Hi,
I am new to this forum so sorry in advance if I need to adjust the amount of information I have provided below:
Age: 49
Annual Basic Income: PAYE €160K
Pension: DB Scheme with a notional value of €800K
Spouse Age: 47
Annual Income: €15K (Part time)
Pension: State contributory only but also qualifies for 50% of my DB scheme in the event of my death.
Children: 1 (Age 11)
Home PPR Value: €700K
Mortgage Outstanding: €175K (16 years remaining, interest rate 3.8%)
Cash Savings: €90K
Other Residential Rental Investments:
1. Value: €390K, Mortgage €200K @ 3.5%, 14 years remaining, rent = €1,300 per month
2. Value: €250K, Mortgage €10K @ 1%, 1.5 years remaining, rent = €900 per month
3. Value: €230K, Mortgage €85K @ 1%, 11 years remaining, rent = €900 per month
4. Value: €160K, Mortgage €44K @ 4.5% 16 years remaining, rent = €850 per month
5. Value: €170K, Mortgage = N/a as its a holiday home that was bought by refinancing our PPR, rent = 0
Savers/Spenders ? -
Bit of both to be honest. We pay down about €35K off the principal across all mortgages annually.
We spend a bit on the upkeep of the holiday home which is abroad, about €3K per year.
We take a number of holidays each year, and are probably a bit extravagant in terms of eating out etc. A guestimate would be that we have a surplus of about €1K per month after all other expenses which just goes into a regular savings account that earns no interest.
We have school fees of €400 a month and will have similar costs for another 7 years followed by college costs (fingers crossed).
Lifestyle Loans:
We run two fairly decent cars with both car loans paid off.
No credit card debt.
Question:
I have worked long hours in pressurized jobs for the past 25 years and while I consider myself lucky to always have had a well paid job, this money is hard earned often with long hours and weekends. I am getting to the point where I feel a little burned out, with energy levels not quite what they were. I would like to think about easing back a bit and am wondering if I can financially get out of the 9-5 graft by 55 while retaining some degree of financial comfort.
Planning to sell our holiday home within the next 2-3 years and will use that money to clear down the mortgage on our own home.
As like many other posters here, we have worked very hard for many years to build up our investments to where they are today. However, while we want to cash-out, we want to do so in a financially prudent manner. Maybe I'm too close to this and can't see the wood from the trees but I'm not sure about even the basic decision as to whether we completely cash out (taking a CGT hit of €100K) and live off the proceeds (est. €600K net)for a time, or partially cash out and keep 1 or 2 properties in order to supplement our income and have something to pass on to our child...
Your thoughts would be most welcome, but please be gentle !
Thanks
I am new to this forum so sorry in advance if I need to adjust the amount of information I have provided below:
Age: 49
Annual Basic Income: PAYE €160K
Pension: DB Scheme with a notional value of €800K
Spouse Age: 47
Annual Income: €15K (Part time)
Pension: State contributory only but also qualifies for 50% of my DB scheme in the event of my death.
Children: 1 (Age 11)
Home PPR Value: €700K
Mortgage Outstanding: €175K (16 years remaining, interest rate 3.8%)
Cash Savings: €90K
Other Residential Rental Investments:
1. Value: €390K, Mortgage €200K @ 3.5%, 14 years remaining, rent = €1,300 per month
2. Value: €250K, Mortgage €10K @ 1%, 1.5 years remaining, rent = €900 per month
3. Value: €230K, Mortgage €85K @ 1%, 11 years remaining, rent = €900 per month
4. Value: €160K, Mortgage €44K @ 4.5% 16 years remaining, rent = €850 per month
5. Value: €170K, Mortgage = N/a as its a holiday home that was bought by refinancing our PPR, rent = 0
Savers/Spenders ? -
Bit of both to be honest. We pay down about €35K off the principal across all mortgages annually.
We spend a bit on the upkeep of the holiday home which is abroad, about €3K per year.
We take a number of holidays each year, and are probably a bit extravagant in terms of eating out etc. A guestimate would be that we have a surplus of about €1K per month after all other expenses which just goes into a regular savings account that earns no interest.
We have school fees of €400 a month and will have similar costs for another 7 years followed by college costs (fingers crossed).
Lifestyle Loans:
We run two fairly decent cars with both car loans paid off.
No credit card debt.
Question:
I have worked long hours in pressurized jobs for the past 25 years and while I consider myself lucky to always have had a well paid job, this money is hard earned often with long hours and weekends. I am getting to the point where I feel a little burned out, with energy levels not quite what they were. I would like to think about easing back a bit and am wondering if I can financially get out of the 9-5 graft by 55 while retaining some degree of financial comfort.
Planning to sell our holiday home within the next 2-3 years and will use that money to clear down the mortgage on our own home.
As like many other posters here, we have worked very hard for many years to build up our investments to where they are today. However, while we want to cash-out, we want to do so in a financially prudent manner. Maybe I'm too close to this and can't see the wood from the trees but I'm not sure about even the basic decision as to whether we completely cash out (taking a CGT hit of €100K) and live off the proceeds (est. €600K net)for a time, or partially cash out and keep 1 or 2 properties in order to supplement our income and have something to pass on to our child...
Your thoughts would be most welcome, but please be gentle !
Thanks