David_Dublin
Registered User
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- 864
Age: 47
Spouse’s/Partner's age: 46
Annual gross income from employment or profession: 105k
Annual gross income of spouse: 21k
Monthly take-home pay: 7k (combined)
Type of employment: e.g. Civil Servant, self-employed: both private, me full time, her 20hrs a week
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving more than we spend
Rough estimate of value of home: 875k
Amount outstanding on your mortgage: 140k tracker (580 per month), 10k SVR AIB (100 per month)
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Savings and investments:
We have 210k savings (some via inheritance), all readily accessible, deposit accounts
Do you have a pension scheme?
Yes, I contribute 4%, this is matched by employer. This is something I want to look at potentially increasing.
I also have a pension from previous employer, current value > 800k, buy out bond.
Do you own any investment or other property?
No
Ages of children: 10 and 13
Life insurance: yes, thru work and a separate mortgage one
What specific question do you have or what issues are of concern to you? Hope I can get some answers to the below.
Question 1: Now & Next - up the AVCs or save for project?
We have up to 2k excess per month. Should I pump as much of the 2k into pension as possible? Or should I save some towards refurb job we plan to do in the next year or two? Savings wont completely cover this, may need to borrow 100k on top of 210k savings, would intend doing by re-mortgage.
Question 2: At 50 - access 200k from Buy Out Bond, or keep in pension until I need it?
I can access up to 25% (max 200k) of buy out bound at age 50. Should I plan to access that in full at 50 and pay down SVR and Tracker? Then use the cash this frees up to pay as much as I can into AVCs into my 50s? What's the "right" thing to do? Should I leave as much of it in the pension as long as I can, maybe only try pay down the SVR element, and keep the cheap tracker?
Question 3: Longer Term
Longer term goal is we retire circa 60. This probably has overlap with Question 2.
What suggestions would people have to be in as good a position as I can. Presumably put as much into pension as possible. But should I pay down tracker with the buy out bond, or any excess savings?
We don't live oppulent lifestyle, but would like to be able to travel a bit, help the kids out with a car or education etc. We both have ageing parents, its reasonable, given their situations, that we could expect some amount of one off income from them in the coming years, up to 300k or more in total, after taxes. I hate adding this but it is the reality.
Spouse’s/Partner's age: 46
Annual gross income from employment or profession: 105k
Annual gross income of spouse: 21k
Monthly take-home pay: 7k (combined)
Type of employment: e.g. Civil Servant, self-employed: both private, me full time, her 20hrs a week
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving more than we spend
Rough estimate of value of home: 875k
Amount outstanding on your mortgage: 140k tracker (580 per month), 10k SVR AIB (100 per month)
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Savings and investments:
We have 210k savings (some via inheritance), all readily accessible, deposit accounts
Do you have a pension scheme?
Yes, I contribute 4%, this is matched by employer. This is something I want to look at potentially increasing.
I also have a pension from previous employer, current value > 800k, buy out bond.
Do you own any investment or other property?
No
Ages of children: 10 and 13
Life insurance: yes, thru work and a separate mortgage one
What specific question do you have or what issues are of concern to you? Hope I can get some answers to the below.
Question 1: Now & Next - up the AVCs or save for project?
We have up to 2k excess per month. Should I pump as much of the 2k into pension as possible? Or should I save some towards refurb job we plan to do in the next year or two? Savings wont completely cover this, may need to borrow 100k on top of 210k savings, would intend doing by re-mortgage.
Question 2: At 50 - access 200k from Buy Out Bond, or keep in pension until I need it?
I can access up to 25% (max 200k) of buy out bound at age 50. Should I plan to access that in full at 50 and pay down SVR and Tracker? Then use the cash this frees up to pay as much as I can into AVCs into my 50s? What's the "right" thing to do? Should I leave as much of it in the pension as long as I can, maybe only try pay down the SVR element, and keep the cheap tracker?
Question 3: Longer Term
Longer term goal is we retire circa 60. This probably has overlap with Question 2.
What suggestions would people have to be in as good a position as I can. Presumably put as much into pension as possible. But should I pay down tracker with the buy out bond, or any excess savings?
We don't live oppulent lifestyle, but would like to be able to travel a bit, help the kids out with a car or education etc. We both have ageing parents, its reasonable, given their situations, that we could expect some amount of one off income from them in the coming years, up to 300k or more in total, after taxes. I hate adding this but it is the reality.