you?
My father has quite a large amount of cash following the recent life cover payout for my mother and a smaller defined contribution pension. We are looking to see how best to plan for his retirement and any suggestions on who he should talk to (e.g. broker, independent financial advisor etc).
We are also wondering if it is worth maintaining his critical illness and life cover policy as it is quite expensive at this stage. It is policy they originally took out when we were kids and they just kept it going over the years.
Personal details
Age: 64
Spouse’s/Partner's age: N/A
Number and age of children: 3 adult children
Income and expenditure
Monthly take-home pay: ~1200
Type of employment: e.g. Civil Servant, self-employed: Self Employed
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Summary of Assets and Liabilities
Family home worth ~€250k with no mortgage
Cash: €300k (includes recent life cover payout for my mother)
Defined Contribution pension fund: €132k
No debt or loans
Other information which might be relevant
Paying €450 a month for critical illness and life cover
Paying €450 a month for VHI (includes cover for youngest daughter)
What specific question do you have or what issues are of concern to you?
My father has quite a large amount of cash following the recent life cover payout for my mother and a smaller defined contribution pension. We are looking to see how best to plan for his retirement and any suggestions on who he should talk to (e.g. broker, independent financial advisor etc).
We are also wondering if it is worth maintaining his critical illness and life cover policy as it is quite expensive at this stage. It is policy they originally took out when we were kids and they just kept it going over the years.