Age: 45
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: 72K + 19k widowers pension
Annual gross income of spouse: n/a
Monthly take-home pay €4,900
Type of employment: public servant
In general are you:
(a) spending more than you earn, or
(b) saving? Saving; approximately €750p/m
Rough estimate of value of home - €375k
Amount outstanding on your mortgage: n/a
What interest rate are you paying? n/a
Other borrowings – car loan approximately 9k
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments: approximately 195,000 in stocks/shares; 20K cash
Do you have a pension scheme? Yes; public sector defined benefit scheme
Do you own any investment or other property? Yes. Approximate value 200,000, mortgage of 75,000 (variable rate of 3.2%)
Ages of children: 13, 11 and 6
Life insurance: Yes, 400k with 125K serious illness in private scheme. Also serious illness and death in service benefit with work.
What specific question do you have or what issues are of concern to you?
I am currently trying to figure out how best to manage my finances to enable me to retire at 60. After a few tough years, on a family level not financially, I am turning my attention to the future for my kids and I. I am in stable employment in the public sector and am mortgage free on my PPR. I have some assets in the form of stocks and shares which I plan to utilise to pay for the college years. I continue to contribute to this to the value of €500 per month. However, I have realised that life is short and I don't want to spend it working into my 60's, I would prefer to cut my losses and live according to my means. I will qualify for almost a full pension (3 years short) at age 60. I would appreciate any advice as to how best to manage my assets, etc. to achieve the goal of being able to retire aged 60 given that the children will then be adults even if they are still somewhat reliant on me financially to a greater or lesser extent. Thanks in advance. TJ
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: 72K + 19k widowers pension
Annual gross income of spouse: n/a
Monthly take-home pay €4,900
Type of employment: public servant
In general are you:
(a) spending more than you earn, or
(b) saving? Saving; approximately €750p/m
Rough estimate of value of home - €375k
Amount outstanding on your mortgage: n/a
What interest rate are you paying? n/a
Other borrowings – car loan approximately 9k
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments: approximately 195,000 in stocks/shares; 20K cash
Do you have a pension scheme? Yes; public sector defined benefit scheme
Do you own any investment or other property? Yes. Approximate value 200,000, mortgage of 75,000 (variable rate of 3.2%)
Ages of children: 13, 11 and 6
Life insurance: Yes, 400k with 125K serious illness in private scheme. Also serious illness and death in service benefit with work.
What specific question do you have or what issues are of concern to you?
I am currently trying to figure out how best to manage my finances to enable me to retire at 60. After a few tough years, on a family level not financially, I am turning my attention to the future for my kids and I. I am in stable employment in the public sector and am mortgage free on my PPR. I have some assets in the form of stocks and shares which I plan to utilise to pay for the college years. I continue to contribute to this to the value of €500 per month. However, I have realised that life is short and I don't want to spend it working into my 60's, I would prefer to cut my losses and live according to my means. I will qualify for almost a full pension (3 years short) at age 60. I would appreciate any advice as to how best to manage my assets, etc. to achieve the goal of being able to retire aged 60 given that the children will then be adults even if they are still somewhat reliant on me financially to a greater or lesser extent. Thanks in advance. TJ