Age:45
Spouse’s/Partner's age:35
Annual gross income from employment or profession: 105000 (+bonus 15000)
Annual gross income of spouse: 0 (taking a break to be with our kids, will probably be back on some cca 30-40k in couple of years)
Monthly take-home pay: 5400 (after deducting 5% for pension (matched by the company) and health insurance)
Type of employment: private, IT, stable
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home: 360000
Amount outstanding on your mortgage: 245000
What interest rate are you paying? 2.15% (fixed, 4 more years with AIB)
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? n/a
Savings and investments:
Pension (through an employer) – 90k (plan is to continue with 5% matched by employer).
Cash – 15k + 10k (first kid fund) + 3k (second kid fund, at the moment both child allowances are filling this until both kids have 10k and then we will use allowances to speed up mortgage)
Gold – 35k
Crypto – 20k
Do you have a pension scheme?
Yes.
Ages of children:
2 kids (1 and 4)
Life insurance:
Yes, 4 times annual salary
What specific question do you have or what issues are of concern to you?
I’m aware that I’m behind the plan because I started late but am feeling confident at the moment with excellent employer. Ideally, I would like to start slowing down 15 years from now (from 60), maybe working part-time as a consultant or similar. I’m planning to keep topping up the mortgage and pension. Once mortgage is gone that monthly amount will probably be redirected to kids' college/business/down payment fund.
What would be the best course of action to take in order to drive us to safe retirement (in some 15-20 years)? I reckon we will need somewhere around 2500e per month (in today's money) so it should be doable?
Spouse’s/Partner's age:35
Annual gross income from employment or profession: 105000 (+bonus 15000)
Annual gross income of spouse: 0 (taking a break to be with our kids, will probably be back on some cca 30-40k in couple of years)
Monthly take-home pay: 5400 (after deducting 5% for pension (matched by the company) and health insurance)
Type of employment: private, IT, stable
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home: 360000
Amount outstanding on your mortgage: 245000
What interest rate are you paying? 2.15% (fixed, 4 more years with AIB)
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? n/a
Savings and investments:
Pension (through an employer) – 90k (plan is to continue with 5% matched by employer).
Cash – 15k + 10k (first kid fund) + 3k (second kid fund, at the moment both child allowances are filling this until both kids have 10k and then we will use allowances to speed up mortgage)
Gold – 35k
Crypto – 20k
Do you have a pension scheme?
Yes.
Ages of children:
2 kids (1 and 4)
Life insurance:
Yes, 4 times annual salary
What specific question do you have or what issues are of concern to you?
I’m aware that I’m behind the plan because I started late but am feeling confident at the moment with excellent employer. Ideally, I would like to start slowing down 15 years from now (from 60), maybe working part-time as a consultant or similar. I’m planning to keep topping up the mortgage and pension. Once mortgage is gone that monthly amount will probably be redirected to kids' college/business/down payment fund.
What would be the best course of action to take in order to drive us to safe retirement (in some 15-20 years)? I reckon we will need somewhere around 2500e per month (in today's money) so it should be doable?