Where to invest lump sum in 2024

K

KM1999

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I am fortunate to have a lump sum coming in the new year of around €400k, but I am unsure what to do with it. Putting it in the Credit Union doesnt seem like the best place. I have 2 children, one of 18 and one of 11 and I own my home outright. Credit card debt of €1k but no other loans, I have life insurance but have no pension. Any advice would be appreciated, thank you!
 
how is your pension funding? you could use this to use up your personal allowance annually for future years for example.
 
No pension apart from a small amount I paid into for 7 years when with a bigger company
 
Clear the credit card straight away.
Maybe make use of the small gift allowance for both kids too help them out
 
There are loads of things that the OP could look at, but it depends on other facts and information that we don’t have.

There could be merit, depending on the circumstances, in making a big pension contribution and claiming the tax relief over multiple years.
 
Gordon Gekko said:
There are loads of things that the OP could look at, but it depends on other facts and information that we don’t have.

There could be merit, depending on the circumstances, in making a big pension contribution and claiming the tax relief over multiple years.
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That's interesting, you can carry forward pension relief? How does that work in practice on your tax return?
 
It just goes in as ‘unused relief carried forward’ or the like.

A key risk is somehow not having future taxable income that it can be offset against.
 
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