Personal details
Age: 47
Spouse’s/Partner's age: 47
Number and age of children: 2 (10 and 12 year olds)
Income and expenditure
Annual gross income from employment or profession: 108k + bonus up to 15k based on company performance
Annual gross income of spouse: 15k from part-time work and 19k from rental property
Monthly take-home pay: €4000 + €1000 (+rental income)
Type of employment: IT, Accounting
In general are you: Saving.
Summary of Assets and Liabilities
Family home worth €350k with a €40k mortgage left.
Cash of €60k + €20k
My employer offered pension fund: Approx €450k
Company shares : None
Buy to Let Property worth €300k with no mortgage left.
Family home mortgage information
Lender: NIB - Pepper.
Interest rate: ECB + 0.69%
Tracker / Variable
Other borrowings – car loans/personal loans etc
No other borrowings.
Do you pay off your full credit card balance each month? Yes.
Buy to let properties
Value: €300k
Rental income per year: €19000
Mortgage paid-off in full recently.
Other savings and investments:
Do you have a pension scheme? Yes
Do you own any investment or other property? Nothing in Ireland (some outside EU)
Other information which might be relevant
Life insurance: Just the company group policy (4 x my salary).
What specific question do you have or what issues are of concern to you?
I moved here from outside EU a long time ago. I have some savings and properties outside EU as well (appox €50k).
The questions / concerns I have is mainly due to the lack of the financial know-how and inability to compare and contrast (because people don't really talk about finances openly). We would like to know how we are doing in general - or if we should do something differently?
* Pension:
Wife doesn't have any active pensions. Mine going for appox 20 years, currently 5% + 5% company contribution + 20% AVC.
The funds invested in 30% on Risk rating 5, and 70% on Risk rating 4. Is this okay, or should I decrease the risk given the state of the economy and my age?
Also, assuming I manage to hold onto IT jobs at similar income until the age of 55 or even 60 - am I contributing too little or too much, given kids would not have finished college in 10 years.
* Mortgage
With the interest rates going up, we have been trying our best to pay off mortgages. This of course empties savings, which is slightly worrying in case of emergencies - job loss, elderly parents on the other side of the planet etc. Are there any barriers to bringing own funds from abroad to Ireland, and are there any benefits in bringing it in specifically to pay off a mortgage / or to pay towards the cost of buying a house (if we were to move).
Thank you so much for reading thru such a long post - I really appreciate the knowledge and expertise shared here in AAM!
Age: 47
Spouse’s/Partner's age: 47
Number and age of children: 2 (10 and 12 year olds)
Income and expenditure
Annual gross income from employment or profession: 108k + bonus up to 15k based on company performance
Annual gross income of spouse: 15k from part-time work and 19k from rental property
Monthly take-home pay: €4000 + €1000 (+rental income)
Type of employment: IT, Accounting
In general are you: Saving.
Summary of Assets and Liabilities
Family home worth €350k with a €40k mortgage left.
Cash of €60k + €20k
My employer offered pension fund: Approx €450k
Company shares : None
Buy to Let Property worth €300k with no mortgage left.
Family home mortgage information
Lender: NIB - Pepper.
Interest rate: ECB + 0.69%
Tracker / Variable
Other borrowings – car loans/personal loans etc
No other borrowings.
Do you pay off your full credit card balance each month? Yes.
Buy to let properties
Value: €300k
Rental income per year: €19000
Mortgage paid-off in full recently.
Other savings and investments:
Do you have a pension scheme? Yes
Do you own any investment or other property? Nothing in Ireland (some outside EU)
Other information which might be relevant
Life insurance: Just the company group policy (4 x my salary).
What specific question do you have or what issues are of concern to you?
I moved here from outside EU a long time ago. I have some savings and properties outside EU as well (appox €50k).
The questions / concerns I have is mainly due to the lack of the financial know-how and inability to compare and contrast (because people don't really talk about finances openly). We would like to know how we are doing in general - or if we should do something differently?
* Pension:
Wife doesn't have any active pensions. Mine going for appox 20 years, currently 5% + 5% company contribution + 20% AVC.
The funds invested in 30% on Risk rating 5, and 70% on Risk rating 4. Is this okay, or should I decrease the risk given the state of the economy and my age?
Also, assuming I manage to hold onto IT jobs at similar income until the age of 55 or even 60 - am I contributing too little or too much, given kids would not have finished college in 10 years.
* Mortgage
With the interest rates going up, we have been trying our best to pay off mortgages. This of course empties savings, which is slightly worrying in case of emergencies - job loss, elderly parents on the other side of the planet etc. Are there any barriers to bringing own funds from abroad to Ireland, and are there any benefits in bringing it in specifically to pay off a mortgage / or to pay towards the cost of buying a house (if we were to move).
Thank you so much for reading thru such a long post - I really appreciate the knowledge and expertise shared here in AAM!