Then you are both in a pension scheme (a very good one!) so you need to update that alsoThank you for your reply imalwayshappy, - Apologies as I forgot to delete the examples from the "Types of employments" section.
We work both in the public sector. I work full time and my wife is part-time by choice (young children).
Thank you for your reply imalwayshappy, - Apologies as I forgot to delete the examples from the "Types of employments" section.
We work both in the public sector. I work full time and my wife is part-time by choice (young children).
Perfect, I have updated and added my mortgage repaymentsGood stuff, I would edit you initial post above to reflect this and add in your monthly mortgage repayments etc. People would draft their responses based on what they read in your initial post.
Hi AAAContributor, Accident landlord as it was my wife are her friend bought it 12 years ago. Little or no equity if it was sold. It is rented at the moment so paying for itself.You mention that you are a co-owner in an apartment. Do you view this investment as a form of pension provision or are you an accidental landlord? It may be useful to provide details such as your % share, the current market value and any debt on the property and your plans for this property for the medium term.
yes, my wife currently has a pension set up. I am not too sure my employers do... I will find out,Also, do any of your employers offer a contribution towards a pension as a % of salary?
I will look into this alsoDoes your employer provide a lump sum on death or critical illness cover etc?
Age: Mid 40's
Spouse’s/Partner's age: My wife is also in her mid 40's
Annual gross income from employment or profession: €32,500
Annual gross income of spouse: €20,000
Monthly take-home pay €3,627
Type of employment: both work in the public sector- I am full time and my wife is part-time.
In general are you:
(a) spending more than you earn, or
(b) saving? We are saving €400 per month.
Rough estimate of value of home: €350,000
Amount outstanding on your mortgage: €52,000
What interest rate are you paying? AIB tracker 0.6%
Mortgage repayments are €480.00 per month. About 9 years left.
Other borrowings – car loans/personal loans etc: Car loan €13,000
Do you pay off your full credit card balance each month? no
If not, what is the balance on your credit card? €480
Savings and investments: €55,000 savings
Do you have a pension scheme? no
Do you own any investment or other property? Co-owner in apartment
Ages of children: 7, 4, 4
Life insurance: none
What specific question do you have or what issues are of concern to you? We would like to know what is the best way forward with 3 young kids, €50,000 sitting in the current account and €5,000 in the credit union. Do we set up a pension scheme, put away a little for the kids future every week. Who would be best to do it with? We really don't have a scooby doo. Thank you.
It would be helpful to know if there's any mortgage associated with the apartment.
Is that a rental property? If so, could give us an idea of the monthly rental income and what share goes to you.
Are you sure your employer does not have a pension scheme? That would be very unusual for a public sector employer.
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