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Best options ,pension , savings

  • 16-06-2020 10:38pm
    #1
    Macker
    Registered Users, Registered Users 2 Posts: 920 ✭✭✭


    Im sure this has been covered many times but I went back a few pages and didn't see it.
    Married mid 50s we have about 60k in savings , I earn 60k year my wife about 32k ,my pension is 5% from me and matched by my employer my wife similar ,mine has a fund of about 110 k my wife's is only a couple of years and just set up to try save a bit of tax.

    My question is.
    Should we max out both pensions and tap into savings when needed ,this would give us money in the bank for a rainy day.

    Invest a lump sum in both pensions?

    Invest part in a pension but hold some back for a rainy day fund?

    Or put the money somewhere else like prize bonds,

    I dont fancy high risk unless its maybe spread out.

    Oh and how much does it cost to sit down with a money advisor?

    Cheers


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,613 Mod ✭✭✭✭Jim2007


    Macker wrote: »
    Im sure this has been covered many times but I went back a few pages and didn't see it.
    Married mid 50s we have about 60k in savings , I earn 60k year my wife about 32k ,my pension is 5% from me and matched by my employer my wife similar ,mine has a fund of about 110 k my wife's is only a couple of years and just set up to try save a bit of tax.

    My question is.
    Should we max out both pensions and tap into savings when needed ,this would give us money in the bank for a rainy day.

    Invest a lump sum in both pensions?

    Invest part in a pension but hold some back for a rainy day fund?

    Or put the money somewhere else like prize bonds,

    I dont fancy high risk unless its maybe spread out.

    Oh and how much does it cost to sit down with a money advisor?

    Cheers

    Two observations:
    - You should always have a rainy day fund
    - The options available for investing depends very much on what your objective is... so what is your objective?


  • #3
    Macker
    Registered Users, Registered Users 2 Posts: 920 ✭✭✭Macker


    Jim2007 wrote: »
    Two observations:
    - You should always have a rainy day fund
    - The options available for investing depends very much on what your objective is... so what is your objective?

    I just want my money to work a bit harder, at the moment it's sitting in various institutions doing nothing, I would probably keep the rainy day fund in the credit union but invest the rest somewhere, not looking to make a fortune just a comfortable retirment


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