Age: 39
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: 70000 last year consists of basic wage 42000, shift premium 18000 and overtime 10000. Shift premium and overtime not guarenteed but shift allowance has never been lost in the last 5 years.
Annual gross income of spouse: n/a
Monthly take-home pay Varies due to overtime.
Type of employment: e.g. Civil Servant, self-employed PAYE worker. Multinational employer.
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving each month.
Rough estimate of value of home 105000
Amount outstanding on your mortgage: 112000
What interest rate are you paying? 1.55% ECB tracker.
Figures for the mortgage are approximate but not off by much. The mortgage is around 650 per month and I also pay an extra 250 off the mortgage every month. I think if I didn't overpay there would be around 18 years left on the mortgage.
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments:
Bank savings account: 2000
Credit union account: 15000
Linked finance account: 4500
Index funds: 48000
I currently contribute 70 euro per week to the credit union, 40 a week to the bank savings account and 450 a month to the index funds.
Do you have a pension scheme? Yes. Current value 105000. Payments of approx 150 per week which is employers+employee contribution plus AVC's.
Do you own any investment or other property? No.
Ages of children: None.
Life insurance: None. Work scheme will pay out approx 120000 euro if I die while in employment.
What specific question do you have or what issues are of concern to you?
I have good savings and mortgage is manegable. Living in ground floor apartment in slight negative equity. Tend to be a saver throughout my life. In the past 2 months I have been diagnosed with a terminal illness and am out of work on sick pay at the moment. I don't wish to go into the specifics of the illness however some things are important.
The illness means I will lose all physical movements in all limbs over time and will eventually need a wheel chair. This means changes to my apartment may be needed. Also shift work will no longer be possible and I imagine work will no longer be possible at some stage as speech is also impaired.
The disease is usually aggressive. Around 40 percent of people die within 3 years of diagnosis. Another 50 percent die between 3 and 10 years of diagnosis. However up to 10 percent live for between 10 and 25 years of diagnosis. There is no treatment and no way of saying how long I will live. I do not have any dependents.
The only cover I have for the mortgage is if I die it will be paid off by the life insurance. No illness cover included.
I have a good employer who do there best to help employees. However I don't see them paying me if I live for 20 years. There is an illness cover plan in work if I'm out for 6 months I would be entitled to two thirds of my base pay of 42000 euro per year. Approx 28000 per year.
I would like opinions of what changes to make to my finances. So far I am thinking the following.
1: Stop overpaying the mortgage and add the 250 per month to savings.
2: Withdraw the 4500 from linked finance. This would take a 3 year period.
3: Consider stopping AVC's of 90 euro per week.
4: Apply for a medical card. Although my savings and income are high it might be successful with my condition.
5: Should I withdraw my money from the index funds now. I have no idea when or if I will need them.
6: I won't need to go to hospital but can be cared for at home. My family is willing to help of course but I may need support from nurses physio etc. Some of this may have to be paid for or it may be paid by the HSE. Its impossible to say at this moment in time.
7: Draw up a will leaving any assets to family members after death. Also include living will of what treatment I would prefer if I can no longer communicate with people ( very likely at some stage.)
8: What I fear from a money point of view is losing my home espically if I do live for the next 20 years or longer and becoming a financial burden on family members who are already willing to help me with any physical problems as I lose the use of my limbs (the illness will not affect my mind in any way it is purely physical).
Sorry for the long post but I would like to hear peoples ideas.
Steve.
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: 70000 last year consists of basic wage 42000, shift premium 18000 and overtime 10000. Shift premium and overtime not guarenteed but shift allowance has never been lost in the last 5 years.
Annual gross income of spouse: n/a
Monthly take-home pay Varies due to overtime.
Type of employment: e.g. Civil Servant, self-employed PAYE worker. Multinational employer.
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving each month.
Rough estimate of value of home 105000
Amount outstanding on your mortgage: 112000
What interest rate are you paying? 1.55% ECB tracker.
Figures for the mortgage are approximate but not off by much. The mortgage is around 650 per month and I also pay an extra 250 off the mortgage every month. I think if I didn't overpay there would be around 18 years left on the mortgage.
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments:
Bank savings account: 2000
Credit union account: 15000
Linked finance account: 4500
Index funds: 48000
I currently contribute 70 euro per week to the credit union, 40 a week to the bank savings account and 450 a month to the index funds.
Do you have a pension scheme? Yes. Current value 105000. Payments of approx 150 per week which is employers+employee contribution plus AVC's.
Do you own any investment or other property? No.
Ages of children: None.
Life insurance: None. Work scheme will pay out approx 120000 euro if I die while in employment.
What specific question do you have or what issues are of concern to you?
I have good savings and mortgage is manegable. Living in ground floor apartment in slight negative equity. Tend to be a saver throughout my life. In the past 2 months I have been diagnosed with a terminal illness and am out of work on sick pay at the moment. I don't wish to go into the specifics of the illness however some things are important.
The illness means I will lose all physical movements in all limbs over time and will eventually need a wheel chair. This means changes to my apartment may be needed. Also shift work will no longer be possible and I imagine work will no longer be possible at some stage as speech is also impaired.
The disease is usually aggressive. Around 40 percent of people die within 3 years of diagnosis. Another 50 percent die between 3 and 10 years of diagnosis. However up to 10 percent live for between 10 and 25 years of diagnosis. There is no treatment and no way of saying how long I will live. I do not have any dependents.
The only cover I have for the mortgage is if I die it will be paid off by the life insurance. No illness cover included.
I have a good employer who do there best to help employees. However I don't see them paying me if I live for 20 years. There is an illness cover plan in work if I'm out for 6 months I would be entitled to two thirds of my base pay of 42000 euro per year. Approx 28000 per year.
I would like opinions of what changes to make to my finances. So far I am thinking the following.
1: Stop overpaying the mortgage and add the 250 per month to savings.
2: Withdraw the 4500 from linked finance. This would take a 3 year period.
3: Consider stopping AVC's of 90 euro per week.
4: Apply for a medical card. Although my savings and income are high it might be successful with my condition.
5: Should I withdraw my money from the index funds now. I have no idea when or if I will need them.
6: I won't need to go to hospital but can be cared for at home. My family is willing to help of course but I may need support from nurses physio etc. Some of this may have to be paid for or it may be paid by the HSE. Its impossible to say at this moment in time.
7: Draw up a will leaving any assets to family members after death. Also include living will of what treatment I would prefer if I can no longer communicate with people ( very likely at some stage.)
8: What I fear from a money point of view is losing my home espically if I do live for the next 20 years or longer and becoming a financial burden on family members who are already willing to help me with any physical problems as I lose the use of my limbs (the illness will not affect my mind in any way it is purely physical).
Sorry for the long post but I would like to hear peoples ideas.
Steve.