Personal Details
Age: 45
Spouse: 55
No and Age of children: 4 - 18, 16, 15 and 7
Income and expenditure
Annual gross income from employment: 53k
Annual Gross income of spouse: 30k approx (sole trader)
Monthly Take home pay: 2,900 (I think spouse may have some of my tax credits)
Type of employment: Public servant
In general are you saving: 400 per month
Summary of Assets and liabilities
Family home with business attached (worth 250k approx) with no mortgage
Savings: 40k
Other property: Rental property worth 300k with a 74k mortgage remaining. Rental income 1350 a month final payment 2027.
Other borrowing:
Spouse car loan 28k.
Credit card: Yes but paid off every month
Other information which may be relevant: Life insurance policy 500k and spouse 300k
Pension: Public sector pension and AVC worth 17k (not currently paying in)
The older children are employed by my husbands business with 2k per month going into a college fund - 14k currently in this account with eldest child likely to attend college in in Sept - this has resulted in spouses reduced income. Expect this will fund college for the moment as child 2 most likely will go the trade route.
Will likely inherit a 2nd property in the future (15-20 years) current value 200k.
What specific question do you have or what issues are of concern to you?
Any advice would be appreciated.
Thanks
Age: 45
Spouse: 55
No and Age of children: 4 - 18, 16, 15 and 7
Income and expenditure
Annual gross income from employment: 53k
Annual Gross income of spouse: 30k approx (sole trader)
Monthly Take home pay: 2,900 (I think spouse may have some of my tax credits)
Type of employment: Public servant
In general are you saving: 400 per month
Summary of Assets and liabilities
Family home with business attached (worth 250k approx) with no mortgage
Savings: 40k
Other property: Rental property worth 300k with a 74k mortgage remaining. Rental income 1350 a month final payment 2027.
Other borrowing:
Spouse car loan 28k.
Credit card: Yes but paid off every month
Other information which may be relevant: Life insurance policy 500k and spouse 300k
Pension: Public sector pension and AVC worth 17k (not currently paying in)
The older children are employed by my husbands business with 2k per month going into a college fund - 14k currently in this account with eldest child likely to attend college in in Sept - this has resulted in spouses reduced income. Expect this will fund college for the moment as child 2 most likely will go the trade route.
Will likely inherit a 2nd property in the future (15-20 years) current value 200k.
What specific question do you have or what issues are of concern to you?
- Should I use my savings to reduce the remaining balance of the mortgage or should I retain my savings for a rainy day?
- The money that is currently going into the savings should I now divert these into my AVC (had previously paid into the AVC but stopped the payments in 2012)
- The longer term plan is to retire at 60-62 if possible so will need sufficient income until the state pension kicks in.
- Work facilitate (not sure that is the correct term) an AVC but could better value be got from elsewhere?
Any advice would be appreciated.
Thanks