Personal details
Age: 40
Spouse's age: 39
Number and age of children: 6, 5, 3, 2
Income and expenditure
Annual gross income: 118,000 + 10% Bonus
Annual gross income: 12,000
Monthly take-home pay: 4,800 (post avc)
Monthly take-home pay: 1,000
Type of employment: Employee (both)
Employer type: Private (me), public (spouse)
In general are you: Saving 800 per month.
Summary of Assets and Liabilities
Family home value: 520,000
Mortgage on family home: 212,000
Net equity: 308,000
Cash: 80,000
Company shares : n/a
Family home mortgage information
On a low fixed rate 2.5 yrs remain.
Other borrowings – car loans/personal loans etc
No other borrowings or credit card
Pension information
Value of pension fund me: <250,000.
Value of pension fund spouse: will be entitled to a public sector db pension.
Pension me: Employer 10%, Employee 20%, 30% total.
Pension spouse: db
Buy to let properties
None
Other savings and investments:
60k of the 90k mentioned above is in raisin at decent rates.
What specific question do you have or what issues are of concern to you?
• our current set up - me working full time, spouse part time is necessary for the next year or 2 after which spouse will be back full time earning a gross of about 55k. I feel like we are doing ok financially but we spend pretty much most of our income each month. I have looked at the spend and i dont see many ways to cut down. We save maybe 500pm.
• I max pension and will continue to do so. I will also be entitled to both uk and irish state pension (all going well!) And spouse will have decent db pension so i feel comfortable about our retirement years. My goal is to be 'able' to retire mid 50s if i wish to. Does this look feasible and how should we be working towards this?
• Assuming we will have school/college fees and the kids will likely be "dependents" for some time yet. We dont currentky have specific ring fenced fund for this. Should we? I always thought best to treat income as 1 pot and then spend, save, invest holistically from that.
• We have private health insurance through my employer, as well as income protection and life insurance. My spouse also has life assurance in place.
• We have some moderate expenditure coming up over next 3 years on our house - maybe 40k in total and we will need to set aside 45k to change car. So the funds in raisen are ear marked for that rather than pay off mortgage given low rate (2.1%). Is this the correct course of action?
Our big long term goal is to retire mid 50s together if possible.
Our big short term goal is to buy a btl. We are aware of the pros and cons of being a landlord so not looking for feedback on that specific point. I will receive repayment of family loan of 25k in next few months and so with that and some of our savings we are thinking of going this route although my preference at the moment would be to pay down mortgage on ppr. I see merit in buying a btl instead but it would need to be the right house in the right location at the riggt price which isnt easy to find. What are peoples views on this please?
In summary, i feel like we just need to continue to max pension, pay down mortgage with excess but given low rate this may not be optimum use of spare cash.
Thanks
Age: 40
Spouse's age: 39
Number and age of children: 6, 5, 3, 2
Income and expenditure
Annual gross income: 118,000 + 10% Bonus
Annual gross income: 12,000
Monthly take-home pay: 4,800 (post avc)
Monthly take-home pay: 1,000
Type of employment: Employee (both)
Employer type: Private (me), public (spouse)
In general are you: Saving 800 per month.
Summary of Assets and Liabilities
Family home value: 520,000
Mortgage on family home: 212,000
Net equity: 308,000
Cash: 80,000
Company shares : n/a
Family home mortgage information
On a low fixed rate 2.5 yrs remain.
Other borrowings – car loans/personal loans etc
No other borrowings or credit card
Pension information
Value of pension fund me: <250,000.
Value of pension fund spouse: will be entitled to a public sector db pension.
Pension me: Employer 10%, Employee 20%, 30% total.
Pension spouse: db
Buy to let properties
None
Other savings and investments:
60k of the 90k mentioned above is in raisin at decent rates.
What specific question do you have or what issues are of concern to you?
• our current set up - me working full time, spouse part time is necessary for the next year or 2 after which spouse will be back full time earning a gross of about 55k. I feel like we are doing ok financially but we spend pretty much most of our income each month. I have looked at the spend and i dont see many ways to cut down. We save maybe 500pm.
• I max pension and will continue to do so. I will also be entitled to both uk and irish state pension (all going well!) And spouse will have decent db pension so i feel comfortable about our retirement years. My goal is to be 'able' to retire mid 50s if i wish to. Does this look feasible and how should we be working towards this?
• Assuming we will have school/college fees and the kids will likely be "dependents" for some time yet. We dont currentky have specific ring fenced fund for this. Should we? I always thought best to treat income as 1 pot and then spend, save, invest holistically from that.
• We have private health insurance through my employer, as well as income protection and life insurance. My spouse also has life assurance in place.
• We have some moderate expenditure coming up over next 3 years on our house - maybe 40k in total and we will need to set aside 45k to change car. So the funds in raisen are ear marked for that rather than pay off mortgage given low rate (2.1%). Is this the correct course of action?
Our big long term goal is to retire mid 50s together if possible.
Our big short term goal is to buy a btl. We are aware of the pros and cons of being a landlord so not looking for feedback on that specific point. I will receive repayment of family loan of 25k in next few months and so with that and some of our savings we are thinking of going this route although my preference at the moment would be to pay down mortgage on ppr. I see merit in buying a btl instead but it would need to be the right house in the right location at the riggt price which isnt easy to find. What are peoples views on this please?
In summary, i feel like we just need to continue to max pension, pay down mortgage with excess but given low rate this may not be optimum use of spare cash.
Thanks
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