Inherited house, so what do I do with my savings?

[GigaNayr]

Hey everyone.

My parent died recently. I was saving for a house but I've inherited his house and I'm not sure what to do with my money. I'm living pretty comfortably but I want to maximize the money to make sure I'm moving slowly losing it to inflation.


Personal details

Age:28

Spouse’s/Partner's age: 26

Number and age of children: 0


Income and expenditure
Annual gross income from employment or profession: 65k

Annual gross income of spouse: 28k

Monthly take-home pay 3413

Type of employment: e.g. Civil Servant, self-employed: civil servant

In general are you:
(a) spending more than you earn, or
(b) saving?
I'm saving more than half of my take home pay. 500 into credit union and 1500 into savings account.


Summary of Assets and Liabilities
I own my house alone worth around 340000, no mortgage.
Cash of around 250k separated into 2 banks. Planning in putting a fair amount into bunq for 2% annual interest.
Contribute 12%to pension, planning on maxing to 15%
211 Car paid off


Family home mortgage information
N/A, no mortgsge

Other borrowings – car loans/personal loans etc

Don't have any debt, no CC.


Buy to let properties
N/A

Other savings and investments:

Do you have a pension scheme? I contribute 12%, company contributes 10%.

Do you own any investment or other property? No

Other information which might be relevant

Life insurance: N/A




I'm looking for any advice anyone can give? I've already invested around 50k into the house to bring it up to date. Not sure where to go from here. Any advice very much appreciated.

 

[Brendan Burgess]

Cash of around 250k separated into 2 banks. Planning in putting a fair amount into bunq for 2% annual interest.
Contribute 12%to pension, planning on maxing to 15%

Maximise your pension as you are doing.

Put the rest into equities which is the least risky long term investment and your investment horizon is long term.

Forget about deposits. They are too risky. You are pretty much guaranteed to lose money due to inflation.

Brendan

 

[ClubMan]

I want to maximize the money to make sure I'm moving slowly losing it to inflation.

Sorry, what does this mean?

Cash of around 250k separated into 2 banks. Planning in putting a fair amount into bunq for 2% annual interest.

You really should at least consider putting some and maybe even most of this into a low charges will diversified equity based investment. Either a unit linked fund or, better still, directly into shares. Over the medium/long term this will offer the best opportunity to make significant gains. By all means keep a few grand on hand in the bank but any more than that isn't a good idea.

Contribute 12%to pension, planning on maxing to 15%

Do it!
And from the year that you turn 30 you can contribute 20%.
Make sure that the charges on the occupational (?) are reasonable. If they're not then investigate the possibility of just contributing enough to benefit from the maximum employer matching/contribution and then putting additional funds into a lower charges AVC (PRSA). Others can clarify if this is an option in your case.

Edit: post crossed with @Brendan Burgess's.