wrongnumber
New Member
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- 9
Personal details
Age: 36
Spouse’s/Partner's age: 34
Number and age of children: 1 (18 Months)
Income and expenditure
Annual gross income from employment or profession: €120k (c. €135k after discretionary bonus which would not be reliable in a recession)
Annual gross income of spouse: €80k (c. €90k with discretionary bonus which would not be reliable in a recession)
Monthly take-home pay: Combined, after pension, tax, BIK etc: €9,700 excl. bonuses.
Type of employment: Private industry - relatively stable employment - professionals
Saving €4k p/m currently, topped up with most of any bonuses received.
Creche: €600 p/m
Rent: €1,100 p/m
Other expenditure would be relatively normal - broadband, SKY, utilities, groceries, gym memberships, tennis club membership etc.
Summary of Assets and Liabilities
Cash of €160k, currently in very low interest instant access saving account with BOI
Defined Contribution pension fund: c. €180k combined
Pension contribution is set to match employer contributions (6.5%) and no more
Pension primarily invested in diversified equities with Irish Life
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
Car loan paid off
What specific question do you have or what issues are of concern to you?
We currently live in Galway, where we met. Neither of us are from here. Our rent is reasonable so we never bought here (regretting that now but that is a moot point).
We plan to relocate to Dublin before our daughter starts school (so within the next two years or so). Hoping we can both get jobs and settle there so plan is to buy in Dublin when we do move. We are moving for a mutlitude of reasons (career & family) and that decision has been made.
My questions/concerns:
1) I think we made a mistake not buying a house here but I expect we definitely should not now as we expect to move within 2 years. I assume I am correct here given the relatively low rent we pay (and we are happy with our rental)? My fear is that we may end up staying here longer than two years if we cannot get jobs secured but we need to work to some plan and we are determined to move.
2) I believe we have a relatively high income but I feel like we are running to stand still with respect to house deposit saving as increasing prices and interest rates are eroding our buying power. Should we be saving more & should we be doing something different to keeping it in low interest saving accounts? I would like relatively instant access to it in case a job opportunity in Dublin arises earlier than expected and we need a deposit.
3) Is our pension pot ok for our age? It seems very small considering we have both been contributing since age 26. Should we be putting more into the pension pot and/or doing something differently here?
Appreciate any advice. Overall, we work hard and earn good money but I do not think we have been the smartest financially. We really have not built up any real wealth and I am thinking we may be doing something wrong.
Age: 36
Spouse’s/Partner's age: 34
Number and age of children: 1 (18 Months)
Income and expenditure
Annual gross income from employment or profession: €120k (c. €135k after discretionary bonus which would not be reliable in a recession)
Annual gross income of spouse: €80k (c. €90k with discretionary bonus which would not be reliable in a recession)
Monthly take-home pay: Combined, after pension, tax, BIK etc: €9,700 excl. bonuses.
Type of employment: Private industry - relatively stable employment - professionals
Saving €4k p/m currently, topped up with most of any bonuses received.
Creche: €600 p/m
Rent: €1,100 p/m
Other expenditure would be relatively normal - broadband, SKY, utilities, groceries, gym memberships, tennis club membership etc.
Summary of Assets and Liabilities
Cash of €160k, currently in very low interest instant access saving account with BOI
Defined Contribution pension fund: c. €180k combined
Pension contribution is set to match employer contributions (6.5%) and no more
Pension primarily invested in diversified equities with Irish Life
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
Car loan paid off
What specific question do you have or what issues are of concern to you?
We currently live in Galway, where we met. Neither of us are from here. Our rent is reasonable so we never bought here (regretting that now but that is a moot point).
We plan to relocate to Dublin before our daughter starts school (so within the next two years or so). Hoping we can both get jobs and settle there so plan is to buy in Dublin when we do move. We are moving for a mutlitude of reasons (career & family) and that decision has been made.
My questions/concerns:
1) I think we made a mistake not buying a house here but I expect we definitely should not now as we expect to move within 2 years. I assume I am correct here given the relatively low rent we pay (and we are happy with our rental)? My fear is that we may end up staying here longer than two years if we cannot get jobs secured but we need to work to some plan and we are determined to move.
2) I believe we have a relatively high income but I feel like we are running to stand still with respect to house deposit saving as increasing prices and interest rates are eroding our buying power. Should we be saving more & should we be doing something different to keeping it in low interest saving accounts? I would like relatively instant access to it in case a job opportunity in Dublin arises earlier than expected and we need a deposit.
3) Is our pension pot ok for our age? It seems very small considering we have both been contributing since age 26. Should we be putting more into the pension pot and/or doing something differently here?
Appreciate any advice. Overall, we work hard and earn good money but I do not think we have been the smartest financially. We really have not built up any real wealth and I am thinking we may be doing something wrong.