PERSONAL DETAILS
Age 56, Single, 1 adult child independent.
INCOME & EXPENDITURE
Annual Gross Income from employment €16,850.
Weekly Take Home Pay €320.
SPENDING OR SAVING INCOME
Spending all.
TYPE OF EMPLOYMENT
Private.
SUMMARY OF ASSETS
House. (Inherited many years ago). No mortgage.
Savings - Bank, PO Bonds, Prize Bonds €380k.
BORROWINGS/LIABILITIES
None.
LIFE COVER
€100K.
PENSION DETAILS
Deferred Defined Benefit Pension from a previous employer €22k per annum promised from age 63. (No further contributions being made).
Full Contributory Old Age Pension (will have 40 years stamps at Class A) at whatever age it becomes payable in the future.
WHAT SPECIFIC QUESTION DO YOU HAVE OR WHAT ISSUES ARE OF CONCERN TO YOU.
My Dad wants to retire at age 60 and live off his Savings, costing approx €20k per annum until his Deferred Defined Benefit kicks in at age 63. He should also receive the Contributory Old Age Pension (40 years stamps) in the future at whatever age it becomes payable.
Is this realistic ? He wants to try and maintain as much of his savings as possible. Is there anything else he should be doing or doing better in order to achieve his goal ?
Thanks in advance for any advice.
Age 56, Single, 1 adult child independent.
INCOME & EXPENDITURE
Annual Gross Income from employment €16,850.
Weekly Take Home Pay €320.
SPENDING OR SAVING INCOME
Spending all.
TYPE OF EMPLOYMENT
Private.
SUMMARY OF ASSETS
House. (Inherited many years ago). No mortgage.
Savings - Bank, PO Bonds, Prize Bonds €380k.
BORROWINGS/LIABILITIES
None.
LIFE COVER
€100K.
PENSION DETAILS
Deferred Defined Benefit Pension from a previous employer €22k per annum promised from age 63. (No further contributions being made).
Full Contributory Old Age Pension (will have 40 years stamps at Class A) at whatever age it becomes payable in the future.
WHAT SPECIFIC QUESTION DO YOU HAVE OR WHAT ISSUES ARE OF CONCERN TO YOU.
My Dad wants to retire at age 60 and live off his Savings, costing approx €20k per annum until his Deferred Defined Benefit kicks in at age 63. He should also receive the Contributory Old Age Pension (40 years stamps) in the future at whatever age it becomes payable.
Is this realistic ? He wants to try and maintain as much of his savings as possible. Is there anything else he should be doing or doing better in order to achieve his goal ?
Thanks in advance for any advice.