lessobviousname
New Member
- Messages
- 4
Age: 42
Spouse’s/Partner's age: 40
Annual gross income from employment or profession:
€56k
Annual gross income of spouse:
€88k
Combined monthly take-home pay
€7,900
Type of employment:
Both (spouse & I) work for private companies
In general are you:
(a) spending more than you earn, or
(b) saving?
(b) We’re able to save around €1,000 a month now when earnings from rental income are included.
Bulk of costs are €1,700 for childcare in Dublin (two kids) and €1,300 mortgage on home. Early repayment on the mortgage has left four years on it before it’s finished.
Most of the savings are being ring-fenced for kids education and some (foreseeable and expected) medical expenses.
Rough estimate of value of home
€1,150,000
Amount outstanding on your mortgage:
€60,000
What interest rate are you paying?
2.85% with four years left on the term of this mortgage.
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Don’t have a credit card
Savings and investments:
€60k in cash savings in current accounts
€61k in a Synergy Buy-Out bond from moving a pension from UK to Ireland
Currently selling a property in the UK. Should net approximately €300k from the sale after CGT.
Do you have a pension scheme?
I don’t since the transfer of my pension from the UK when I finished working with my previous company. The value of the pension is €61k and is now in a Synergy Buy-Out bond as noted above.
My spouse only started one last year at her current employer.
Do you own any investment or other property?
Own a rental property worth about €550k with a mortgage of approx. €360k. The rental income is €2,700 a month and the mortgage is around €1,700/month. With deductible expenses, it earns around €8k a year (after tax). There’s 22 more years left on this mortgage.
Ages of children: 4 & 6 (€1,700 a month on childcare is a big monthly expense)
Life insurance: €300k (for whichever one doesn’t pop their clogs first)
We’re in a good position in terms of the assets we own (i.e. home we live in and property in Dublin we currently rent out).
As a couple, we’re keen to financially retire early (mid/late-50’s if possible), however, we’re the lack of decent pensions is a concern. Rental income would definitely contribute in the long-term.
With the €300k coming from the sale of the UK property we’re keen to get any advice or direction to help understand how we might be best invest this sum to help us work towards our goals.
Many thanks.
Spouse’s/Partner's age: 40
Annual gross income from employment or profession:
€56k
Annual gross income of spouse:
€88k
Combined monthly take-home pay
€7,900
Type of employment:
Both (spouse & I) work for private companies
In general are you:
(a) spending more than you earn, or
(b) saving?
(b) We’re able to save around €1,000 a month now when earnings from rental income are included.
Bulk of costs are €1,700 for childcare in Dublin (two kids) and €1,300 mortgage on home. Early repayment on the mortgage has left four years on it before it’s finished.
Most of the savings are being ring-fenced for kids education and some (foreseeable and expected) medical expenses.
Rough estimate of value of home
€1,150,000
Amount outstanding on your mortgage:
€60,000
What interest rate are you paying?
2.85% with four years left on the term of this mortgage.
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Don’t have a credit card
Savings and investments:
€60k in cash savings in current accounts
€61k in a Synergy Buy-Out bond from moving a pension from UK to Ireland
Currently selling a property in the UK. Should net approximately €300k from the sale after CGT.
Do you have a pension scheme?
I don’t since the transfer of my pension from the UK when I finished working with my previous company. The value of the pension is €61k and is now in a Synergy Buy-Out bond as noted above.
My spouse only started one last year at her current employer.
Do you own any investment or other property?
Own a rental property worth about €550k with a mortgage of approx. €360k. The rental income is €2,700 a month and the mortgage is around €1,700/month. With deductible expenses, it earns around €8k a year (after tax). There’s 22 more years left on this mortgage.
Ages of children: 4 & 6 (€1,700 a month on childcare is a big monthly expense)
Life insurance: €300k (for whichever one doesn’t pop their clogs first)
We’re in a good position in terms of the assets we own (i.e. home we live in and property in Dublin we currently rent out).
As a couple, we’re keen to financially retire early (mid/late-50’s if possible), however, we’re the lack of decent pensions is a concern. Rental income would definitely contribute in the long-term.
With the €300k coming from the sale of the UK property we’re keen to get any advice or direction to help understand how we might be best invest this sum to help us work towards our goals.
Many thanks.