Advice on investing 100K post sale of investment property

liketoknow333

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I’m looking for advice on what to do with a lump sum resulting from the sale of an investment property. We used some of the proceeds from the sale to clear our mortgage and car loan and have €100k left. We are a family of 5. Three children in primary school. Full time nurse and teacher.

Age: 44
Spouse’s age: 49

Annual gross income from employment or profession: 40k
Annual gross income of spouse: 44k

Monthly take-home pay: €2,500 + €2,700 = €4,900

Type of employment: e.g. Civil servant-teacher (since 2016), Nurse (private sector)

In general, we are saving about €500 pm

Rough estimate of value of home - €380k
Amount outstanding on your mortgage: Nil

Other borrowings – car loans/personal loans etc: None

Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card? No credit cards or any other debt.

Savings and investments: - €100K on deposit in bank

Do you have a pension scheme? Yes: teacher’s pension since 2016 (semi-state pension with previous employer from 2000 – 2015)
Spouse has nurse’s pension from various different employers (including some from abroad) since 1990

Do you own any investment or other property? No

Ages of children: 12, 10, 8

Life insurance: After we cleared our mortgage, we kept on the mortgage protection policy valued at €200K



What specific question do you have or what issues are of concern to you?
We have a lump sum of €100K sitting in the bank following the sale of an investment property. We are looking for advice on what to do with it. Should we speak to a financial planner/adviser? I find the whole area so daunting and confusing and therefore have just left the money sitting in the bank which I know is the worst thing to do. We are both really bad at looking at our finances and pensions and put our heads in the sand rather than look at them.
Ideally, some day we’d like to move to a bigger house if we can afford it which is another reason why we’ve left it in the bank but moving is not a major issue for us – however, if the perfect house came up we would like to be able to go for it.
We are more focused on getting things in place for our future retirement and not having to worry about that. We are not big spenders and don’t spend frivolously. We would like to put some money away from our children’s futures.
Also, I was wondering if I should buy back years from my teaching pension?
Any other advice would be really appreciated.
We are open to paying for professional advice on this so if anyone can recommend a good financial advisor/planner in south of the country that would be great!

Thank you
 
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