I appreciate there is a similar thread just started today but I didn't want to hi-jack that and I also wanted to give our specific details.
***
Age me: 40
Age spouse: 38
Income me: €115000 + ~50000 bonus
Income spouse: €80000
Both private sector
Mortgage 1: Balance €300000 value €365000, 18 years remaining. Gross rental income €1800 income per month. Rate 3.81%
Mortgage 2: Balance €145000 value €420000, 23 years remaining. Rate 3.3%
Savings: Saving approx. €4000 per month and have ~€70,000 cash in a lousy savings account L
Current pension fund me: €130,000
Current pension fund spouse: €50,000
We also both have approx. 6 years each deferred in a DB scheme from an old employer.
Two children both <10 years old
I currently contribute 5% to pension. Employer contributes 10%
Spouse not currently contributing to her pension. No employer contribution even when she does start
Should we:
1. Both max out our pension contributions up to the max tax relief, I think this would be a net cost of approx. €2700 per month
2. Overpay our mortgages by the same €2700 per month
3. Pay 15% into spouses pension, overpay the remainder (~€1700 out of 2700) off mortgages
4. Another combination of the above
I would like to have the option to retire (from current career at 55, not stop working)
Any advice welcome.
Thanks
***
Age me: 40
Age spouse: 38
Income me: €115000 + ~50000 bonus
Income spouse: €80000
Both private sector
Mortgage 1: Balance €300000 value €365000, 18 years remaining. Gross rental income €1800 income per month. Rate 3.81%
Mortgage 2: Balance €145000 value €420000, 23 years remaining. Rate 3.3%
Savings: Saving approx. €4000 per month and have ~€70,000 cash in a lousy savings account L
Current pension fund me: €130,000
Current pension fund spouse: €50,000
We also both have approx. 6 years each deferred in a DB scheme from an old employer.
Two children both <10 years old
I currently contribute 5% to pension. Employer contributes 10%
Spouse not currently contributing to her pension. No employer contribution even when she does start
Should we:
1. Both max out our pension contributions up to the max tax relief, I think this would be a net cost of approx. €2700 per month
2. Overpay our mortgages by the same €2700 per month
3. Pay 15% into spouses pension, overpay the remainder (~€1700 out of 2700) off mortgages
4. Another combination of the above
I would like to have the option to retire (from current career at 55, not stop working)
Any advice welcome.
Thanks