Inherited 200k-what to do with it?

N

Nodrog2007

New Member
Messages
6
Married, him 61 and me 51.
Both work, me 4 days pw and him 5 days pw, both wfh.
Mortgage free, no loans, two newish cars.

2 college going adult kids who both work part time.
Eldest finishing college this year, younger is in first year. So will have college fees for another 3 years.

Both have a PRSA and a private pension (each will get around €5K from private pension pa). Not dure what PRSA will give.

He is due to receive 200k shortly (MIL House sale). He is very cautious, there will be no big splurge.

Should he speak with a QFA regarding the best possible use of the money?
Ideally he would like to retire early.
 
Definitely a financial advisor should be able to take all the info from your prsa, pension, savings, outgoings, inheritance, plans for the future and advise you how best to proceed. Money we’ll spend for independent advice I think.

Even gathering all your info helps you see where you stand financially and what your income might be on various years until you both retire and how much income you can expect annually after that. And you will know whether to use the €200K between now and full retirement age to fund the gap or whether to invest to draw down after retirement.
 
Best if you head to the money makeover forum and use the template.

More information will mean better advice!

Key Post - Basic information required for the "Money Makeover" forum

It can be difficult, but please try to use a meaningful title in your thread For example "27 year old with mortgage arrears". You will get a much better and much more coherent answer if you give as much information as possible in your first post. For example, if you give your mortgage rate, it...
www.askaboutmoney.com
 
You must log in or register to reply here.
Back
Top