Retirement Makeover


Frequent Poster
Age: 50
Spouse's age: 48

2 children 13 / 12

Annual gross income from employment 60K
Annual gross income from employment spouse 80k (Basic @55k)

Type of employment: Public Sector X 2

Both good savers and easy on money: Current savings @100k

Value of home: @ 600k (Small farm)
Property 2 Apartment in Dublin: Value @320K (€1000 / months rental)
Property 3 3 bed semi: Value @180K (€800 / month rental)
Property 4 Holiday home in west: Value @100k (Just started Airbnb but its just hope to cover running costs)

No mortgages or loans on any of the properties

No Loans or debt

Pension me:
Pension 1: DB pension currently worth €12,000 and is Consumer linked - Payable from 65/ From a previous employer
Pension 2: Teacher pension currently 20 years
Pension 3: AVC €18,000 paid in the last 2 years lump sum payments

Pension spouse: 23 years State pension

Farm - Just turns over money - no profit - just a hobby farmer with 20 acres!

Life cover: Me- Income-continuance and €70k life cover
Life cover: spouse - none

Q1. I am considering buying back notional service years possibly 10 years. In the context of above - is this a good or bad idea? My HR has recently come back to me with some provisional figures - and to buy back years to have full service at 60 will cost €560 / fortnight. I could afford this - I had planned to start putting in @ €20K / year into pension until retirement.

Q2. I would like to retire earlier than 60. Can you suggest ways to do this?

Any suggestions would be most welcome

Many thanks in advance.