If you have a new account but are having problems posting or verifying your account, please email us on [email protected] for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact [email protected]

Investment newbie - Looking to offload some savings

  • 25-07-2021 1:02pm
    Registered Users Posts: 388 ✭✭

    Hello - I'm looking for some help in terms of investing.

    This will begin with a pension but also looking at index funds. Will try and keep things brief.

    I am currently self employed, I take all of my earnings direct and put 51% into a savings account for the tax man, and keep the rest for myself, putting what I can into a savings account. I think I earned around 100,000 last year and am expecting to do the same if not more this year, with very little outgoings for the business.

    I have around 60,000 euro saved.

    I used to have a pension when I worked for a company, I think my best bet is to put whatever I can tax free into that? Will I be better off switching to a limited company?

    Once the pension is maxed, I'm looking to invest to get a potentially (I know it's not guaranteed) rate on my money rather than sitting in a standard bank savings account.

    I was thinking about index funds as they look to be fairly straightforward. Is it worth putting in a big lump sum say 5-10k? Or should I just look to invest x amount every month. What's the easiest way to do this in Ireland, and when do I need to start paying the tax on that? I'd like to keep things as simple as possible really, although I do already have an accountant if needed.