Personal details
Age: 35
Spouse’s/Partner's age: 32
Number and age of children:
One child, 8 months old
Income and expenditure
Annual gross income from employment or profession:
Previously 56k basic, ~16k shares and bonuses
Now 85k basic, ~20k shares and bonuses
Annual gross income of spouse: 28k
Monthly take-home pay: ~6k on average going forward (my 4k after pension contributions plus partners 2k)
some of this is made up of company shares vesting at regular intervals that I sell as they become available and stock purchase plan that I contribute 10% of net pay to
and twice a year the company sells me shares at a discount (again, sell immediately)
Type of employment: both private
In general are you:
saving
Summary of Assets and Liabilities
Defined Contribution pension fund: €120k
Cash of €115k
Company shares : €45k (25k RSUs of which 8.5k to vest this year, 20k APSS scheme 6.5k to vest this year)
Family home mortgage information
No mortgage currently as we sold our home last year and relocated. The plan is to buy a place for ~€350k this year which will do us for many years to come.
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Pay off in full
Buy to let properties
None
Other savings and investments:
None
Do you have a pension scheme?
~120k in DC scheme. Work put in 8% so long as I put in 4%. I put in 16% AVCs to take me up to the max.
Partner has a small PRSA with a couple of grand in it that she's not contributing to currently as she's only back to work after having a baby but will probably start again. No company help from her side.
Other information which might be relevant
Life insurance:
3 x final salary lump sum
Spouse's Pension 20% of final salary
Child's Pension 6.67% of final salary per child up to three children
Additional Next years bonus (10k) + 4 weeks salary
Also have income protection 66% of salary less state disability.
What specific question do you have or what issues are of concern to you?
TBH, I thought we were doing well but when I see it all typed out I don't know either way! My partner lost her job at the start of covid and just started back again so
between that, selling the house, relocating and having the baby it's been quite a spendy year or two. We have historically been good at keeping expenses down but maybe could stand to refocus on this a bit as life gets back to normal.
Having just had a baby recently and gotten a significant uplift in my work package I want to do a bit of an assessment and see what should be the focus/targets for the next few years. I'm maxing pension contributions and am happy to keep doing so unless there's a reason not to.
My partner and I aren't yet married and I'm conscious of the fact that if we were I would be able to avail of some of her tax credits although I doubt the amount of money involved there is substantial.
I guess we will look at having a second child some time in the next two years and would likely have three in the long term.
We will be buying a house around the middle of the year. We have an arrangement in place to buy a suitable family home for 350k. In an ideal world we would try to get a mortgage of less than 60% to get the best rate but it might be a stretch. Is the biggest priority to get the mortgage down somewhere south of 60% (or lower) in the short term?
Obviously the kids' college will cost money down the line but it always feels to me like it makes more sense to smash the mortgage than have cash idling aside for that?
I would also be interested in opinions on whether it's worthwhile my partner investing some of her much smaller salary into her PRSA at the moment?
Ideally I would love to have the option to retire in my 50s if it was plausible.
Age: 35
Spouse’s/Partner's age: 32
Number and age of children:
One child, 8 months old
Income and expenditure
Annual gross income from employment or profession:
Previously 56k basic, ~16k shares and bonuses
Now 85k basic, ~20k shares and bonuses
Annual gross income of spouse: 28k
Monthly take-home pay: ~6k on average going forward (my 4k after pension contributions plus partners 2k)
some of this is made up of company shares vesting at regular intervals that I sell as they become available and stock purchase plan that I contribute 10% of net pay to
and twice a year the company sells me shares at a discount (again, sell immediately)
Type of employment: both private
In general are you:
saving
Summary of Assets and Liabilities
Defined Contribution pension fund: €120k
Cash of €115k
Company shares : €45k (25k RSUs of which 8.5k to vest this year, 20k APSS scheme 6.5k to vest this year)
Family home mortgage information
No mortgage currently as we sold our home last year and relocated. The plan is to buy a place for ~€350k this year which will do us for many years to come.
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Pay off in full
Buy to let properties
None
Other savings and investments:
None
Do you have a pension scheme?
~120k in DC scheme. Work put in 8% so long as I put in 4%. I put in 16% AVCs to take me up to the max.
Partner has a small PRSA with a couple of grand in it that she's not contributing to currently as she's only back to work after having a baby but will probably start again. No company help from her side.
Other information which might be relevant
Life insurance:
3 x final salary lump sum
Spouse's Pension 20% of final salary
Child's Pension 6.67% of final salary per child up to three children
Additional Next years bonus (10k) + 4 weeks salary
Also have income protection 66% of salary less state disability.
What specific question do you have or what issues are of concern to you?
TBH, I thought we were doing well but when I see it all typed out I don't know either way! My partner lost her job at the start of covid and just started back again so
between that, selling the house, relocating and having the baby it's been quite a spendy year or two. We have historically been good at keeping expenses down but maybe could stand to refocus on this a bit as life gets back to normal.
Having just had a baby recently and gotten a significant uplift in my work package I want to do a bit of an assessment and see what should be the focus/targets for the next few years. I'm maxing pension contributions and am happy to keep doing so unless there's a reason not to.
My partner and I aren't yet married and I'm conscious of the fact that if we were I would be able to avail of some of her tax credits although I doubt the amount of money involved there is substantial.
I guess we will look at having a second child some time in the next two years and would likely have three in the long term.
We will be buying a house around the middle of the year. We have an arrangement in place to buy a suitable family home for 350k. In an ideal world we would try to get a mortgage of less than 60% to get the best rate but it might be a stretch. Is the biggest priority to get the mortgage down somewhere south of 60% (or lower) in the short term?
Obviously the kids' college will cost money down the line but it always feels to me like it makes more sense to smash the mortgage than have cash idling aside for that?
I would also be interested in opinions on whether it's worthwhile my partner investing some of her much smaller salary into her PRSA at the moment?
Ideally I would love to have the option to retire in my 50s if it was plausible.