Personal Details
Age: 45
Spouse: 41
Age of children: 6 & 9
Income and expenditure
Annual gross income from employment: €93K. Bonus 15%
DB Pension from previous employment: €17k
Monthly take home pay including DB: €3,100 (started buying shares) + €1,200 DB
Annual Gross income of spouse: €68k. Bonus 15%
Monthly Take home pay spouse: €3,300
Type of employment: Both Private
In general are you saving: Previously saving but nothing constant in the last year. Have lost the run of ourselves.
Childcare: €400 per month
Summary of Assets and liabilities
Family home worth €440k with €13k mortgage. Just recently renovated(100k).
Savings: €40k
Shares: €7k
Cars new and fairly new.
Other borrowing:
Nil
Credit card: Spouse. Paid off monthly
Other information which may be relevant: Life insurance policy 350k. Spouse €300k.
Pension Fund: €70k
Spouse Pension fund: €90k
Both funds: Employee 5%, Employer 10%
Fortunately, lucky enough to sell a rental property last year which cleared the mortgage/renovation despite being an accidental landlord. Got out for the same reason everyone else is. This website has helped me so much over the years to get back on track. That and a lot of luck!!
Looking to the next 15 years I would love to be retiring or very close to retiring at 61. Wife is happy to continue in employment past 60.
What specific question do you have or what issues are of concern to you?
Will it even possible to retire with kids potentially going to college? Would like a reasonable quality of life in retirement!
Should I look at doing AVC’s and if so what is a good amount based on my incomes?
Should we pay off the mortgage?
Any pointers/guidance on the above or anything else relevant greatly appreciated.
Thanks In advance
Age: 45
Spouse: 41
Age of children: 6 & 9
Income and expenditure
Annual gross income from employment: €93K. Bonus 15%
DB Pension from previous employment: €17k
Monthly take home pay including DB: €3,100 (started buying shares) + €1,200 DB
Annual Gross income of spouse: €68k. Bonus 15%
Monthly Take home pay spouse: €3,300
Type of employment: Both Private
In general are you saving: Previously saving but nothing constant in the last year. Have lost the run of ourselves.
Childcare: €400 per month
Summary of Assets and liabilities
Family home worth €440k with €13k mortgage. Just recently renovated(100k).
Savings: €40k
Shares: €7k
Cars new and fairly new.
Other borrowing:
Nil
Credit card: Spouse. Paid off monthly
Other information which may be relevant: Life insurance policy 350k. Spouse €300k.
Pension Fund: €70k
Spouse Pension fund: €90k
Both funds: Employee 5%, Employer 10%
Fortunately, lucky enough to sell a rental property last year which cleared the mortgage/renovation despite being an accidental landlord. Got out for the same reason everyone else is. This website has helped me so much over the years to get back on track. That and a lot of luck!!
Looking to the next 15 years I would love to be retiring or very close to retiring at 61. Wife is happy to continue in employment past 60.
What specific question do you have or what issues are of concern to you?
Will it even possible to retire with kids potentially going to college? Would like a reasonable quality of life in retirement!
Should I look at doing AVC’s and if so what is a good amount based on my incomes?
Should we pay off the mortgage?
Any pointers/guidance on the above or anything else relevant greatly appreciated.
Thanks In advance