Talkinghead
Registered User
- Messages
- 11
Thanks Pinoy. I never knew it existed. I’ve just read the Revenue’s paper on it.Maybe make use of the small gift exemptions for all 3 kids every year.
i presume you are maxing your pension contributions? is there an option to buy back service for your wife aswell with the HSE?We are a married couple (54 and 53) with 3 kids (1 in second year college, 1 doing the LC this year and one in Primary). Wife works part time in HSE. We are all in good health. We are just about to clear our mortgage and we have no other debt. I landed a good job in my late 40s and we’ve used our salaries to pay down the mortgage and we’ve also put €300k in doing house renovations. So nothing big left to spend our money on.
We are not into cars or a flash lifestyle. We’ve cleared our debts but that has come on the back of having no savings. My wife and I are now in a position now where after we pay all of our living expenses, we can save €11500 per month. Assuming things will crop up like college and replacing our cars and the odd holiday, we are assuming that we could easily afford to put away circa €110k per year.
Again, assuming I work to 65, health permitting (I like my job), we could have circa €1m in savings. Our pensions would be approx €7k (if we were drawing down now) per month at retirement. The house is currently worth about €800k. We don’t have any inheritance coming our way. We are risk averse, but would chance 25% in riskier assets. We’ve toyed with the idea of buying an apartment in Dublin as an investment as we don’t like the idea of inflation eating up our savings. Our financial goals are not to screw up financially and to leave a nice sum for our kids when the time comes. Taking all that into consideration, we would appreciate any suggestions as to what we should consider.
At those levels, I suspect you will exceed the standard fund threshold (which Sinn Fein want to further reduce) if you don't retire before 65 so you might want to keep an eye on that.Our pensions would be approx €7k (if we were drawing down now) per month at retirement. The house is currently worth about €800k.
Given the potentially large estate, you might consider taking out a Section 72 policy, the proceeds of which are tax-free if used to pay an inheritance tax bill.What I am trying to achieve is twofold; where to put my money and at the same time, limiting to the greatest extent possible CAT for my kids.
- you need to be certain those pensions are certainWe are a married couple (54 and 53) with 3 kids (1 in second year college, 1 doing the LC this year and one in Primary). Wife works part time in HSE. We are all in good health. We are just about to clear our mortgage and we have no other debt. I landed a good job in my late 40s and we’ve used our salaries to pay down the mortgage and we’ve also put €300k in doing house renovations. So nothing big left to spend our money on.
We are not into cars or a flash lifestyle. We’ve cleared our debts but that has come on the back of having no savings. My wife and I are now in a position now where after we pay all of our living expenses, we can save €11500 per month. Assuming things will crop up like college and replacing our cars and the odd holiday, we are assuming that we could easily afford to put away circa €110k per year.
Again, assuming I work to 65, health permitting (I like my job), we could have circa €1m in savings. Our pensions would be approx €7k (if we were drawing down now) per month at retirement. The house is currently worth about €800k. We don’t have any inheritance coming our way. We are risk averse, but would chance 25% in riskier assets. We’ve toyed with the idea of buying an apartment in Dublin as an investment as we don’t like the idea of inflation eating up our savings. Our financial goals are not to screw up financially and to leave a nice sum for our kids when the time comes. Taking all that into consideration, we would appreciate any suggestions as to what we should consider.
We’ve toyed with the idea of buying an apartment in Dublin as an investment as we don’t like the idea of inflation eating up our savings.
I also retain full medical insurance as long as I am in receipt of a pension from my current employer. The plan’s benefits mean that I will never have to worry about medical expenses or nursing home costs in retirement.
I’m just curious, how can an employer stay in business long term if they provide medical coverage including the cost of nursing home charges (1 - 2k per week) - the potential liabilities must be enormous!That's some perk. Nursing home costs can be extremely costly now never mind in the future.
Your bank will be a tied agent of a single provider, so you won't have choice and most likely will not get the most competitive charges.I will also talk to my bank about low risk investments.
Noted, thanksYour bank will be a tied agent of a single provider, so you won't have choice and most likely will not get the most competitive charges.
A few things jump out at me:We are a married couple (54 and 53) with 3 kids (1 in second year college, 1 doing the LC this year and one in Primary). Wife works part time in HSE. We are all in good health. We are just about to clear our mortgage and we have no other debt. I landed a good job in my late 40s and we’ve used our salaries to pay down the mortgage and we’ve also put €300k in doing house renovations. So nothing big left to spend our money on.
We are not into cars or a flash lifestyle. We’ve cleared our debts but that has come on the back of having no savings. My wife and I are now in a position now where after we pay all of our living expenses, we can save €11500 per month. Assuming things will crop up like college and replacing our cars and the odd holiday, we are assuming that we could easily afford to put away circa €110k per year.
Again, assuming I work to 65, health permitting (I like my job), we could have circa €1m in savings. Our pensions would be approx €7k (if we were drawing down now) per month at retirement. The house is currently worth about €800k. We don’t have any inheritance coming our way. We are risk averse, but would chance 25% in riskier assets. We’ve toyed with the idea of buying an apartment in Dublin as an investment as we don’t like the idea of inflation eating up our savings. Our financial goals are not to screw up financially and to leave a nice sum for our kids when the time comes. Taking all that into consideration, we would appreciate any suggestions as to what we should consider.
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