Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Best options ,pension , savings

  • 16-06-2020 11:38pm
    #1
    Macker
    Registered Users Posts: 920 ✭✭✭


    Im sure this has been covered many times but I went back a few pages and didn't see it.
    Married mid 50s we have about 60k in savings , I earn 60k year my wife about 32k ,my pension is 5% from me and matched by my employer my wife similar ,mine has a fund of about 110 k my wife's is only a couple of years and just set up to try save a bit of tax.

    My question is.
    Should we max out both pensions and tap into savings when needed ,this would give us money in the bank for a rainy day.

    Invest a lump sum in both pensions?

    Invest part in a pension but hold some back for a rainy day fund?

    Or put the money somewhere else like prize bonds,

    I dont fancy high risk unless its maybe spread out.

    Oh and how much does it cost to sit down with a money advisor?

    Cheers


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,360 Mod ✭✭✭✭Jim2007


    Macker wrote: »
    Im sure this has been covered many times but I went back a few pages and didn't see it.
    Married mid 50s we have about 60k in savings , I earn 60k year my wife about 32k ,my pension is 5% from me and matched by my employer my wife similar ,mine has a fund of about 110 k my wife's is only a couple of years and just set up to try save a bit of tax.

    My question is.
    Should we max out both pensions and tap into savings when needed ,this would give us money in the bank for a rainy day.

    Invest a lump sum in both pensions?

    Invest part in a pension but hold some back for a rainy day fund?

    Or put the money somewhere else like prize bonds,

    I dont fancy high risk unless its maybe spread out.

    Oh and how much does it cost to sit down with a money advisor?

    Cheers

    Two observations:
    - You should always have a rainy day fund
    - The options available for investing depends very much on what your objective is... so what is your objective?


  • #3
    Macker
    Registered Users Posts: 920 ✭✭✭Macker


    Jim2007 wrote: »
    Two observations:
    - You should always have a rainy day fund
    - The options available for investing depends very much on what your objective is... so what is your objective?

    I just want my money to work a bit harder, at the moment it's sitting in various institutions doing nothing, I would probably keep the rainy day fund in the credit union but invest the rest somewhere, not looking to make a fortune just a comfortable retirment


Advertisement