terrycasper
New Member
- Messages
- 4
Personal details
Age: mid 40s
Spouse's age: mid 40s
Number and age of children: 3 teenagers
Income
Personal : 250k
Spouse : 5k
Summary of Assets and Liabilities
Family home value: 300k
Mortgage on family home: 0
Net equity: 300k
Cash: 130k
Other borrowings – car loans/personal loans etc
No loans, no debt
Pension information
Value of pension fund: 250k
What specific question do you have or what issues are of concern to you?
Having read other posts similar, and general guidance across the forum, it would seem that the 2 key bridges are crossed in terms of paying off mortgage and maxing my 28,750 pension contributions. I understand the next step in the formula is to invest in a diverse portfolio of shares. Its a nice problem to have, but I have absolutely no idea how to go about doing this, and am conscious of getting exposed when stepping outside my area of expertise and paying over the odds to get a stake in the game of portfolio management. So one direct question is 'how to proceed with investing without being the last person in the transaction to benefit from it - or worse again, the only one who does not!'
Second question goes back to the element of doubt on the Pension Maxed thing. My wife is a homeworker who has a small cash business sideline, which had income before expenses of about 5k last year. This hasnt been declared or formalized as a business entity at this point given the low volumes. It is slowly crossing that point between becoming a sideline hobby that pays a few bob, and being a modest revenue stream that requires paperwork etc. My pension is a PRSA. My wife does not have any pension plan whatsoever. Is there a route to putting our savings cash into a PRSA for my wife that would be a major tax efficiency for us? It would essentially be my income going to her pension - I genuinely don't know whether that is tax avoidance or tax evasion!
Might be some questions on low current pension & savings vs income. This is attributable to significant income increases in the last couple of years, paying off the mortgage, cash purchase of car and home improvements.
Age: mid 40s
Spouse's age: mid 40s
Number and age of children: 3 teenagers
Income
Personal : 250k
Spouse : 5k
Summary of Assets and Liabilities
Family home value: 300k
Mortgage on family home: 0
Net equity: 300k
Cash: 130k
Other borrowings – car loans/personal loans etc
No loans, no debt
Pension information
Value of pension fund: 250k
What specific question do you have or what issues are of concern to you?
Having read other posts similar, and general guidance across the forum, it would seem that the 2 key bridges are crossed in terms of paying off mortgage and maxing my 28,750 pension contributions. I understand the next step in the formula is to invest in a diverse portfolio of shares. Its a nice problem to have, but I have absolutely no idea how to go about doing this, and am conscious of getting exposed when stepping outside my area of expertise and paying over the odds to get a stake in the game of portfolio management. So one direct question is 'how to proceed with investing without being the last person in the transaction to benefit from it - or worse again, the only one who does not!'
Second question goes back to the element of doubt on the Pension Maxed thing. My wife is a homeworker who has a small cash business sideline, which had income before expenses of about 5k last year. This hasnt been declared or formalized as a business entity at this point given the low volumes. It is slowly crossing that point between becoming a sideline hobby that pays a few bob, and being a modest revenue stream that requires paperwork etc. My pension is a PRSA. My wife does not have any pension plan whatsoever. Is there a route to putting our savings cash into a PRSA for my wife that would be a major tax efficiency for us? It would essentially be my income going to her pension - I genuinely don't know whether that is tax avoidance or tax evasion!
Might be some questions on low current pension & savings vs income. This is attributable to significant income increases in the last couple of years, paying off the mortgage, cash purchase of car and home improvements.