YellowBrick
New Member
- Messages
- 4
My financial position has changed quite significantly in the last while and I’d really value some advice on the options available to us. We feel in a very lucky position and want to make sure we make the right moves ahead but also don't want to be working into our 60s.
Personal details
Age: 53
Spouse’s/Partner's age: 56
Number and age of children: None
Income and expenditure
Annual gross income from employment or profession: None right now. Was earning 130k in private sector employment until quite recently.
Annual gross income of spouse: €20k, self-employed
Summary of Assets and Liabilities
My home worth €450k rented at €2.6k a month, no mortgage.
Partner’s home worth €450k, no mortgage. We’re currently living there. With a €15k investment we could probably rent it for €3.2k a month.
Cash of €650k (savings and recent inheritance)
My executive pension fund: €500k
Partner’s PRSA fund €25k
No debt. No car loans. Credit card paid off each month. 5 year old car in decent condition.
My questions are:
Personal details
Age: 53
Spouse’s/Partner's age: 56
Number and age of children: None
Income and expenditure
Annual gross income from employment or profession: None right now. Was earning 130k in private sector employment until quite recently.
Annual gross income of spouse: €20k, self-employed
Summary of Assets and Liabilities
My home worth €450k rented at €2.6k a month, no mortgage.
Partner’s home worth €450k, no mortgage. We’re currently living there. With a €15k investment we could probably rent it for €3.2k a month.
Cash of €650k (savings and recent inheritance)
My executive pension fund: €500k
Partner’s PRSA fund €25k
No debt. No car loans. Credit card paid off each month. 5 year old car in decent condition.
My questions are:
- Would it make sense to use say 500k of the cash to buy a 3rd property as our primary residence and rent out Partner’s property? (I’m not that keen on location of Partner’s home – first world problems, I know).
- If not, what do we do with the cash? We’re not interested in a holiday home.
- I can go back to work and I’m thinking maybe full-time for say 3 years earning €120k+, or possibly part-time for the next 5 years making 80/90k. Or could I just retire now?! If going back to work, the plan would be to max out pension contributions/continue to save. We don't live large.
- Is there anything obvious that I’m missing, not considering?