Age: 41
Spouse’s/Partner's age:39
Annual gross income from employment or profession: 65k
Annual gross income of spouse: 66k
Monthly take-home pay: mine 40k net i think 3300p/m
Type of employment: e.g. Both Public Servants
In general are you:
saving: trying to invest 500 a month along with 1150p/m PRSA
Rough estimate of value of home 330k
Amount outstanding on your mortgage: o
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? n/a
Savings and investments: 13k cash 5k irish shares on de giro
Do you have a pension scheme? yes PS DB scheme joined in 1999, started PRSA 30k balance contributing 1150p/m
Do you own any investment or other property? no
Ages of children: none
Life insurance: none
We have paid off the final installment of the mortgage and Im evaluating what to do next. My wife is a teacher and we both have no debt, we were thinking of changing the layout of the back of the house and upgrading but I reckon it would cost 60/70k and im not sure it is crtitical(more about light and a view of the back garden rather than more space) i have decided to do minor alterations and see how i feel then-im not sure the outlay would be worth it. I dont think we will be able to have children unfortunatly so i dont see that being an issue with finances.
I started in the PS at age 20 and have been in a professional position for the past 15 years i have 21yrs service. Im really dreading work most days and im not sure if that because its me being depressed bringing that to the role or the job is doing it to me if that makes sense?. Im a QS and even though im good with numbers, but i have been working on my own for a long time and i find it stressful and i worry about errors etc. because these usually alot of money at stake - safe to say i have no passion for the role even though others think i do a good job. It is a reasonable paying pensionable job and i have passed up higher positions because i feel i have reached my level. I know i should be thankful for a comfortable stable job in these times but lately i have started to wonder about leaving the role at some point in the future and get away from the desk job and perhaps work part time or do something im more passionate about. Ive 21 yrs service in the Public Service. I have started a PRSA because i cant see myself staying up until 60 thats how unhappy i am in the role. My thinking was that by the time im 50(assuming pay rises with inflation) i could have enough of a retirement pot to leave at 50 and do a lower paid or part time job with more flexibility up until 60 then retire(I live off 20k p.a. currently and save the rest) and at aged 60 should have DB pension income of 25k(30yrs*65,000salary/80) . I have also set up a PRSA(lower charges that AVC's) and am paying towards it agressively thinking by age 50 id have enough(hopefully around 200k by age 50- to stop contributing ; the PRSA pot, with projected 5% annual return and 2% inflation that the pot could hopefully grow to when im 60. I have also started purchasing some Irish shares(it seems to be straightforward to declare dividend income on my tax) but after I have maxed out pension contributions I still have a couple of hundred each month to invest long term , I was thinking something hassle free like an investment trust is that the correct term?(something low hassle that the likes of zurich or standard life operate that pays the tax for me for a reasonably low charge?), i dont want the hassle of purchasing a cheap investment property being a landlord not for me. Should i look at Purchasing Notional Service if so when is the time? Is all this pie in the sky? Any feedback greatly appreaciated. tks
Spouse’s/Partner's age:39
Annual gross income from employment or profession: 65k
Annual gross income of spouse: 66k
Monthly take-home pay: mine 40k net i think 3300p/m
Type of employment: e.g. Both Public Servants
In general are you:
saving: trying to invest 500 a month along with 1150p/m PRSA
Rough estimate of value of home 330k
Amount outstanding on your mortgage: o
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? n/a
Savings and investments: 13k cash 5k irish shares on de giro
Do you have a pension scheme? yes PS DB scheme joined in 1999, started PRSA 30k balance contributing 1150p/m
Do you own any investment or other property? no
Ages of children: none
Life insurance: none
We have paid off the final installment of the mortgage and Im evaluating what to do next. My wife is a teacher and we both have no debt, we were thinking of changing the layout of the back of the house and upgrading but I reckon it would cost 60/70k and im not sure it is crtitical(more about light and a view of the back garden rather than more space) i have decided to do minor alterations and see how i feel then-im not sure the outlay would be worth it. I dont think we will be able to have children unfortunatly so i dont see that being an issue with finances.
I started in the PS at age 20 and have been in a professional position for the past 15 years i have 21yrs service. Im really dreading work most days and im not sure if that because its me being depressed bringing that to the role or the job is doing it to me if that makes sense?. Im a QS and even though im good with numbers, but i have been working on my own for a long time and i find it stressful and i worry about errors etc. because these usually alot of money at stake - safe to say i have no passion for the role even though others think i do a good job. It is a reasonable paying pensionable job and i have passed up higher positions because i feel i have reached my level. I know i should be thankful for a comfortable stable job in these times but lately i have started to wonder about leaving the role at some point in the future and get away from the desk job and perhaps work part time or do something im more passionate about. Ive 21 yrs service in the Public Service. I have started a PRSA because i cant see myself staying up until 60 thats how unhappy i am in the role. My thinking was that by the time im 50(assuming pay rises with inflation) i could have enough of a retirement pot to leave at 50 and do a lower paid or part time job with more flexibility up until 60 then retire(I live off 20k p.a. currently and save the rest) and at aged 60 should have DB pension income of 25k(30yrs*65,000salary/80) . I have also set up a PRSA(lower charges that AVC's) and am paying towards it agressively thinking by age 50 id have enough(hopefully around 200k by age 50- to stop contributing ; the PRSA pot, with projected 5% annual return and 2% inflation that the pot could hopefully grow to when im 60. I have also started purchasing some Irish shares(it seems to be straightforward to declare dividend income on my tax) but after I have maxed out pension contributions I still have a couple of hundred each month to invest long term , I was thinking something hassle free like an investment trust is that the correct term?(something low hassle that the likes of zurich or standard life operate that pays the tax for me for a reasonably low charge?), i dont want the hassle of purchasing a cheap investment property being a landlord not for me. Should i look at Purchasing Notional Service if so when is the time? Is all this pie in the sky? Any feedback greatly appreaciated. tks
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