# Personal advice needed



## Orga (29 Dec 2006)

Hi all,

The Xmas is over and the New Year beckoning so I sat down to do some financial sums. I'd appreciate your views on what to do next.

First - I totted up all my monthly outgoings for which I don't already have a direct debit/standing order and I've decided to put aside a monthly amount to cover these - approx 250 euro, phone, electricity, car tax, car insurance, home insurance, mortgage protection insurance etc

Second - I deducted all the outgoings from the incomings and have approx 1000 euro monthly to save

I own a house on which I have a mortgage of approx 240,000 currently, required monthly repayments of approx 1200 and I'm paying in 1800 monthly so expect to pay back quite quickly.

I have been quoted 3000 gross/annum to ensure retiring on full pension at age 60 and this is a defined benefit scheme.

Am also currently paying full amount into SSIA. No other loans, other than mortgage.

So, should I be paying back the extra on the mortgage? Should I take up the pension offer? Would an AVC be better? We have an income protection scheme that pays 75% of pre disability income until retirement in the event of some disability/illness - cost is approx 1% of gross salary annually - should I take this up - no dependents.

Finally, where does a normal, decent lad who is financially secure meet a normal, decent woman? - answers on cupid's arrow please ;-)


----------



## niceoneted (29 Dec 2006)

This is cupids arrow saying hello! I've been looking for the answer to that question for ages myself with no luck! Except my question is where does a normal decent woman who is financially secure meet a normal, funny, decent guy?


----------



## JohnnyBoy (29 Dec 2006)

Hmmm,AAM could turn into a Lonely Hearts Club judging by last 2 posts


----------



## markowitzman (29 Dec 2006)

down here in the west if the woman has a few acres to her name this usually helps getting a lad to help her out of her situation!!


----------



## Marcecie (29 Dec 2006)

It might be worth trying the Knock marriage service they have had a lot of weddings. (sorry don't have a link for it)


----------



## Orga (29 Dec 2006)

Many thanks to one and all for the advice and for the hint on the Knock Marriage Bureau - i'm currently composing my letter of intent, to be followed by a statement of purity, a copy of my papal seal of marriagability, and the nihil obstat for the divine goodness of my soul - should I send an SAE?

On the more immediate(but less important, in the longer term) issue, any financial advice would be appreciated.

Hi to you too Miss Cupid -> have an arrow on me->


----------



## Perplexed (29 Dec 2006)

Orga,
If you have no pension it's a good time to start. Pensions are very efficient tax-wise ( Amt of Tax relief on contributions will depend on your age )
A Defined Benefit Scheme is generally the best kind of pension as you know exactly what you'll be due.
PHI (Permanent health Insurance ) may also qualify for tax relief ( I think )
These policies are designed to replace income in case of long term illness, so irrespective of having no dependants it can be useful as when ill you would definitely need an income. This would also depend on whether you get paid from your employment when ill.
Your SSIA should be maturing within next few months. You could probably decide to save more into this a/c (from the €1,000 you have spare )
There are some good high interest regular savings a/c's out there at the moment. 

You can't have an AVC ( Additional voulutary Contribution ) unless you have an existing pension & it's not paying in the full amount for tax relief.

Lastly Congratulations, For this time of year your finances are extremely healthy !


----------



## Guest109 (29 Dec 2006)

do no harm for Orga and Niceoneted to arrange a meeting you never know what might happen


----------



## MugsGame (30 Dec 2006)

They certainly sound better than [broken link removed] !



> Hmmm,AAM could turn into a Lonely Hearts Club



Can I strongly deny the rumour that AAM has been bought out by a dating agency for the well-off.


----------



## Orga (30 Dec 2006)

Dear Mugs - many thanks for your links - interesting to see that what inspires people far more than money is the idea of love/companionship - that old hierarchy of needs really does have a solid foundation - and I'm a total subscriber - why face a life of wealth if you face it in loneliness?!


----------



## Johnny1 (30 Dec 2006)

Orga said:


> Hi all,
> 
> (The Xmas is over) It's not over yet, not until jan 6


----------



## niceoneted (30 Dec 2006)

Ainya,

Perhaps you could be our Chaperon!!​


----------



## oysterman (30 Dec 2006)

Orga said:


> I have been quoted 3000 gross/annum to ensure retiring on full pension at age 60 and this is a defined benefit scheme.


If you do nothing else this year, snap up this offer.

Is this a gross figure? What age are you? What range does your salary fall into now and, more importantly, where is it likely to be by retirement?

Although, to be perfectly honest, these questions are largely idle speculation since €58 p.w. for a defined benefit scheme looks sweet in any circumstances nowadays.


----------



## Orga (31 Dec 2006)

Hi Oysterman,

Thanks for your advice - Yes it is a gross figure - age 34 - salary range around 80 to 100k hard to tell where by retirement but you could assume 4% growth annually over the next 25 years. My maths tells me that's around 250k but then there would be many variables in this calculation such as inflation, national wage trends, etc etc.

Niceoneted - am an honourable man, you wouldn't need a chaperone - on the first date anyway ;-)


----------



## oysterman (31 Dec 2006)

Wow! 3.3% p.a. contribution (based on salary of €90k p.a.) over 26 years for a full DB pension.

That's the grand total of €34 per week net of marginal rate tax relief.

I'd like to apply for your job.


----------



## niceoneted (31 Dec 2006)

orga,

Your sounding more promising and not sure if it's a good idea to know your financial situation which seems to be in excellent shape. I hope you are!!!!​


----------



## markowitzman (31 Dec 2006)

are you a good cook?


----------



## niceoneted (31 Dec 2006)

Excellant cook. I love it! Have a crowd coming for new years dinner and did 2 christams dinners!!


----------



## Orga (31 Dec 2006)

Oysterman, I should clarify that the 3000/annum is additional to current pension contributions and is to make up the shortfall between retiring at 65 and retiring early at 60.

Niceoneted - good home-cooked food sounds ideal, i'll do dessert, hope you like chocolate


----------



## niceoneted (31 Dec 2006)

Love a good chocolate dessert but in saying that am not a mad chocolate lover, am  more into the savories!! 
I'm also looking for good sound financial advice thus bring on here just in case people start to think it's the lonely hearts club!!


----------



## Guest109 (31 Dec 2006)

Ok  Ok Now Lets Get This Show On The Road Best Of Luck To You Both Xxxxxxxxxxxxxxxxxxx


----------



## messyleo (31 Dec 2006)

orga, if it doesn't work out with niceoneted, you know where to find me!


----------



## Orga (31 Dec 2006)

Hey ainya, I agree, shown on road - new year to look to new futures - any advice on making progress? I see there's a private message function but I don't have the user privileges to use it....never any harm in chatting any way!


----------

