Age: 51
Spouse’s/Partner's age: 52
Annual gross income from employment or profession: 68K
Annual gross income of spouse: 70K
Monthly take-home pay : €6k approx
Type of employment: Me - Private Sector. Spouse Pre-95 Public sector
In general are you:
saving. Amount varies month to month. About 50K savings in equities.
Probably saving about €1.5k per month over the last year. Overpaid mortgage too.
Rough estimate of value of home : €350k
Amount outstanding on your mortgage: 0
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? None
Savings and investments:
30K in equities with Degiro for childs education
Do you have a pension scheme? Yes. €500K fund value
Spouse 32 Years in public sector. €110k in AVCs
Do you own any investment or other property? Yes
Apartment in Dublin. Value €200k. Outstanding mortgage 52K. 1.5 years into 10 year lease with council at €11k per year
Ages of children: 1 child aged 7
Childcare costs €400pm.
Life insurance: Yes. Pay about €150 pm.
Questions:
Ive always wanted to retire early. Sick of working since the age of 15. Just want to do my own things now. Ive taken long 3 month holidays and thoroughly enjoyed them over the years and only went back to work because I needed to earn money. Spouse feels the same way.
In March I was told I am being made redundant. I will get about €40K in redundancy next month.
This came as a bit of a surprise but I am kinda glad it happened now.
Also this month, the mortgage on our house ended.
So big life changes afoot.
I was thinking now might be the time to retire.
My pension fund has about 500k in it though the retirement age is 60, so im 9 years too early
Just looking for advice on if this can be done.
I figure between work expenses and insurance, car tax and insurance, mortgage that our monthly outgoings have dropped by €2000 euro in the last few months since the mortgage ended. My take home is about €2800 after AVCs. So if I stopped working we are €800 down on disposable income. Childcare costs would reduce too.
Also when the investment mortgage is done thats another €550 that we wont be paying out every month.
Then the apartment is only in my name, and we could sell it or keep renting it after the 10 year lease is up.
The uni costs should be covered by that portion of equities we have already put away for it when that time comes.
In another 5 years my wife wants to retire too. At that point she will be 57 and have 37 years done and get her pension.
We will have lump sums coming when she retires, and when I am 60. Might even be able to get that lump sum at 55.
If you were in my position and wanted to give up work badly, do you think its doable. Im kinda worried, because in my line of work, once you retire there is no going back, not that id want to anyway.
We wouldnt need to be contributing to AVCs or saving after we are both retired.
Just looking for pros and cons of making the jump to retiring at this time. Its going round and round in my head. Its a big step and one I really want to make. Just a bit fearful. And sure ive missed something obvious
Spouse’s/Partner's age: 52
Annual gross income from employment or profession: 68K
Annual gross income of spouse: 70K
Monthly take-home pay : €6k approx
Type of employment: Me - Private Sector. Spouse Pre-95 Public sector
In general are you:
saving. Amount varies month to month. About 50K savings in equities.
Probably saving about €1.5k per month over the last year. Overpaid mortgage too.
Rough estimate of value of home : €350k
Amount outstanding on your mortgage: 0
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? None
Savings and investments:
30K in equities with Degiro for childs education
Do you have a pension scheme? Yes. €500K fund value
Spouse 32 Years in public sector. €110k in AVCs
Do you own any investment or other property? Yes
Apartment in Dublin. Value €200k. Outstanding mortgage 52K. 1.5 years into 10 year lease with council at €11k per year
Ages of children: 1 child aged 7
Childcare costs €400pm.
Life insurance: Yes. Pay about €150 pm.
Questions:
Ive always wanted to retire early. Sick of working since the age of 15. Just want to do my own things now. Ive taken long 3 month holidays and thoroughly enjoyed them over the years and only went back to work because I needed to earn money. Spouse feels the same way.
In March I was told I am being made redundant. I will get about €40K in redundancy next month.
This came as a bit of a surprise but I am kinda glad it happened now.
Also this month, the mortgage on our house ended.
So big life changes afoot.
I was thinking now might be the time to retire.
My pension fund has about 500k in it though the retirement age is 60, so im 9 years too early
Just looking for advice on if this can be done.
I figure between work expenses and insurance, car tax and insurance, mortgage that our monthly outgoings have dropped by €2000 euro in the last few months since the mortgage ended. My take home is about €2800 after AVCs. So if I stopped working we are €800 down on disposable income. Childcare costs would reduce too.
Also when the investment mortgage is done thats another €550 that we wont be paying out every month.
Then the apartment is only in my name, and we could sell it or keep renting it after the 10 year lease is up.
The uni costs should be covered by that portion of equities we have already put away for it when that time comes.
In another 5 years my wife wants to retire too. At that point she will be 57 and have 37 years done and get her pension.
We will have lump sums coming when she retires, and when I am 60. Might even be able to get that lump sum at 55.
If you were in my position and wanted to give up work badly, do you think its doable. Im kinda worried, because in my line of work, once you retire there is no going back, not that id want to anyway.
We wouldnt need to be contributing to AVCs or saving after we are both retired.
Just looking for pros and cons of making the jump to retiring at this time. Its going round and round in my head. Its a big step and one I really want to make. Just a bit fearful. And sure ive missed something obvious
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