Pension lump sum investment

H

Haille

Registered User
Messages
348
My wife recently retired with a lump sum of €88,000 and a fortnightly pension of €1100. My pension is approx.€1000 per fortnight.We are both now retired and aged 60.I have an investment property in rural area with low rental income of €530 per month as well as €7,000 per annum from holiday letting Granny flat. I have 9 years remaining on €140,000 interest only tracker mortgage @ 0.5 % interest. I have invested over €100,000 in 10 year Saving certs some at 25% return and more at 16% return to yield €126,000 by the time the mortgage capital needs to be paid as well as €14,500 invested in last minute AVC's. Hoping the above 2 pay off the capital.We are paying approx.€1,000 on life policies to cover the mortgage amount if either or both of us die.We have 3 adult children, 31,28,26.
Looking for suggestions on where to invest €75,000 of lump sum assuming we will want to spend a little on home improvement. ?I have €25,000 already invested in prize bonds to help us replace our two old cars with 2 nd hand cars.
 
I would say pay off the mortgage and cancel the life policies but most of your cash is tied up in long term savings bonds which pay very little if you access your money early.

You need to have a think about what you want to do now you are both retired and how much money you will need to do it. 60 is still relatively young, so you may want to do a lot of things while you can. That should determine what you do with the rest of your money and the level of investment risk you need to take to have an enjoyable retirement.

Steven
www.bluewaterfp.ie
 
You must log in or register to reply here.
Back
Top