raisinette
Registered User
- Messages
- 17
Hi all,
posted couple years back and very appreciative of help so this an update and re-assessment.
Age: 52
Spouse’s/Partner's age: 54
Annual gross income from employment or profession: €100,000 public sector
Annual gross income of spouse: €0 (disabled/never worked)
Monthly take-home pay : approx €5000
Spouse - €0
Type of employment: 1 x Public Sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home: €300,000
Amount outstanding on your mortgage: €0
Other borrowings – car loans/personal loans etc: €0
Do you pay off your full credit card balance each month? Yes
Savings and investments:
Cash: €100,000
Stocks & Shares : €3k
Do you have a pension scheme?
Yes. Defined benefit (pre-95) public sector w/ 30 yrs service currently. Will have 38y at age 60. No AVC/PNS at moment. OH has no pension.
Do you own any investment or other property? Yes, holiday home (SE Irl) value €250k, no mortgage.
Ages of children: 26,22,21
Life insurance: Some cover under income continuance cover. Work has death-in-service so lump sum (and half pension) at age 60 given if I die.
What specific question do you have or what issues are of concern to you?
1. Would welcome retiring at 58/59 rather than 60 (actuarily reduced). Can fund AVC/PNS to achieve but ultimately pension income will be >€44k so hit marginal tax rate (+USC) thereby negating tax relief benefit of this. Unsure of retirement needs but estimate €40k net income should be sufficient? Looking at other ways to boost pension/retirement income. Have health issues that could raise its head and seriously impact quality of retirement, if not before (OH health also increasingly limiting).
2. €100k cash doing nothing (in bank). Prefer not to rent holiday home (been there). Looked at ETFs for the cash and okay with risk tho little concerned about security of discount brokers. What to do with savings as likely have another €100k before retirement (also lump sum of €140k) now kids are (mostly) finished college. One option perhaps loan to kid(s) for house deposit (in time).
posted couple years back and very appreciative of help so this an update and re-assessment.
Age: 52
Spouse’s/Partner's age: 54
Annual gross income from employment or profession: €100,000 public sector
Annual gross income of spouse: €0 (disabled/never worked)
Monthly take-home pay : approx €5000
Spouse - €0
Type of employment: 1 x Public Sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home: €300,000
Amount outstanding on your mortgage: €0
Other borrowings – car loans/personal loans etc: €0
Do you pay off your full credit card balance each month? Yes
Savings and investments:
Cash: €100,000
Stocks & Shares : €3k
Do you have a pension scheme?
Yes. Defined benefit (pre-95) public sector w/ 30 yrs service currently. Will have 38y at age 60. No AVC/PNS at moment. OH has no pension.
Do you own any investment or other property? Yes, holiday home (SE Irl) value €250k, no mortgage.
Ages of children: 26,22,21
Life insurance: Some cover under income continuance cover. Work has death-in-service so lump sum (and half pension) at age 60 given if I die.
What specific question do you have or what issues are of concern to you?
1. Would welcome retiring at 58/59 rather than 60 (actuarily reduced). Can fund AVC/PNS to achieve but ultimately pension income will be >€44k so hit marginal tax rate (+USC) thereby negating tax relief benefit of this. Unsure of retirement needs but estimate €40k net income should be sufficient? Looking at other ways to boost pension/retirement income. Have health issues that could raise its head and seriously impact quality of retirement, if not before (OH health also increasingly limiting).
2. €100k cash doing nothing (in bank). Prefer not to rent holiday home (been there). Looked at ETFs for the cash and okay with risk tho little concerned about security of discount brokers. What to do with savings as likely have another €100k before retirement (also lump sum of €140k) now kids are (mostly) finished college. One option perhaps loan to kid(s) for house deposit (in time).