Maybe I'm missing something, but where do you get the million from?Nice problem to have, retiring more or less as millionaires !
Even ignoring the lump sums, the home and the house in Spain, the €55,500 a year guaranteed for rest of life from age 58 is worth a lot more than a million euro!Maybe I'm missing something, but where do you get the million from?
2 houses worth 375 +180= 555k. Pension lump sum of 170k, AVC investment 78k. Inheritance of 150k min +15k in the bank. That comes to 968k minimumMaybe I'm missing something, but where do you get the million from?
How are you retiring from PS at 58 ?Hi all.
Firstly, we do intend to get some independent financial advice soon, but just thought I'd throw our situation out there for ideas/suggestions.
We are both almost 58. We will both be taking early PS retirement very soon (wife has been bullied out- long story; I've just had enough and want to go with her).
1. We own our house (worth maybe €375-425,000), no loans, youngest has finished college, older two well sorted career-wise.
2. We own a small house in Spain, no loan, worth maybe €180-200,000 once some much-needed renovation works in progress are finished. Obviously we plan to spend several months per year there.
3. Pensions will be roughly €29,000 for me, 26,500 for herself. Lump sums will be roughly €170,000. No entitlement to state pension, but I might qualify for a pro-rata payment if I boost my contributions (would still only be 40-50/week).
4. I have an AVC due on retirement. Will be able to take approx. 8,500 cash plus balance of 78,500 to be invested. Probably draw down 500-600/month on this (i.e. pay for the bills in Spain).
5. Herself is due an inheritance very soon from her late sibling's estate. I'm not involved in the detail but after tax it could be anywhere from 150-250,000, as far as I know.
6. About 15,000 in bank/credit union- we took out a good bit to buy Spanish property mortgage-free.
7. Two cars (7 and 5), good order, no loans.
8. Credit card used as needed, cleared every month.
Questions is, what should we do with the inheritance? We plan to use some of our lump sums to assist kids with mortgage deposits as needed, and keep the balance for ourselves/replace car in time etc. As of now, we don't need the inheritance but would like to invest it wisely for a rainy day/the kids. We are not big spenders (no flash cars, expensive clothes, jewellery, holidays etc).
Thoughts welcome, and thanks for reading.
Just to add myself and the wife are a couple of years ahead of you. Over past year or so and looking forward a couple of years we are spending a lot more than we did while working. This is no surprise to us as we are doing the big trips South Africa, Canada etc while our healthis still good etc. Keep such matters in mind looking forward Plan well and keep well.Hi all.
Firstly, we do intend to get some independent financial advice soon, but just thought I'd throw our situation out there for ideas/suggestions.
We are both almost 58. We will both be taking early PS retirement very soon (wife has been bullied out- long story; I've just had enough and want to go with her).
1. We own our house (worth maybe €375-425,000), no loans, youngest has finished college, older two well sorted career-wise.
2. We own a small house in Spain, no loan, worth maybe €180-200,000 once some much-needed renovation works in progress are finished. Obviously we plan to spend several months per year there.
3. Pensions will be roughly €29,000 for me, 26,500 for herself. Lump sums will be roughly €170,000. No entitlement to state pension, but I might qualify for a pro-rata payment if I boost my contributions (would still only be 40-50/week).
4. I have an AVC due on retirement. Will be able to take approx. 8,500 cash plus balance of 78,500 to be invested. Probably draw down 500-600/month on this (i.e. pay for the bills in Spain).
5. Herself is due an inheritance very soon from her late sibling's estate. I'm not involved in the detail but after tax it could be anywhere from 150-250,000, as far as I know.
6. About 15,000 in bank/credit union- we took out a good bit to buy Spanish property mortgage-free.
7. Two cars (7 and 5), good order, no loans.
8. Credit card used as needed, cleared every month.
Questions is, what should we do with the inheritance? We plan to use some of our lump sums to assist kids with mortgage deposits as needed, and keep the balance for ourselves/replace car in time etc. As of now, we don't need the inheritance but would like to invest it wisely for a rainy day/the kids. We are not big spenders (no flash cars, expensive clothes, jewellery, holidays etc).
Thoughts welcome, and thanks for reading.
How are you retiring from PS at 58 ?
Thought minimum would be sixty -excluding health issues
No obvious answers here, unfortunately.Questions is, what should we do with the inheritance?
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