Personal details
Your age: 56
Your spouse's age: 54
Partner's age if not married:
Number and age of children: 1 - age 13
Income and expenditure
Annual gross income from employment or profession: 84k
Annual gross income of spouse/partner: 90k
Monthly take-home pay: 8k approx after AVCs and deductions etc
Type of employment -
Me - public servant pre 95
spouse - paye employee
In general are you:
Saving. €2000 to 3000pm AVCs between us depending on overtime. €3k usually into savings, but have been spending money on the house the last few years and bought a new car , house spending coming to an end now.
Summary of Assets and Liabilities
Family home value: 750k
Mortgage on family home: 100k left
Net equity: 650k
Cash:
Defined Contribution pension fund: I will get almost 50% of salary on retirement. plus about 120k lump sum
Buy to Let Property value: 220k
Buy to let Mortgage: 0
Total net assets: 650k home plus 220k investment property
Family home mortgage information
Interest rate 2.3%
Type of interest rate: fixed for 3 more years.
Remaining term: 10 years
Monthly repayment: €1400 but have done lots of overpayments too.
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Pension information
Value of pension fund:
Spouse : 750k private Defined contribution
Me : public sector pension plus I have 150k AVCs in there too.
Buy to let properties
Value: 220k
Rental income per year: 12k with council. 5 years remaining on lease. Probably could rent it for €1600pm today if it wasnt with the council. Went on the LTL to get out of a ludicrously low rent cap.
Rough annual expenses other than mortgage interest : 1k
No mortgage
Other savings and investments:
ETFs 40k
Cash 30k at 4%
Other information which might be relevant
Life insurance:
Mortgage protection insurance €40
20 year Term Dual life insurance 750 with 8 years left on it - €180pm
Spouses work pays medical insurance now but we will have to pay it when we retire.
What specific question do you have or what issues are of concern to you?
I guess I joined AAM to ask this.
We both want to retire in the next 2 years. Just burned out and dont feel like working anymore. I have 40 years done in the public service so can retire. Spouses job is high stress and she isnt interested in working anymore either. Kid is starting secondary school, so a few years of school left. We wont be bored. Plenty to do outside of the working day. We both took 6 months off at the same time a couple of years ago and would like to make that permanent, because it was so good.
I am figuring that if we retire on my pension and lump sum plus cash and rental income that we have, that will keep us going for a few years. Then in a few years we can withdraw spouses tax free lump sum and start drawing his pension. At 66 he will get the contributory pension. I wont get the OAP.
Every calculator I have used says this is doable, but we are kind of nervous about doing it.
We went to a financial advisor but i all we really got from it was them trying to sell us products. They were clear at all. Basically came out with nothing more than i already knew plus a sales pitch.
So I guess the question is, do our picture stack up? Are then any pitfalls and what should we be doing now?
Should we feel comfortable just retiring.
An example would be that on retirement before tax and before we draw down spouses pension we expect to have approx €40k from my pension, 10k from rental income, whatever 150k in AVCs gives me and about 80k - 100k (minus taxes) in cash and ETFs. Spouses pension fund can be left grow until that runs out.
I hope that makes sense, but trying to get clarity is one of the reasons i am posting.
Your age: 56
Your spouse's age: 54
Partner's age if not married:
Number and age of children: 1 - age 13
Income and expenditure
Annual gross income from employment or profession: 84k
Annual gross income of spouse/partner: 90k
Monthly take-home pay: 8k approx after AVCs and deductions etc
Type of employment -
Me - public servant pre 95
spouse - paye employee
In general are you:
Saving. €2000 to 3000pm AVCs between us depending on overtime. €3k usually into savings, but have been spending money on the house the last few years and bought a new car , house spending coming to an end now.
Summary of Assets and Liabilities
Family home value: 750k
Mortgage on family home: 100k left
Net equity: 650k
Cash:
Defined Contribution pension fund: I will get almost 50% of salary on retirement. plus about 120k lump sum
Buy to Let Property value: 220k
Buy to let Mortgage: 0
Total net assets: 650k home plus 220k investment property
Family home mortgage information
Interest rate 2.3%
Type of interest rate: fixed for 3 more years.
Remaining term: 10 years
Monthly repayment: €1400 but have done lots of overpayments too.
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Pension information
Value of pension fund:
Spouse : 750k private Defined contribution
Me : public sector pension plus I have 150k AVCs in there too.
Buy to let properties
Value: 220k
Rental income per year: 12k with council. 5 years remaining on lease. Probably could rent it for €1600pm today if it wasnt with the council. Went on the LTL to get out of a ludicrously low rent cap.
Rough annual expenses other than mortgage interest : 1k
No mortgage
Other savings and investments:
ETFs 40k
Cash 30k at 4%
Other information which might be relevant
Life insurance:
Mortgage protection insurance €40
20 year Term Dual life insurance 750 with 8 years left on it - €180pm
Spouses work pays medical insurance now but we will have to pay it when we retire.
What specific question do you have or what issues are of concern to you?
I guess I joined AAM to ask this.
We both want to retire in the next 2 years. Just burned out and dont feel like working anymore. I have 40 years done in the public service so can retire. Spouses job is high stress and she isnt interested in working anymore either. Kid is starting secondary school, so a few years of school left. We wont be bored. Plenty to do outside of the working day. We both took 6 months off at the same time a couple of years ago and would like to make that permanent, because it was so good.
I am figuring that if we retire on my pension and lump sum plus cash and rental income that we have, that will keep us going for a few years. Then in a few years we can withdraw spouses tax free lump sum and start drawing his pension. At 66 he will get the contributory pension. I wont get the OAP.
Every calculator I have used says this is doable, but we are kind of nervous about doing it.
We went to a financial advisor but i all we really got from it was them trying to sell us products. They were clear at all. Basically came out with nothing more than i already knew plus a sales pitch.
So I guess the question is, do our picture stack up? Are then any pitfalls and what should we be doing now?
Should we feel comfortable just retiring.
An example would be that on retirement before tax and before we draw down spouses pension we expect to have approx €40k from my pension, 10k from rental income, whatever 150k in AVCs gives me and about 80k - 100k (minus taxes) in cash and ETFs. Spouses pension fund can be left grow until that runs out.
I hope that makes sense, but trying to get clarity is one of the reasons i am posting.
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