Should I put more into pension & savings?

@Itchy apologies, I misread and thought it was only for benefit of the children. I see now it includes the adults.
 
Brendan Burgess said:
For a complex set of circumstances like this you should not be paying commission to an advisor. You should be paying a professional fee on an hourly rate. And that professional will refer to other tax specialists as necessary.

Steven is a Chartered Financial Planner which is the qualification I recommended.

Check out your own guy to see what qualifications he has.

And have you got his advice in writing?

Brendan
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Correction: I am a Certified Financial Planner
 
Meeting the financial advisor next week.
What questions do you all think I should ask?
My parents in law and I have also talked and they are seeking a second opinion. Its too complex for the guy they have I think.
Thank you all VERY much for getting a fire under me - I was wandering around the issue and not really addressing it.
 
Johnnyinthesky said:
What questions do you all think I should ask?
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From having perused your post:
  1. You need clarity on whether use of rent-a-room scheme is valid;
  2. Are your parents-in-law using the €3k tax-free gift exemption as much as they can?
  3. Can you tax-efficiently top up your own pension fund?
  4. Life insurance - are you over-insured? Your wealthy parents-in-law and future inheritance seem to be providing a lot of natural insurance.
 
NoRegretsCoyote said:
From having perused your post:
  1. You need clarity on whether use of rent-a-room scheme is valid;
  2. Are your parents-in-law using the €3k tax-free gift exemption as much as they can?
  3. Can you tax-efficiently top up your own pension fund?
  4. Life insurance - are you over-insured? Your wealthy parents-in-law and future inheritance seem to be providing a lot of natural insurance.
Click to expand...
All great points. I do think the rent a room is valid but if it is not then I need to replace that income through salary.
3K Exemption I imagine is being used - its a kinda fundamental one to be using but I take the point that it should really be used for our pensions as it will deliver more growth than sitting in a bank account.
Life assurance - I will check. Yes there is a cushion there if we ever needed it - we never ask though but I do think the discussion should be aroiund what we are facing in tax bills in the future and what we should be doing now to offset this.
 
Brendan Burgess said:
1) What is your qualification? Are you a Certified Financial Planner?

Leave if he is not.

Brendan
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A CFP qualification isn't a cast iron guarantee. In order to boost their numbers, the FPSB allowed brokers who work on commission at banks and insurance companies use the designation (there are lots of good people working in banks and insurance companies but they have no choice but to charge commission).

For anyone looking for an advisor and they aren't sure, the simplest way is to ask them if they will work for a fee.


Don't send them a list of questions that you find off some American website, it isn't relevant to Ireland. I have received a number of emails from people with a list of questions pulled off the internet. I never reply. Advisors can pick who they work with too. ;)
 
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