Hi
In 2007 I started investing money every month in several Quinn life funds. Since then I have invested 35k. The investments have done well and are currently worth 58k. As the value has increased I'm becoming increasingly concerned by the high level of fees charged on these funds. There is a fee of between 1% and 1.25% depending on the fund. The fee each year is now around 600 euro per year.
I'm considering withdrawing this money and investing it directly in the stock market buying blue chip shares and/or ETF's. The problem is if I withdraw it now I pay exit tax of 41% which will be around 9500 euro leaving me with around 48k to invest. I'm trying to figure out if I would be better off staying in the funds and thereby avoiding the exit tax but paying the high fees every year or withdrawing now, paying the tax and investing directly in stocks/ETF's.
At the moment it looks like I won't require any access to the money for 10 to 12 years. Also I could add approx 5000 euro per year to the investments by saving the money in a regular savings account and investing it directly in the stock market once or twice a year. I already have a savings account in the bank and credit union to keep a certain amount of my savings in cash if the need arises. I'd appreciate any opinions from other investors on what path I should follow.
Mick.
In 2007 I started investing money every month in several Quinn life funds. Since then I have invested 35k. The investments have done well and are currently worth 58k. As the value has increased I'm becoming increasingly concerned by the high level of fees charged on these funds. There is a fee of between 1% and 1.25% depending on the fund. The fee each year is now around 600 euro per year.
I'm considering withdrawing this money and investing it directly in the stock market buying blue chip shares and/or ETF's. The problem is if I withdraw it now I pay exit tax of 41% which will be around 9500 euro leaving me with around 48k to invest. I'm trying to figure out if I would be better off staying in the funds and thereby avoiding the exit tax but paying the high fees every year or withdrawing now, paying the tax and investing directly in stocks/ETF's.
At the moment it looks like I won't require any access to the money for 10 to 12 years. Also I could add approx 5000 euro per year to the investments by saving the money in a regular savings account and investing it directly in the stock market once or twice a year. I already have a savings account in the bank and credit union to keep a certain amount of my savings in cash if the need arises. I'd appreciate any opinions from other investors on what path I should follow.
Mick.