Where to put €60k lump sum

Evie1962

Registered User
Messages
19
Hi all- long time lurker- first time poster. Looking for some advice

Age 53
Spouse age 60

Annual income 25k
Spouse income 21K

Monthly take home pay. Not quite sure as I've started a new job last week. Spouse will be in receipt of pension imminently as they have just retired. I think the monthly income will be about €3600

Type of employment ; Me Private sector
Spouse : N/A

In general are you saving/spending.
Saving a bit after putting 3 through college.

Value of home €450k approx
Mortgage O/S €6600 - will be paid off Sept 2018. €335 a month with EBS. Not sure of the rate

Borrowings - none

Do you pay off your CC every month - yes

Savings/investments - 89k in credit union shares

Pension scheme : Small occupational one from previous employment.

Age of children : 1 dependent aged 13

Life Insurance 50k

My spouse will be in receipt of a lump sum of €60k soon. As the rates are so bad in the banks we're unsure what to do with it. I don't think we'll need to access it any time soon. We've come out of a number of years of real cheese paring having,put three through college and the associated expense. Just beginning to feel a bit more financially secure now.
 
What do you want to do with the money? Maybe keep some of it for the youngest to go to college? If you're not on a tracker rate, pay off your mortgage anyway.

Leave some in cash and invest some of it for the longer term. Don't go into anything that your money is locked in.


Steven
www.bluewaterfp.ie
 
Very much a case of Caveat Emptor. When making a life important decision, disregard the fancy brochures. Find an independent advisor that is not tied up with any particular company. Use the head when making a decision and remember 'anything that looks to good to be true, normally is.
 
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