Personal details
Age: 43
Spouse’s/Partner's age: 41
Number and age of children: 4 - 15, 13, 11, 9
Income and expenditure
Annual gross income from employment or profession:120k
Annual gross income of spouse:45k
Monthly take-home pay 8.5-9k
Type of employment: Both Private Sector
In general are you:
Saving
Summary of Assets and Liabilities
Family home worth €430k with a €200k mortgage
Cash of €11k
Defined Contribution pension fund: €90k
No borrowings other than the home mortgage
Family home mortgage information
Lender: AIB
Interest rate 2.1%
Type of interest rate: Fixed
If fixed, what is the term remaining of the fixed rate? 3.5 years
Remaining term: 20 years
Monthly repayment: €1037
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
Buy to let properties
N/a
Other savings and investments:
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: Basic mortgage cover ourselves and I've income protection with my employer.
What specific question do you have or what issues are of concern to you?
My wife returned to work in the last 12 months initially just to see how it worked for our family and if we could juggle family life with both parents working full time. It's worked so far so is now time to start planning for the future. Prior to returning to work we were a single income family for 15 years and following an accident our savings were drained 2 years ago. We're saving about 1k per month but this could be more if we had a proper plan.
I need to figure out now what our financial priorities should be? I've 90k in a pension fund with my employer that I contribute €1850 per month and my employer €460.
Age: 43
Spouse’s/Partner's age: 41
Number and age of children: 4 - 15, 13, 11, 9
Income and expenditure
Annual gross income from employment or profession:120k
Annual gross income of spouse:45k
Monthly take-home pay 8.5-9k
Type of employment: Both Private Sector
In general are you:
Saving
Summary of Assets and Liabilities
Family home worth €430k with a €200k mortgage
Cash of €11k
Defined Contribution pension fund: €90k
No borrowings other than the home mortgage
Family home mortgage information
Lender: AIB
Interest rate 2.1%
Type of interest rate: Fixed
If fixed, what is the term remaining of the fixed rate? 3.5 years
Remaining term: 20 years
Monthly repayment: €1037
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
Buy to let properties
N/a
Other savings and investments:
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: Basic mortgage cover ourselves and I've income protection with my employer.
What specific question do you have or what issues are of concern to you?
My wife returned to work in the last 12 months initially just to see how it worked for our family and if we could juggle family life with both parents working full time. It's worked so far so is now time to start planning for the future. Prior to returning to work we were a single income family for 15 years and following an accident our savings were drained 2 years ago. We're saving about 1k per month but this could be more if we had a proper plan.
I need to figure out now what our financial priorities should be? I've 90k in a pension fund with my employer that I contribute €1850 per month and my employer €460.
- My wife currently has no pension and her employer doesn't offer one should she start a PRSA to stay in the 20% band?
- Should I increase my own pension contributions?
- Should we try pay down the mortgage sooner vs increasing pension contributions? I think no but am open to suggestions.
- Our home is a small 3 bed and only getting smaller as the kids get bigger(3 are in one room), we'd love something bigger but would need to borrow another 200-250k to up size and stay in our locality. Is it feasible to even consider? I think not but would welcome thoughts on this.
- The kids will likely need help with college etc. I've no provision for this but its 3-4 years away and would hope they will work part-time to subsidise this and we live in commuting distance Dublin so staying at home should be possible but this brings me back to the house being small!
- What else should I be thinking about/planning for?