speedtomyside
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No one with a zero pension fund should have anything in BTC.0.76 BTC (currently worth €71k)
Hi all just looking for any advice people might have.
For context, am 49m married with 3 kids. I was financially irresponsible for most f my adult life but am now attempting to get some sort of future together.
I have no pension but am starting a PRSA in January.
House is 50% paid off
We have €80k in State Savings, maturing in next five years (kids college fund realistically)
25k in HYSA (Emergency fund)
0.76 BTC (currently worth €71k)
ETFs/stocks - €5k (just starting off on this)
Wife has a work pension which will give her approx 11k a year, and has just started a private pension too.
Household income is €80k (not likely to change)
We drive two old cars and shop in Aldi. Just spend money on kids/essentials really.
I’d like to keep the BTC as I see it appreciating over the next five/ten years.
I’ll be putting approx €500 per month into the PRSA and at 66 I’ll qualify for the contributory pension (currently €270 or so). Is there anything you good people would suggest I do, or do differently?
I know we're in an ok position compared to a lot of people but (especially after reading about other peoples' pension pots) I can't help thinking we're screwed!
Thanks I'll stick a post up there.There's not really sufficient information in your post above to do a proper analysis of your overall situation and offer useful advice - e.g. no real details about your mortgage.
I couldn't post in the other forum for some reason, but thanks a lot for that response. That's very reassuring to be honest. Hopefully the contributory pensions will still be at the same level. We have a child with a disability and would be expecting them to be living with us as an adult too.Your wife's 11k pension plus 2 contributory pensions already should have you not a million miles away from what the the recent report describes as comfortable for a couple (€43.2k).
Two full contributory pensions plus the €11K comes to €39.9K which for a married couple in retirement would give a net of about €39.5k, about €4K p.a. short of the 'comfortable' figure.
Because deductions are so low at this level, you'd need not much more than an extra gross €4k p.a. pension to get you to that.
And if that doesn't sound like much, another poster described his parents, who have €52k net pa in pensions as being unable to spend it all.
You say you're half way through your mortgage so presumably that will be paid off by retirement.
€500 a month in a prsa with a real growth rate of 4% would amount to €144,773 after 17 years when you'd be 66 ().
Assuming your fund continued to earn returns of 4% during retirement then if you were happy to bet on not living
past age 91 you could pay yourself €758.46 a month (9k p.a.) for 25 years
Then the 2 full contributory pensions plus your wife's €11K pension, plus your €9k pension gets to to €48.9 gross which would be €47k net p.a.
I think €3.9k a month in your hand with no kids or mortgage sounds like plenty. Currently you probably have €5.5k a month but with all those other expenses.
That’s the wrong attitude. You should compare €71k of BTC with every other possible asset today. It’s irrelevant how you got here. Right now it looks like 20% of your household wealth is in an asset that could collapse to zero in a month. You’re not rich enough to take that risk.Re: the BTC, I got in relatively early so it's pretty much all a bonus.
I'd stress that I'm just someone who's only taking an interest in this stuff lately as retirement looms closer for me.I couldn't post in the other forum for some reason, but thanks a lot for that response. That's very reassuring to be honest. Hopefully the contributory pensions will still be at the same level. We have a child with a disability and would be expecting them to be living with us as an adult too.
That sounds ahead of schedule, like as though you're paying off capital in addition to the normal repayments.Yes the mortgage is a 26 year one that takes me to 65, my wife 62. We're ten years into it now, have less than half the capital to go. We bought in 2014 so were lucky there.
It is but in the opposite way than you think.Its being taken seriously by large institutions and even governments
For example the ECB hasn’t printed the €500 note since 2014 as its main use is criminal. Likewise to my knowledge Irish banks remove €100 and €200 notes from circulation for the same reason.
Hi all just looking for any advice people might have.
For context, am 49m married with 3 kids. I was financially irresponsible for most f my adult life but am now attempting to get some sort of future together.
I have no pension but am starting a PRSA in January.
House is 50% paid off
We have €80k in State Savings, maturing in next five years (kids college fund realistically)
25k in HYSA (Emergency fund)
0.76 BTC (currently worth €71k)
ETFs/stocks - €5k (just starting off on this)
Wife has a work pension which will give her approx 11k a year, and has just started a private pension too.
Household income is €80k (not likely to change)
We drive two old cars and shop in Aldi. Just spend money on kids/essentials really.
I’d like to keep the BTC as I see it appreciating over the next five/ten years.
I’ll be putting approx €500 per month into the PRSA and at 66 I’ll qualify for the contributory pension (currently €270 or so). Is there anything you good people would suggest I do, or do differently?
I know we're in an ok position compared to a lot of people but (especially after reading about other peoples' pension pots) I can't help thinking we're screwed!
I appreciate the effort you went to! The calculations seem 'legit'. Thanks, it was the kids arrival (starting 13 years ago) that gave me the financial wakeup call I needed. My wife's always been pretty good with money so I picked up some good habits from her too. Just never prioritised the pension I suppose, too busy!I'd stress that I'm just someone who's only taking an interest in this stuff lately as retirement looms closer for me.
So don't rely on anything I say, it's just my opinion fwiw, there are a lot of people here a lot more knowledgeable than me.
That sounds ahead of schedule, like as though you're paying off capital in addition to the normal repayments.
If that is so I wouldn't know if it's wiser to do that or put it into a pension.
Either way I'd just say that you guys sound pretty frugal and responsible to me.
To be doing that as well as paying into extra pensions and bonds, all with kids at home to pay for.
You sound more mature than I was at that age, which isn't saying much though.
Not sure I get ya Brendan. I wouldn't borrow €71k for anything other than a roof over our heads, I'm not one for borrowing at all. I drive a 2012 car. We saved up a 25% deposit to get a better rate.The question you should ask yourself is this.
If the following applied to you:
1) I have no pension
2) I have a mortgage on my home
3) I have 3 kids
4) I have no crypto
Would you borrow €71k to invest in BTC?
You were an early mover in this Ponzi scheme. You have done very well. Take your profits. Pay down the mortgage or up your pension.
You currently have a mortgage and €71k in bitcoin. You could sell the bitcoin and use the net proceeds to pay down your mortgage. As you aren't doing this, you are effectively borrowing to invest in bitcoin.Not sure I get ya Brendan. I wouldn't borrow €71k for anything other than a roof over our heads, I'm not one for borrowing at all. I drive a 2012 car. We saved up a 25% deposit to get a better rate.
If your 50% outstanding mortgage (as I said before, it's difficult to comment properly in the absence of such details) is more than €71K then that's basically what you're doing - borrowing to invest on a leveraged basis in Bitcoin.Not sure I get ya Brendan. I wouldn't borrow €71k for anything other than a roof over our heads, I'm not one for borrowing at all. I drive a 2012 car. We saved up a 25% deposit to get a better rate.
What was your objective in buying it originally?Why sell an appreciating asset? I might never cash it in and just leave it to the kids as if it were jewellery. It’s proven a good hedge against inflation and store of value so far, I don’t see it dropping to my cost price and if it does, it’ll most likely bounce back again.
Bit strange - OP starts post which outlined previous risk taking and being irresponsible and yet refused to follow advice given that leads to being responsible !For context, am 49m married with 3 kids. I was financially irresponsible for most f my adult life but am now attempting to get some sort of future totogether.
I'd suggest selling the Bitcoin, paying the CGT, taking out the €15k you put into it and then reinvesting the balance of €40k back into Bitcoin. That eliminates the possibility of losing anything on the deal, retains the option of benefiting from future increases in value, and gives you €15k to use elsewhere.I didn’t suddenly wake up to find I had €71k in Bitcoin. If I had sold it when it was worth 20k, 40k, 60k and I put it into a 4% interest mortgage I’d be kicking myself right now. The mortgage is being taken care of by inflation, I don’t worry about it. We have steady income and the house is worth a lot more than we paid for it. It’s also protected by an insurance policy in case anything happens to one of us.
Also I don’t really want to pay the CGT yet. It would be around €17k. I’ll wait and see what happens. Why sell an appreciating asset? I might never cash it in and just leave it to the kids as if it were jewellery. It’s proven a good hedge against inflation and store of value so far, I don’t see it dropping to my cost price and if it does, it’ll most likely bounce back again.
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