Hi all.
Firstly, we do intend to get some independent financial advice soon, but just thought I'd throw our situation out there for ideas/suggestions.
We are both almost 58. We will both be taking early PS retirement very soon (wife has been bullied out- long story; I've just had enough and want to go with her).
1. We own our house (worth maybe €375-425,000), no loans, youngest has finished college, older two well sorted career-wise.
2. We own a small house in Spain, no loan, worth maybe €180-200,000 once some much-needed renovation works in progress are finished. Obviously we plan to spend several months per year there.
3. Pensions will be roughly €29,000 for me, 26,500 for herself. Lump sums will be roughly €170,000. No entitlement to state pension, but I might qualify for a pro-rata payment if I boost my contributions (would still only be 40-50/week).
4. I have an AVC due on retirement. Will be able to take approx. 8,500 cash plus balance of 78,500 to be invested. Probably draw down 500-600/month on this (i.e. pay for the bills in Spain).
5. Herself is due an inheritance very soon from her late sibling's estate. I'm not involved in the detail but after tax it could be anywhere from 150-250,000, as far as I know.
6. About 15,000 in bank/credit union- we took out a good bit to buy Spanish property mortgage-free.
7. Two cars (7 and 5), good order, no loans.
8. Credit card used as needed, cleared every month.
Questions is, what should we do with the inheritance? We plan to use some of our lump sums to assist kids with mortgage deposits as needed, and keep the balance for ourselves/replace car in time etc. As of now, we don't need the inheritance but would like to invest it wisely for a rainy day/the kids. We are not big spenders (no flash cars, expensive clothes, jewellery, holidays etc).
Thoughts welcome, and thanks for reading.
Firstly, we do intend to get some independent financial advice soon, but just thought I'd throw our situation out there for ideas/suggestions.
We are both almost 58. We will both be taking early PS retirement very soon (wife has been bullied out- long story; I've just had enough and want to go with her).
1. We own our house (worth maybe €375-425,000), no loans, youngest has finished college, older two well sorted career-wise.
2. We own a small house in Spain, no loan, worth maybe €180-200,000 once some much-needed renovation works in progress are finished. Obviously we plan to spend several months per year there.
3. Pensions will be roughly €29,000 for me, 26,500 for herself. Lump sums will be roughly €170,000. No entitlement to state pension, but I might qualify for a pro-rata payment if I boost my contributions (would still only be 40-50/week).
4. I have an AVC due on retirement. Will be able to take approx. 8,500 cash plus balance of 78,500 to be invested. Probably draw down 500-600/month on this (i.e. pay for the bills in Spain).
5. Herself is due an inheritance very soon from her late sibling's estate. I'm not involved in the detail but after tax it could be anywhere from 150-250,000, as far as I know.
6. About 15,000 in bank/credit union- we took out a good bit to buy Spanish property mortgage-free.
7. Two cars (7 and 5), good order, no loans.
8. Credit card used as needed, cleared every month.
Questions is, what should we do with the inheritance? We plan to use some of our lump sums to assist kids with mortgage deposits as needed, and keep the balance for ourselves/replace car in time etc. As of now, we don't need the inheritance but would like to invest it wisely for a rainy day/the kids. We are not big spenders (no flash cars, expensive clothes, jewellery, holidays etc).
Thoughts welcome, and thanks for reading.