I would deeply appreciate if anyone can give us some advice on what to do in our situation :
Personal details
Age: 71
Spouse's age: 63
Number and age of children: 0
Income and expenditure
Annual gross income from pension(s): see further down
Annual gross income of spouse/partner: n/a
Monthly take-home pay:
Type of employment:
Retired
Spouse not working due to mental health & physical disabilities
In general are you:
(a) spending more than you earn, or
(b) saving? Saving about €150-€200pm
Summary of Assets and Liabilities
Family home value: 430k
Mortgage on family home: 0
Net equity: ?
Cash: 2k
Defined Contribution pension fund: n/a
Company shares : 0
Buy to Let Property value: 0
Buy to let Mortgage: 0
Total net assets: ?
Family home mortgage information - N/A
Other borrowings – car loans/personal loans etc
Credit Union Car loan - €25,500 outstanding; paying €550pm; 4.5y to go
Do you pay off your full credit card balance each month? Usually yes
If not, what is the balance on your credit card? <€300 (very rarely more)
Pension information
I get 2 x UK Pensions = circa €2,000pm
I get 1 x Irish Non-Contributory pension approx. €660pm
Buy to let properties - none
Other savings and investments:
1) Credit Union a/c - €2,200 (car loan is against this so I can’t use it)
2) Credit Union a/c in Spouse’s name - €5,000 (we put in approx. €100-€150pm)
Other information which might be relevant
I am selling a property belonging to my Mother & will complete the sale 28/6/24, once everything is paid I will have a total of €160,000.
I plan to pay off the Credit Union Car Loan immediately, unless anyone thinks this is a bad idea?
My wife hasn’t worked for about 12 years, my Irish pension was calculated to include her not working or having any other income & she hasn’t got enough stamps for a full pension.
Personal details
Age: 71
Spouse's age: 63
Number and age of children: 0
Income and expenditure
Annual gross income from pension(s): see further down
Annual gross income of spouse/partner: n/a
Monthly take-home pay:
Type of employment:
Retired
Spouse not working due to mental health & physical disabilities
In general are you:
(a) spending more than you earn, or
(b) saving? Saving about €150-€200pm
Summary of Assets and Liabilities
Family home value: 430k
Mortgage on family home: 0
Net equity: ?
Cash: 2k
Defined Contribution pension fund: n/a
Company shares : 0
Buy to Let Property value: 0
Buy to let Mortgage: 0
Total net assets: ?
Family home mortgage information - N/A
Other borrowings – car loans/personal loans etc
Credit Union Car loan - €25,500 outstanding; paying €550pm; 4.5y to go
Do you pay off your full credit card balance each month? Usually yes
If not, what is the balance on your credit card? <€300 (very rarely more)
Pension information
I get 2 x UK Pensions = circa €2,000pm
I get 1 x Irish Non-Contributory pension approx. €660pm
Buy to let properties - none
Other savings and investments:
1) Credit Union a/c - €2,200 (car loan is against this so I can’t use it)
2) Credit Union a/c in Spouse’s name - €5,000 (we put in approx. €100-€150pm)
Other information which might be relevant
I am selling a property belonging to my Mother & will complete the sale 28/6/24, once everything is paid I will have a total of €160,000.
I plan to pay off the Credit Union Car Loan immediately, unless anyone thinks this is a bad idea?
My wife hasn’t worked for about 12 years, my Irish pension was calculated to include her not working or having any other income & she hasn’t got enough stamps for a full pension.
- I’m looking for advice on what to do with the balance of the money from the sale of the property, circa €135,000?
- We know that we can only have €50,000 in each CU a/c, would it be a good idea to open a joint a/c & put the balance in it then use that for any major purchases in the future?
- Currently we’re both on full MC’s, I’ve been told I will retain mine due to being over 70, but my wife will lose Her’s I believe?