Age | 38 |
Spouse (wife) | 39 |
. | |
Gross income | 80,000 PAYE |
Gross income of spouse | 60,000 PAYE |
Type of employment | IT Manager |
. | |
Monthly take-home pay | 7800 (combined) |
Monthly outgoings | 6000 month including childcare, rent, petrol, car insurance etc. This is higher than we'd like. |
Monthly Rent | 1,200 |
. | |
Saving per month | 1,400 |
Savings | 204,734 (130,000 of which is in Australia) |
. | |
Investment Property | Yes |
Value of house | 220,000 (3 bed detached) |
Amount outstanding on your mortgage | 150,000 25 years remaining |
What interest rate are you paying? | 2.6 fixed 4 years |
Rental income covering the mortgage. | |
. | |
Other borrowings | None |
. | |
Pension | |
Me | 25,000 |
Spouse | 23,000 |
Superannuation (Australia) | 110,000 (both) |
. | |
Ages of children: | 3 children 4 years, 2 years, 4 months. |
. | |
Life insurance: | No. Looking at options at the moment |
My wife turned 66 recently and just about qualified for a full State Pension. I understand that the qualifying rules are set to change next year. I would look in to this to see if a 4 day week going forward will give her enough stamps to qualify for a full pension or will she need to sign on for some sort of "credit" to cover the 5th day.Parental Leave
Yes, my wife is looking to possibly reduce down to 4 days in the future, so we would need to account for that reduction in salary. What's the most important considerations here?
I used a life fund, and a bare trust structure so that the money is in my children's names immediately. Amount I put in falls under the small gifts exemption each year.Kids Education Fund
I'm still wondering the best approach for this. Is there a feeling as to whether an investment scheme like Irish Life's Pinnacle is a good approach? Or post office certs as suggested by @noproblem
My wife turned 66 recently and just about qualified for a full State Pension. I understand that the qualifying rules are set to change next year. I would look in to this to see if a 4 day week going forward will give her enough stamps to qualify for a full pension or will she need to sign on for some sort of "credit" to cover the 5th day.
Not being funny here but its unlikely someone will decide for/against a 4 day week based on pension entitlements. Who knows what the state pension entitlement will be for OP when the time comes around in ~30 years time. Decisions to go to a 4 day week are around spending more time with kids and trying to achieve that elusive work/life balance and ensuring kids spend more time with parents rather than minders !!I'll do my research on pensions as you're probably right, and I'm unsure what this means. Also not sure what you mean by 'credit'.
A radical suggestion you might consider here is to see if you can clear your mortgage before the kids go to university and use your mortgage repayment amounts to fund their education... might work depending on the timeframe !Kids Education Fund
I'm still wondering the best approach for this. Is there a feeling as to whether an investment scheme like Irish Life's Pinnacle is a good approach? Or post office certs as suggested by @noproblem
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