WaffleNinja
Registered User
- Messages
- 110
Personal details
Your age: 38
Your spouse's age: 38
Number and age of children: 5 and 7
Income and expenditure
Annual gross income from employment or profession: 80k + up to 10% bonus
Annual gross income of spouse/partner: 60k
Monthly take-home pay: 7500
Type of employment - e.g. Employee or self-employed.
Employer type: Private and Public
In general are you:
Saving between 1700-2000 pcm
Expenses:
Childcare/aftercare is about €500 a month
Some small house renovations in the next few years - €15-20k total.
Summary of Assets and Liabilities
Family home value: 420000
Mortgage on family home: 200000
Net equity:
Cash: 65000 @ 2.5-3% TR/AIB online saver
Defined Contribution pension fund: 130000
Company shares : N/A
Buy to Let Property value: N/A
Buy to let Mortgage: N/A
Total net assets:
Family home mortgage information
Lender: Avant
Interest rate: 1.95%
Type of interest rate: Fixed
Remaining term: 4 years
Monthly repayment: €850 + overpaying €8000 a year
Other borrowings – car loans/personal loans etc
No other loans/borrowings
Do you pay off your full credit card balance each month? Yes
Pension information
Value of pension fund:
130000 private. Contributing 15% + 5% from the company (I may be able to contribute 20% + 5% - feels like a no brainer that I should be doing this if I can)
Public service pension only has a few years accumulated, and i'm unsure how to evaluate this
Other savings and investments:
~10k in various shares. Personally managed. Happy to let things lie.
Other information which might be relevant
Life insurance: 500k coverage
What specific question do you have or what issues are of concern to you?
Our current plan is to overpay on our mortgage for until the fixed term ends. This was to minimise the increase in our payments due to rate increases of late, but it looks like rates are only going down atm. This plan would mean went our kids start college we'd be mortgage free. Psychologically this seems like a great idea, though perhaps not the best use of our money.
We have some renovations we're planning over the next 2 years. Between 7-10k each year, but our monthly savings should be able to cover these easily over the next 2 years. Given our monthly savings vs renovations and mortgage overpayments we should still be adding to our pot.
With interest rates falling i'm looking to make our money work better for us than ~2-3% (lower if ECB rates keep going down). I've never looked at financial advisors, or financial planners, as i've probably always thought fees etc made them unappealing to me. We always have a question mark over whether we'd need funds at short notice if we inherit a property which needs work, so long term investments haven't appealed - though we've been thinking this for years now.
The public sector pension is something i'm quite unfamiliar with, so i'm not sure how we should be maximising it, or how to calculate it's value at retirement. I've heard about "buying back years" and "AVCs" but it's all a bit of a mystery. Public sector job was started ~2 years ago.
Your age: 38
Your spouse's age: 38
Number and age of children: 5 and 7
Income and expenditure
Annual gross income from employment or profession: 80k + up to 10% bonus
Annual gross income of spouse/partner: 60k
Monthly take-home pay: 7500
Type of employment - e.g. Employee or self-employed.
Employer type: Private and Public
In general are you:
Saving between 1700-2000 pcm
Expenses:
Childcare/aftercare is about €500 a month
Some small house renovations in the next few years - €15-20k total.
Summary of Assets and Liabilities
Family home value: 420000
Mortgage on family home: 200000
Net equity:
Cash: 65000 @ 2.5-3% TR/AIB online saver
Defined Contribution pension fund: 130000
Company shares : N/A
Buy to Let Property value: N/A
Buy to let Mortgage: N/A
Total net assets:
Family home mortgage information
Lender: Avant
Interest rate: 1.95%
Type of interest rate: Fixed
Remaining term: 4 years
Monthly repayment: €850 + overpaying €8000 a year
Other borrowings – car loans/personal loans etc
No other loans/borrowings
Do you pay off your full credit card balance each month? Yes
Pension information
Value of pension fund:
130000 private. Contributing 15% + 5% from the company (I may be able to contribute 20% + 5% - feels like a no brainer that I should be doing this if I can)
Public service pension only has a few years accumulated, and i'm unsure how to evaluate this
Other savings and investments:
~10k in various shares. Personally managed. Happy to let things lie.
Other information which might be relevant
Life insurance: 500k coverage
What specific question do you have or what issues are of concern to you?
Our current plan is to overpay on our mortgage for until the fixed term ends. This was to minimise the increase in our payments due to rate increases of late, but it looks like rates are only going down atm. This plan would mean went our kids start college we'd be mortgage free. Psychologically this seems like a great idea, though perhaps not the best use of our money.
We have some renovations we're planning over the next 2 years. Between 7-10k each year, but our monthly savings should be able to cover these easily over the next 2 years. Given our monthly savings vs renovations and mortgage overpayments we should still be adding to our pot.
With interest rates falling i'm looking to make our money work better for us than ~2-3% (lower if ECB rates keep going down). I've never looked at financial advisors, or financial planners, as i've probably always thought fees etc made them unappealing to me. We always have a question mark over whether we'd need funds at short notice if we inherit a property which needs work, so long term investments haven't appealed - though we've been thinking this for years now.
The public sector pension is something i'm quite unfamiliar with, so i'm not sure how we should be maximising it, or how to calculate it's value at retirement. I've heard about "buying back years" and "AVCs" but it's all a bit of a mystery. Public sector job was started ~2 years ago.