Personal details
Age: just turned 68
Spouse’s/Partner's age: 49
Number and age of children:
2 in their 30s
1- 10 yrs
1- 8 yrs
Income and expenditure
Annual gross income: 64k salary Public Sector + approx 18k net average private practice
Various pensions (UK and Irish): 2800e per month
Annual gross income of spouse: none
Total monthly income: 3874e net
Summary of Assets and Liabilities
Family home worth approx: 290k
Mortgage: nil
Cash: €60k current accounts
PS Pension fund: Approx 52k lump and 10k per annum pension on retirement
Other borrowings – car loans/personal loans etc
None
Credit card is always cleared monthly
Buy to let properties
None
Other savings and investments:
PRSA AVC approx 57k (annual lump sums)
Whole of life with profits policy taken out in 2009 worth approx 60k
State Savings 10 year solidarity bond 30k matures in 2030
Prize Bonds 33k
Other information which might be relevant
I have private healthcare and I intend to continue working full time until 70 and keep the private practice after retiring from Public sector if possible.
What specific question do you have or what issues are of concern to you?
My intention is to keep the Whole of Life policy for my wife to inherit tax free
My wife has no personal pension and is due to receive approx 60k this year from deceased family house sale. She intends to put this into State Savings towards the kids education funds. Is this the best option?
Is there a better alternatives to an ARF with the PRSA AVC?
What would be the best investment options to maximise current cash and pension income with education funds required in mind?
I want to make sure that my financial planning is appropriate for the family needs in the future. Are there other issues that stand out that I have missed?
All responses much appreciated. Thanks.
Age: just turned 68
Spouse’s/Partner's age: 49
Number and age of children:
2 in their 30s
1- 10 yrs
1- 8 yrs
Income and expenditure
Annual gross income: 64k salary Public Sector + approx 18k net average private practice
Various pensions (UK and Irish): 2800e per month
Annual gross income of spouse: none
Total monthly income: 3874e net
Summary of Assets and Liabilities
Family home worth approx: 290k
Mortgage: nil
Cash: €60k current accounts
PS Pension fund: Approx 52k lump and 10k per annum pension on retirement
Other borrowings – car loans/personal loans etc
None
Credit card is always cleared monthly
Buy to let properties
None
Other savings and investments:
PRSA AVC approx 57k (annual lump sums)
Whole of life with profits policy taken out in 2009 worth approx 60k
State Savings 10 year solidarity bond 30k matures in 2030
Prize Bonds 33k
Other information which might be relevant
I have private healthcare and I intend to continue working full time until 70 and keep the private practice after retiring from Public sector if possible.
What specific question do you have or what issues are of concern to you?
My intention is to keep the Whole of Life policy for my wife to inherit tax free
My wife has no personal pension and is due to receive approx 60k this year from deceased family house sale. She intends to put this into State Savings towards the kids education funds. Is this the best option?
Is there a better alternatives to an ARF with the PRSA AVC?
What would be the best investment options to maximise current cash and pension income with education funds required in mind?
I want to make sure that my financial planning is appropriate for the family needs in the future. Are there other issues that stand out that I have missed?
All responses much appreciated. Thanks.