Personal details
Age: 59
Spouse’s/Partner's age: 53
Number and age of children: (x2) 23 and 20 working abroad, not in college
Income and expenditure
Annual gross income from employment or profession: 75k
Annual gross income of spouse: 41k
Monthly take-home pay; 6k
Type of employment: e.g. Civil Servant, self-employed
- Private sector Employee (me)
- Clerical Officer (Local Authority) (spouse)
In general are you:
(a) spending more than you earn, or
(b) saving? Saving more than spending
Summary of Assets and Liabilities
Family home worth €520k with no mortgage
Company shares : none
Buy to Let Property: none
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Other savings and investments: 430k on deposit with a bank, 15k Std Life Moneyworks Bond
Do you have a pension scheme?
- PRSA via employer: 100k currently, contributing 20% of gross salary monthly (15% self, 5% employer)
[I can also top this up with my annual bonus - usually 10%]
- 2x PRBs: Currently worth 210k and 75k
I will be entitled to the Contributory State Pension at 66 (or is it 67?)
My wife will get a pension from the local authority but we are not sure how to calculate what it'll be.
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: Provided by my employer (2.5 times gross salary on death-in-service)
What specific question do you have or what issues are of concern to you?
I'd like to retire at 62.
Is it do-able financially based on the info above? If not what can i do to make it happen?
I've reviewed our essential and non-essential spending and reckon expenditure could safely be at 2k month.
(We're not very extravagant!)
What's the best way to choose between ARFs and Annuities to ensure the 2k expenditure at least is covered, until the State Pension kicks-in.
Do I need a financial advisor to help select between pension funds?
How much would I expect to pay for advice? I've reviewed some websites but find it difficult to pin down rates (fees, ongoing charges, advice types...)
How do i setup a ARF or annuity - directly or through an agent/advisor?
(I've heard annuity rates are improving again, so how do i compare rates from providers - what are the rates now?)
Can I setup ARFs and annuities ?
How can I optimize a mix of lump-sum, ARFs and/or annuity given that its hard to predict the return on a ARF or annuity rates?
Thanks!
Age: 59
Spouse’s/Partner's age: 53
Number and age of children: (x2) 23 and 20 working abroad, not in college
Income and expenditure
Annual gross income from employment or profession: 75k
Annual gross income of spouse: 41k
Monthly take-home pay; 6k
Type of employment: e.g. Civil Servant, self-employed
- Private sector Employee (me)
- Clerical Officer (Local Authority) (spouse)
In general are you:
(a) spending more than you earn, or
(b) saving? Saving more than spending
Summary of Assets and Liabilities
Family home worth €520k with no mortgage
Company shares : none
Buy to Let Property: none
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Other savings and investments: 430k on deposit with a bank, 15k Std Life Moneyworks Bond
Do you have a pension scheme?
- PRSA via employer: 100k currently, contributing 20% of gross salary monthly (15% self, 5% employer)
[I can also top this up with my annual bonus - usually 10%]
- 2x PRBs: Currently worth 210k and 75k
I will be entitled to the Contributory State Pension at 66 (or is it 67?)
My wife will get a pension from the local authority but we are not sure how to calculate what it'll be.
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: Provided by my employer (2.5 times gross salary on death-in-service)
What specific question do you have or what issues are of concern to you?
I'd like to retire at 62.
Is it do-able financially based on the info above? If not what can i do to make it happen?
I've reviewed our essential and non-essential spending and reckon expenditure could safely be at 2k month.
(We're not very extravagant!)
What's the best way to choose between ARFs and Annuities to ensure the 2k expenditure at least is covered, until the State Pension kicks-in.
Do I need a financial advisor to help select between pension funds?
How much would I expect to pay for advice? I've reviewed some websites but find it difficult to pin down rates (fees, ongoing charges, advice types...)
How do i setup a ARF or annuity - directly or through an agent/advisor?
(I've heard annuity rates are improving again, so how do i compare rates from providers - what are the rates now?)
Can I setup ARFs and annuities ?
How can I optimize a mix of lump-sum, ARFs and/or annuity given that its hard to predict the return on a ARF or annuity rates?
Thanks!
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