Personal details
Age: 49
Spouse’s/Partner's age: 45
Number and age of children: 2 children,aged 11 and 9
Income and expenditure
Annual gross income from employment or profession:81000
Annual gross income of spouse:32000
Monthly take-home pay=€3460
Type of employment: Primary school teacher
Summary of Assets and Liabilities
Family home worth €400k with a €200k mortgage
Teachers pension
Company shares : n/a
Savings of 25k in prize bonds.
Credit union,€3000. Saving €165 a week into this.
PTSB savings a/c of €6885 paying 2.5%. Transfering 1k a month(max allowed)from Credit union into this account
Family home mortgage information
Lender=PTSB
Interest rate=2.8%
Type of interest rate: Fixed
If fixed, what is the term remaining of the fixed rate=Expires September 2027
Remaining term: September 2044
Monthly repayment: €1047
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
Other savings and investments:
Do you have a pension scheme? Yes. Public sector,teachers pension scheme
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: Irish life
Salary protection with Cornmarket
What specific question do you have or what issues are of concern to you?
2 questions-
AVC question..I'm 50 later this year,thinking of retiring at 60 but I'll be just under 3 years short of service then(I'll have about 37.3 years done by 60). Roughly how much AVC's per month would I need to start putting away to bridge that gap?
Also,if I decided to keep teaching until 63,therefore get full teaching pension, and was paying into AVC's,would I still be able to access the AVC fund? Is there a limit of what I can access?
I've read a bit about notional service but not sure if this suits me as if I sign up for that,I think I'll have to go at 60...don't know of it offers flexibility which I may need if kids are in college etc.
Secondly, what's the best thing to do with my savings? I know prize bonds are not great but I like the fact that I can access them fairly quickly if I need them. I know nothing about investing.
Age: 49
Spouse’s/Partner's age: 45
Number and age of children: 2 children,aged 11 and 9
Income and expenditure
Annual gross income from employment or profession:81000
Annual gross income of spouse:32000
Monthly take-home pay=€3460
Type of employment: Primary school teacher
Summary of Assets and Liabilities
Family home worth €400k with a €200k mortgage
Teachers pension
Company shares : n/a
Savings of 25k in prize bonds.
Credit union,€3000. Saving €165 a week into this.
PTSB savings a/c of €6885 paying 2.5%. Transfering 1k a month(max allowed)from Credit union into this account
Family home mortgage information
Lender=PTSB
Interest rate=2.8%
Type of interest rate: Fixed
If fixed, what is the term remaining of the fixed rate=Expires September 2027
Remaining term: September 2044
Monthly repayment: €1047
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
Other savings and investments:
Do you have a pension scheme? Yes. Public sector,teachers pension scheme
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: Irish life
Salary protection with Cornmarket
What specific question do you have or what issues are of concern to you?
2 questions-
AVC question..I'm 50 later this year,thinking of retiring at 60 but I'll be just under 3 years short of service then(I'll have about 37.3 years done by 60). Roughly how much AVC's per month would I need to start putting away to bridge that gap?
Also,if I decided to keep teaching until 63,therefore get full teaching pension, and was paying into AVC's,would I still be able to access the AVC fund? Is there a limit of what I can access?
I've read a bit about notional service but not sure if this suits me as if I sign up for that,I think I'll have to go at 60...don't know of it offers flexibility which I may need if kids are in college etc.
Secondly, what's the best thing to do with my savings? I know prize bonds are not great but I like the fact that I can access them fairly quickly if I need them. I know nothing about investing.
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