Combined family paye income of about 260k or so
three kids, (9 to 14) so outgoings will remain high but no private school fees planned, childcare of about 500 per month currently
Almost no mortgage on our primary residence, will be paid off in next 6 months
Three Dublin properties rented, Approx. value, 500k, 300k and 225k. Rent per month of 2100, 1500 and 1500 respectively. All solid properties in term of rental demand
The 500k property has about 150k loan outstanding on ecb plus 0.5%
One other loan of 100k, interest free
No other loans or finance etc
Usually have a cash balance of 20k or so
No shares held directly, still waiting for the crash...
pension
Me
Deferred DB of c. 6k pa payable from age 60
DC pots of around 550k
I’ll be 50 in a year.
Spouse
Deferred pension of 10k from age 65
Dc pots of 100k
currently plan to continue working but looking to reduce outgoings and work less or maybe one of us give up or start contracting and alternate taking time out
Plans are. Sell 500k property(3 bed semi with garage and west facing garden in d16) and buy a cheaper property using the balance to pay off the mortgage, rental income should drop a small bit but probably not hugely
In a years time take 25% tax free cash and use it to pay off 100k loan
So in one years time be debt free and have rental income of approx 60k pa.and arf, marf of 400k
Life cover of c. 600k but no phi or critical illness
Will max out pension contributions if money continues to be earned
I don’t like the idea of being so concentrated in property but yield is attractive relative to anything else going. It’s not very tax efficient either as all just held directly
Any thoughts of alternatives to property or how to maximize income?
three kids, (9 to 14) so outgoings will remain high but no private school fees planned, childcare of about 500 per month currently
Almost no mortgage on our primary residence, will be paid off in next 6 months
Three Dublin properties rented, Approx. value, 500k, 300k and 225k. Rent per month of 2100, 1500 and 1500 respectively. All solid properties in term of rental demand
The 500k property has about 150k loan outstanding on ecb plus 0.5%
One other loan of 100k, interest free
No other loans or finance etc
Usually have a cash balance of 20k or so
No shares held directly, still waiting for the crash...
pension
Me
Deferred DB of c. 6k pa payable from age 60
DC pots of around 550k
I’ll be 50 in a year.
Spouse
Deferred pension of 10k from age 65
Dc pots of 100k
currently plan to continue working but looking to reduce outgoings and work less or maybe one of us give up or start contracting and alternate taking time out
Plans are. Sell 500k property(3 bed semi with garage and west facing garden in d16) and buy a cheaper property using the balance to pay off the mortgage, rental income should drop a small bit but probably not hugely
In a years time take 25% tax free cash and use it to pay off 100k loan
So in one years time be debt free and have rental income of approx 60k pa.and arf, marf of 400k
Life cover of c. 600k but no phi or critical illness
Will max out pension contributions if money continues to be earned
I don’t like the idea of being so concentrated in property but yield is attractive relative to anything else going. It’s not very tax efficient either as all just held directly
Any thoughts of alternatives to property or how to maximize income?