Apologies if these are stupid questions or impossible to answer with the information provided.
1
I have tried my best to figure this out many times but just can't seem to grasp it - I think my husband can access his ARF anytime but obviously will be taxed at higher rate. Trying to figure eg from when we are both receiving State pension and UK pension how much of the ARF would qualify as tax free in these years? Would any of it be tax free? Is our retirement pot enough for us or is it very low?
2
We are currently thinking of moving house and new location would be more expensive and may need an extra on mortgage if we went ahead with a move. Mortgage would be circa 2600 per month variable for 12 years around 3.85. That amount is fine now but what about in six years time?
Personal details
Your age: 52
Your spouse's age: 58
Number and age of children: 3 children all aged 12
Income and expenditure
Annual gross income from employment or profession: 37,000
Annual gross income of spouse/partner: 74,000
Monthly take-home pay: 7089 (2 incapacited child credits which will cease in September 2028).
Type of employment - Employee both
Employer type: private company both
In general are you:
(a) spending more than you earn, or
(b) saving?
Not saving but always getting by comfortably with holidays etc. Just finished paying off home loan which was 800 per month for the past 7 years so possibly can save this.
Summary of Assets and Liabilities
Family home value: 675000
Mortgage on family home: 245000
Net equity: 430000
Defined Contribution pension fund:
Spouse ARF current value 202,000 (25% tax free lump sums have been withdrawn).
Family home mortgage information
Lender BOI (previously KBC)
Interest rate
Type of interest rate: tracker
If tracker, what is the margin e.g. ECB + 1%
current rate is 4.85 (I can't find what the margin is on any paperwork possibly+.85).
Remaining term: 12 years
Monthly repayment: 2227.26
No loans and clear credit cards monthly
Pension information
Value of pension fund:
Current employer 26, 425 (projected age 65 92,173)
Other information which might be relevant
ARF
Spouse ARF current value 202,000 (25% tax free lump sum has been withdrawn).
Both entitled to UK pensions currently going through process to buy back gap years. No clue what final figures will be.
1
I have tried my best to figure this out many times but just can't seem to grasp it - I think my husband can access his ARF anytime but obviously will be taxed at higher rate. Trying to figure eg from when we are both receiving State pension and UK pension how much of the ARF would qualify as tax free in these years? Would any of it be tax free? Is our retirement pot enough for us or is it very low?
2
We are currently thinking of moving house and new location would be more expensive and may need an extra on mortgage if we went ahead with a move. Mortgage would be circa 2600 per month variable for 12 years around 3.85. That amount is fine now but what about in six years time?
Personal details
Your age: 52
Your spouse's age: 58
Number and age of children: 3 children all aged 12
Income and expenditure
Annual gross income from employment or profession: 37,000
Annual gross income of spouse/partner: 74,000
Monthly take-home pay: 7089 (2 incapacited child credits which will cease in September 2028).
Type of employment - Employee both
Employer type: private company both
In general are you:
(a) spending more than you earn, or
(b) saving?
Not saving but always getting by comfortably with holidays etc. Just finished paying off home loan which was 800 per month for the past 7 years so possibly can save this.
Summary of Assets and Liabilities
Family home value: 675000
Mortgage on family home: 245000
Net equity: 430000
Defined Contribution pension fund:
Spouse ARF current value 202,000 (25% tax free lump sums have been withdrawn).
Family home mortgage information
Lender BOI (previously KBC)
Interest rate
Type of interest rate: tracker
If tracker, what is the margin e.g. ECB + 1%
current rate is 4.85 (I can't find what the margin is on any paperwork possibly+.85).
Remaining term: 12 years
Monthly repayment: 2227.26
No loans and clear credit cards monthly
Pension information
Value of pension fund:
Current employer 26, 425 (projected age 65 92,173)
Other information which might be relevant
ARF
Spouse ARF current value 202,000 (25% tax free lump sum has been withdrawn).
Both entitled to UK pensions currently going through process to buy back gap years. No clue what final figures will be.