Yes own 2 investment properties. Value of both approx €475k. Mortgages remaining for both approx €450k with another 25 years. Interest rate 4.9 %
Savings and investments: approx €80k
Sorry I dont understand this bit. Why would you draw down one pension while contributing to another? Or maybe I have picked it up wrong. If there is something there, I would suggest potentially merging them into a single pension if it makes senseAs for my pensions my first one would be available by age 55 to draw down if needed while €2k per month into another scheme and hopefully continue to increase that amount over the years by time I'm 60 (ok 55/56 a dream) I hopefully will be in a comfortable position.
I think if this genuinely is your plan you need to consider how this would work, what type of jobs you would get for shorter periods and where they would be located? You may need to consider how you get certain qualifications to make you more attractive for these roles etc. You also need to focus on 'brand you' and ensure you have a profile about you so that if someone google's you they see someone they want to hire. You need to determine what your unique selling point is that will make you the ideal candidate for a contracting job at ~60.Yes I'm in IT but you are right looking to contract for first time at 55+ and only for 6 months a year likely difficult.
I am struggling on this one. Your property investments are not mortgage free until 73, so struggle to see how you can bring them in by ~13 years. Unless you end up with a sizeable inheritance which allows you pay down your expensive investment mortgages immediately, and therefore have a solid income stream. That said, with the taxation element I am not sure it would be enough to finance you in retirement.I guess my main point is we work hard invest in different areas whether property and / or pensions and if everything goes to plan investment wish by time we hit 60-65 our children are gone our mortgage cleared and we have potential €1 million plus in the pot to play with.
I am concerned about the 25 years remaining on these properties and when they will become cash-flow positive. I think we need more details on them including the rental income, whether they are in a rental pressure zone etc before making a call on what to do with them. I do struggle to see how they can be cash flow positive at 4.9% interest. If they are not cash flow positive, 25 years is a long time to be funding them. I think you seriously need to consider whether these rental properties are a good investment for your particular plan. Paying the money into a pension fund may be a better option in medium term.As I write this, I feel fairly sure that the right thing to do is to pay down your investment mortgage immediately, and put both properties on the market as soon as possible. Then put the equity released into your pension fund.
This is a very fair statement and one I think you cannot really ignore.Your mother may yet require long term medical care or she may decide to leave her entire estate to her favourite charity - there's no guarantee that you will receive anything at all.
Sorry, but I don't think that your plan is in any way doable.
You're carrying a large amount of debt, and expensive debt at that. You only have one income and your pension is arguably behind where it should be. Looking at your balance sheet (property, pensions, cash, etc), it's "only" positive to the tune of circa €550k.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?