60 approaching fast

F

Fizz

Registered User
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2
Age 59

Spouse 60

My annual gross income 120000

Spouse part time 10000 roughly

Employment pharma

If I retire at 65 I will have 34000 a year main pension and 197000 lump sum + 269000 in AMRF fund

If I retire at 60 I will have 24000 main pension a year and 127000 lump sum + 142000 in AMRF fund

I am taking this from my work pension provider site.

I am paying 20% into AVCs and the company pays an additional 2%

Home value 280000

No borrowings, worked hard to achieve this switching mortgages to tracker etc. and was always cagey with big money. I received some brilliant advice from this site about 15yrs ago and I followed it to the letter.

Savings 35000 in a bank account earning nothing

Shares 70000 in company 1200 a year in dividends

5 kids all gone

Life insurance with Job and old one with irish life 60000 for me and 40000 in for my wife €60 a month

Looks like I’m in a very lucky position but I would like some advice going forward

I’m an avid fan of money make over but I’ve never really got one. Looking at my stats above it would seem I am in a good position. However I’ve been working since I’m 15 my job is high pressure at the moment and I would like to retire from it next year before I get a nervous breakdown I’m just not sure that I have time now to do all the invest stuff I probably should have started earlier. I really don’t know what to do about the 35000 in the bank it just looks at me asking me to do something with it.
 
Never mind the €35k, if you retire next year, you will have €162k.

First thing, talk to your spouse about what the two of you would like to do in the next number of years. Are there places that you would like to go and see and do? 60 is quite young to retire, so you will probably be quite active and spend a lot more money in the first number of years than you will in later life. So make sure you have money set aside for this.

With your pension and ARF (no need for an AMRF), you will receive about €30,000 a year in income? Is this enough? Will you need to use your savings to supplement this income?

Kids, they may be gone but do you want to help them financially? With 5, it would be quite a drain on your savings to give them big amounts, but think if you want to give them a few quid.

When you have an idea of what you want to do and whether you have enough to life your normal life, you can look at what to do with the surplus.

And well done on being able to retire at 60. Most people aren't in that position so if you can do it, make sure you enjoy it.


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
Unless you have expensive tastes then €2k per month from 60 should go a long way towards covering your expenses (excluding holidays/day trips). You can use cash from reserves to cover the difference until the state pension kicks in. I'm not sure it's necessary to do anything optimal with the €35k before you make your escape.
 
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Thanks for the replies folks I appreciate it. I needed to look up ARF versus AMRF and I got the two of them mixed up. I am pretty active and I believe myself that there is a "one or two day job" for me if I need it I also feel I have enough until my state pension kicks and it's in the 60's when you are most able to do things health wise etc. I suppose I just needed to hear peoples thoughts on the subject and now that i have i am happy I think i'll throw the 35k into an An Post savings scheme in my wife's name for the years of putting up with me, it can be her pension.
 

I think this is crucial for OP and only he/she can know that.

although if the one or two day job referred to below provides significant extra income its less so
 
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