Age: 50
Spouse’s/Partner's age: 57
Annual gross income from employment or profession: 56,000
Annual gross income of spouse: 60,000
Monthly take-home pay 2,500 for me, a bit more for my partner.
Type of employment: e.g. Civil Servant, self-employed both civil servants
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home about 300,000 euros
Amount outstanding on your mortgage: none
What interest rate are you paying?
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?
Savings and investments:
post office bonds of 60,000 euros. Standard Life fund value 23,000 invested.
I pay 150 euro a month into an Irish Life fund values 1 to 6. You choose your risk rating. I have 10,000 euros in this.
I save about 5000 euros a year.
My partner would have similar savings, maybe more.
Do you have a pension scheme?
Yes, with civil service, i joined in 2007. My partner joined in 1990.
Another small scheme from a previous employer with about 15,000 in it.
Do you own any investment or other property? No
Ages of children: 14 and 11
Life insurance: no
I joined CS in 2007 and I will have about 22 years worked when I am 62. I take some parental unpaid leave and a few unpaid weeks in the summer.
I would like to retire at 62. I should get around 9,000 or 10,000 from civil service directly if I don't buy any notional service and the remainder as a supplementary pension 12,500 when 66. I know that the amount I get at 62 would be cost neutral and not the full amount as I would be retiring in advance of 65.
Would I be better to do avcs or buy a few years back? The price for buying 9 years back is given at roughly 100 euro a week if I work til 65. This would be after tax. I would not be able to buy the full 9 as I would hope to retire at 62.
I calculated that I would need to draw the pension for 9 or 10 years to get back what I put in. Buying back years would give an extra yield of 3,000 a year on top of my 10,000. I like the idea that buying years means you know what you have, it will increase in line with salary. However if you don't draw down the pension for 10+ years, that money is gone.
The avcs mean the money is there anyway. It can be stressful if funds do not perform.
What advice would you give
Spouse’s/Partner's age: 57
Annual gross income from employment or profession: 56,000
Annual gross income of spouse: 60,000
Monthly take-home pay 2,500 for me, a bit more for my partner.
Type of employment: e.g. Civil Servant, self-employed both civil servants
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home about 300,000 euros
Amount outstanding on your mortgage: none
What interest rate are you paying?
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?
Savings and investments:
post office bonds of 60,000 euros. Standard Life fund value 23,000 invested.
I pay 150 euro a month into an Irish Life fund values 1 to 6. You choose your risk rating. I have 10,000 euros in this.
I save about 5000 euros a year.
My partner would have similar savings, maybe more.
Do you have a pension scheme?
Yes, with civil service, i joined in 2007. My partner joined in 1990.
Another small scheme from a previous employer with about 15,000 in it.
Do you own any investment or other property? No
Ages of children: 14 and 11
Life insurance: no
I joined CS in 2007 and I will have about 22 years worked when I am 62. I take some parental unpaid leave and a few unpaid weeks in the summer.
I would like to retire at 62. I should get around 9,000 or 10,000 from civil service directly if I don't buy any notional service and the remainder as a supplementary pension 12,500 when 66. I know that the amount I get at 62 would be cost neutral and not the full amount as I would be retiring in advance of 65.
Would I be better to do avcs or buy a few years back? The price for buying 9 years back is given at roughly 100 euro a week if I work til 65. This would be after tax. I would not be able to buy the full 9 as I would hope to retire at 62.
I calculated that I would need to draw the pension for 9 or 10 years to get back what I put in. Buying back years would give an extra yield of 3,000 a year on top of my 10,000. I like the idea that buying years means you know what you have, it will increase in line with salary. However if you don't draw down the pension for 10+ years, that money is gone.
The avcs mean the money is there anyway. It can be stressful if funds do not perform.
What advice would you give