Age:
42
Spouse’s/Partner's age:
39
Annual gross income from employment or profession:
E150,000
Annual gross income spouse:
E180,000
Type of employment:
Both private sector employees
Expenditure pattern:
We are both generally 'savers' but do indulge on extravagant holidays generally 4 a year and cars
Rough estimate of value of home
E600,000
Mortgage on home
E238,000 - we've been over paying our mortgage for 22months now by €2,000 per month. Mortgage term remaining 16 years.
current monthly payment excluding overpayment 1596. Total incl overpayment €3,596
Mortgage provider:
AIB
Type of mortgage: Tracker, interest only, fixed rate
Variable
Interest rate
2.95%
Other borrowings – car loans/personal loans etc
None car loans on both cars cleared
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
E165,000 savings.
€37,000 in investments monthly investment of 1,000 in equities worldwide under advisement of professional . Started approx 28 months ago
additional €170,000 receivable inheritance in next 2 weeks
Do you have a pension scheme?
Yes, I pay 15% and employer pays 10% current value 275k
spouse pays 5% and matched by employer current value € 120k
Do you own any investment or other property?
yes
value €265 - 275k
mortgage remaining €155k
rent 1,500 per month
mortgage 947
other expenses 1,750
very good long term tenant always pays on time takes care of property and Generally never hear from them from one end of the year to the next.
Ages of children:
None. And none planned
Life insurance:
Yes.
both as part of pension scheme employer pays 4 times salary
plus mortgage life insurance on home and investment property
What specific question do you have or what issues are of concern to you?
overall our finances are comfortable think we are well covered in terms of insurance
but I am looking to retire at 55 and my spouse will follow at age 55 or when I retire
at the moment particularly when inheritance received we will have a lot of cash basically doing nothing
we currently overpay mortgage by 2,000 thinking of increasing that to €4400 pm which would clear mortgage in approx 3/3.5 years
looking also to increase equity investment monthly from €1,000 to €2,500
just not sure if we are being smart with allocation of excess cash ahead of planned retirement
should we increase mortgage overpayment as above
funnel more into pension fund
increase equity investments monthly
buy a holiday home in country we visit every year and plan to retire there budget 350k to 400k
sell investment property and clear home mortgage with excess funds plus cash
or any other suggestions welcome
thank you in advance for taking the time to read and appreciate any suggestions
42
Spouse’s/Partner's age:
39
Annual gross income from employment or profession:
E150,000
Annual gross income spouse:
E180,000
Type of employment:
Both private sector employees
Expenditure pattern:
We are both generally 'savers' but do indulge on extravagant holidays generally 4 a year and cars
Rough estimate of value of home
E600,000
Mortgage on home
E238,000 - we've been over paying our mortgage for 22months now by €2,000 per month. Mortgage term remaining 16 years.
current monthly payment excluding overpayment 1596. Total incl overpayment €3,596
Mortgage provider:
AIB
Type of mortgage: Tracker, interest only, fixed rate
Variable
Interest rate
2.95%
Other borrowings – car loans/personal loans etc
None car loans on both cars cleared
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
E165,000 savings.
€37,000 in investments monthly investment of 1,000 in equities worldwide under advisement of professional . Started approx 28 months ago
additional €170,000 receivable inheritance in next 2 weeks
Do you have a pension scheme?
Yes, I pay 15% and employer pays 10% current value 275k
spouse pays 5% and matched by employer current value € 120k
Do you own any investment or other property?
yes
value €265 - 275k
mortgage remaining €155k
rent 1,500 per month
mortgage 947
other expenses 1,750
very good long term tenant always pays on time takes care of property and Generally never hear from them from one end of the year to the next.
Ages of children:
None. And none planned
Life insurance:
Yes.
both as part of pension scheme employer pays 4 times salary
plus mortgage life insurance on home and investment property
What specific question do you have or what issues are of concern to you?
overall our finances are comfortable think we are well covered in terms of insurance
but I am looking to retire at 55 and my spouse will follow at age 55 or when I retire
at the moment particularly when inheritance received we will have a lot of cash basically doing nothing
we currently overpay mortgage by 2,000 thinking of increasing that to €4400 pm which would clear mortgage in approx 3/3.5 years
looking also to increase equity investment monthly from €1,000 to €2,500
just not sure if we are being smart with allocation of excess cash ahead of planned retirement
should we increase mortgage overpayment as above
funnel more into pension fund
increase equity investments monthly
buy a holiday home in country we visit every year and plan to retire there budget 350k to 400k
sell investment property and clear home mortgage with excess funds plus cash
or any other suggestions welcome
thank you in advance for taking the time to read and appreciate any suggestions