PickerUpper
Registered User
- Messages
- 12
Age: 44
Spouse’s/Partner's age: 44
Annual gross income from employment or profession: 60,000
Annual gross income of spouse: 130,000
Monthly take-home pay 3100 (me) 5,500 (partner)
Type of employment:
Me, Private Sector, financial services.
Spouse semi-state, university
In general are you, (a) spending more than you earn, or (b) saving?
Saving but with no plan, mainly just sitting in current account at end of month
Rough estimate of value of home 700,000
Amount outstanding on your mortgage: 245,000
What interest rate are you paying? 2.3% (fixed for another 12 months or so, 18 years remaining on term)
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- 0
Savings and investments: 20,000 cash savings. Only really acquired recently due to apartment sale, previous surplus cash was directed to mortgage overpay.
Do you have a pension scheme? Yes, defined benefit with death in service benefit for me. partner - mix of three DC schemes from previous employment and currently DC public service scheme - but we really don't understand these and what's actually been invested and what any pension payment is likely to be
Do you own any investment or other property? No - we had one rental property for the last 15 years (accidental landlords) but sold this summer and realised €75k in equity, so paid down a lump sum of home mortgage.
Ages of children: 8 and 6
Life insurance: yes for both of us - with work and additional income protection
What specific question do you have or what issues are of concern to you?
I think we're doing ok, but we're at a kind of a cross roads, with having recently sold our rental apartment and I'm keen to get a plan in place for the next few years.
We have focused the last few years on overpaying the mortgage, both with a monthly overpay and a lump sum from the apartment sale so we cleared it from €350k to €245k in the last year or so. We're at the max limit of what we can overpay now for 2020, but will be able to overpay another 10%/ €24k in January without penalty.
Kids are in primary school and relatively cheap for now, but will have to plan eventually for college.
We're both 44, working in stressful roles and would love to be able to change career or take a step back or look at different options in about 10 years.
Is it feasible to get the mortgage cleared, have a few quid in savings, have/ maintain a decent pension in that time and if so, what should we start doing now?
I'm keen not to break Brendan's rule of having a pile of cash sitting on deposit while having an outstanding mortgage
Spouse’s/Partner's age: 44
Annual gross income from employment or profession: 60,000
Annual gross income of spouse: 130,000
Monthly take-home pay 3100 (me) 5,500 (partner)
Type of employment:
Me, Private Sector, financial services.
Spouse semi-state, university
In general are you, (a) spending more than you earn, or (b) saving?
Saving but with no plan, mainly just sitting in current account at end of month
Rough estimate of value of home 700,000
Amount outstanding on your mortgage: 245,000
What interest rate are you paying? 2.3% (fixed for another 12 months or so, 18 years remaining on term)
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- 0
Savings and investments: 20,000 cash savings. Only really acquired recently due to apartment sale, previous surplus cash was directed to mortgage overpay.
Do you have a pension scheme? Yes, defined benefit with death in service benefit for me. partner - mix of three DC schemes from previous employment and currently DC public service scheme - but we really don't understand these and what's actually been invested and what any pension payment is likely to be
Do you own any investment or other property? No - we had one rental property for the last 15 years (accidental landlords) but sold this summer and realised €75k in equity, so paid down a lump sum of home mortgage.
Ages of children: 8 and 6
Life insurance: yes for both of us - with work and additional income protection
What specific question do you have or what issues are of concern to you?
I think we're doing ok, but we're at a kind of a cross roads, with having recently sold our rental apartment and I'm keen to get a plan in place for the next few years.
We have focused the last few years on overpaying the mortgage, both with a monthly overpay and a lump sum from the apartment sale so we cleared it from €350k to €245k in the last year or so. We're at the max limit of what we can overpay now for 2020, but will be able to overpay another 10%/ €24k in January without penalty.
Kids are in primary school and relatively cheap for now, but will have to plan eventually for college.
We're both 44, working in stressful roles and would love to be able to change career or take a step back or look at different options in about 10 years.
Is it feasible to get the mortgage cleared, have a few quid in savings, have/ maintain a decent pension in that time and if so, what should we start doing now?
I'm keen not to break Brendan's rule of having a pile of cash sitting on deposit while having an outstanding mortgage