Age: 42
Spouse’s/Partner's age: 39
Annual gross income from employment or profession: 90000
Annual gross income of spouse: 38000
Monthly take-home pay 4500/2000
Type of employment: e.g. Civil Servant, self-employed;
Private sector PAYE, both
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving 2k per month approx between us but lifestyle creep means it's hard to build it up. (around 1k goes for college funding now, on the go...)
8k in credit union , 5k in wife's savings account.
Rough estimate of value of home; 140000
Amount outstanding on your mortgage: 60000
What interest rate are you paying? 1.8%
6 years left.
Other borrowings – car loans/personal loans etc
Car loan 13000. 490/month. 2.5 years left.
No other loans
Do you pay off your full credit card balance each month? Yes. Rarely used.
If not, what is the balance on your credit card?
Savings and investments:
College fund 15k. 1st child just started so spending has begun.
Just started a new 5 year investment account for 2nd child. 300/month.
Started saving late for college...
Do you have a pension scheme? Yes. Contribute 15% (10+5). Current value 216000
Do you own any investment or other property?
No
Ages of children: 19/15
Life insurance: death in service 2 X salary
Life policy. 200k each. 80/month.
Have a quote for specified health for 120k at 80/month to replace the standalone life cover. Can't get income protection due to job. (Took advice on protection policies)
What specific question do you have or what issues are of concern to you?
Possible job in ps, AP grade 69-85k.
Main concern is whether it makes financial sense. Ps pension entitlement from starting at 42 doesn't appear great.
Currently, my salary is used for the day to day/bills etc. By month end it's close to zero.
Wife's salary is used to fund the college stuff and save for future college stuff. It's also used for things like clothing etc.
Generally don't consider weekly shops or planning. Just get what's needed.
Rarely go out, maybe once a month.
Looking at *roughly net monthly pay in the new position of 3500, so it would be necessary in the short term to try and reverse the years of lifestyle creep .
Am I overthinking the pension scenarios given that I also have a private one?
We are in our 'forever' home so I had planned on paying the mortgage amount into the pension when it finishes.
The main reasoning for applying for the ps job was because I spend 80% of my time away from home for work, overnighting away up to 150 days per year.
The new role would leave me home every night with a 40 min commute. It just means a 20k pay cut ...
Spouse’s/Partner's age: 39
Annual gross income from employment or profession: 90000
Annual gross income of spouse: 38000
Monthly take-home pay 4500/2000
Type of employment: e.g. Civil Servant, self-employed;
Private sector PAYE, both
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving 2k per month approx between us but lifestyle creep means it's hard to build it up. (around 1k goes for college funding now, on the go...)
8k in credit union , 5k in wife's savings account.
Rough estimate of value of home; 140000
Amount outstanding on your mortgage: 60000
What interest rate are you paying? 1.8%
6 years left.
Other borrowings – car loans/personal loans etc
Car loan 13000. 490/month. 2.5 years left.
No other loans
Do you pay off your full credit card balance each month? Yes. Rarely used.
If not, what is the balance on your credit card?
Savings and investments:
College fund 15k. 1st child just started so spending has begun.
Just started a new 5 year investment account for 2nd child. 300/month.
Started saving late for college...
Do you have a pension scheme? Yes. Contribute 15% (10+5). Current value 216000
Do you own any investment or other property?
No
Ages of children: 19/15
Life insurance: death in service 2 X salary
Life policy. 200k each. 80/month.
Have a quote for specified health for 120k at 80/month to replace the standalone life cover. Can't get income protection due to job. (Took advice on protection policies)
What specific question do you have or what issues are of concern to you?
Possible job in ps, AP grade 69-85k.
Main concern is whether it makes financial sense. Ps pension entitlement from starting at 42 doesn't appear great.
Currently, my salary is used for the day to day/bills etc. By month end it's close to zero.
Wife's salary is used to fund the college stuff and save for future college stuff. It's also used for things like clothing etc.
Generally don't consider weekly shops or planning. Just get what's needed.
Rarely go out, maybe once a month.
Looking at *roughly net monthly pay in the new position of 3500, so it would be necessary in the short term to try and reverse the years of lifestyle creep .
Am I overthinking the pension scenarios given that I also have a private one?
We are in our 'forever' home so I had planned on paying the mortgage amount into the pension when it finishes.
The main reasoning for applying for the ps job was because I spend 80% of my time away from home for work, overnighting away up to 150 days per year.
The new role would leave me home every night with a 40 min commute. It just means a 20k pay cut ...