Familyman77
Registered User
- Messages
- 157
Age: 43
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: 65k
Annual gross income of spouse: n/a homemaker
Monthly take-home pay €4750 ( this figure includes ICTC tax credit €3300 per annum, €5000 net per annum bonus paid weekly )
Type of employment: e.g. Civil Servant, self-employed
Private Sector construction industry
In general are you:
(a) spending more than you earn, or
(b) saving?
Keeping savings steady at 20k, 8k in daily spending account ( which include holidays etc ) and then overpaying approx €500 a month on mortgage
Rough estimate of value of home
€350000
Amount outstanding on your mortgage:
€130000 17 years left at €815 per month ( plus €81.50 PPI )
What interest rate are you paying?
2.75% <50% LTV
Other borrowings – car loans/personal loans etc
No other debt
Do you pay off your full credit card balance each month?
N/A
If not, what is the balance on your credit card?
Savings and investments: €20k in CU
Do you have a pension scheme?
Work one is minimum industry requires I pay €20 and work pays €40 per week. Employer wont contribute higher to this.
Separate one is executive pension plan started 2019. Has 110k value and would expect employer to contribute average of 20k per year to this
Do you own any investment or other property?
No
Ages of children: 4 and 8
Life insurance: with mortgage, also have PPI and have Death in service cover with small industry pension
What specific question do you have or what issues are of concern to you?
I have received my annual performance related bonus which this year is €75000. I have the option to pay this full amount into the executive pension or take it now through payroll with the obvious deductions ( approx €35000 net )
I assume I should pay the full €75k into the pension and not take the reduced amount to then overpay the mortgage
just looking to check I'm right on this . Thank you
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: 65k
Annual gross income of spouse: n/a homemaker
Monthly take-home pay €4750 ( this figure includes ICTC tax credit €3300 per annum, €5000 net per annum bonus paid weekly )
Type of employment: e.g. Civil Servant, self-employed
Private Sector construction industry
In general are you:
(a) spending more than you earn, or
(b) saving?
Keeping savings steady at 20k, 8k in daily spending account ( which include holidays etc ) and then overpaying approx €500 a month on mortgage
Rough estimate of value of home
€350000
Amount outstanding on your mortgage:
€130000 17 years left at €815 per month ( plus €81.50 PPI )
What interest rate are you paying?
2.75% <50% LTV
Other borrowings – car loans/personal loans etc
No other debt
Do you pay off your full credit card balance each month?
N/A
If not, what is the balance on your credit card?
Savings and investments: €20k in CU
Do you have a pension scheme?
Work one is minimum industry requires I pay €20 and work pays €40 per week. Employer wont contribute higher to this.
Separate one is executive pension plan started 2019. Has 110k value and would expect employer to contribute average of 20k per year to this
Do you own any investment or other property?
No
Ages of children: 4 and 8
Life insurance: with mortgage, also have PPI and have Death in service cover with small industry pension
What specific question do you have or what issues are of concern to you?
I have received my annual performance related bonus which this year is €75000. I have the option to pay this full amount into the executive pension or take it now through payroll with the obvious deductions ( approx €35000 net )
I assume I should pay the full €75k into the pension and not take the reduced amount to then overpay the mortgage
just looking to check I'm right on this . Thank you