Personally I would buy a holiday home by the sea and enjoy it every weekend and holiday I could from then on, you could afford the purchase and upkeep. But that would be my lifestyle vision, not yours.
I would endorse the €3K per year to each child from each parent as a way of feeding them some inheritance in the years that they need it, house, car, holiday etc. The main thing is it is a gift, you should not dictate how they spend it. If you think they are not prudent then don’t gift them. And you can do the same for grandkids when they come along.
I think you should shift your mindset to spending for now rather than saving for your children’s inheritance. Hopefully you have another 30-40 years and you kids will be well into their adulthood by the time you go on your merry way, and won’t need the inheritance then. What you spend it on is up to you and your spouse.
It is also worth getting an independent financial advisor look at you income potential into retirement. With 4 different schemes some may fail, may transfer to DC schemes, be underfunded etc. Your current scheme sounds like a significant financial negative on your companies accounts each year if they have promised to fund health insurance and nursing home care until death. Maybe it is just for a few executives but those terms and conditions could easily be removed in the next 40 years. The cost of nursing homes is €1-2K per week currently, what will it be in 40 years. Read the small print, it might be 2 weeks nursing home stay after an operation etc.
You can always do AVC’s to max out your pension contributions, but beware the max fund threshold of €2M and tax implications if you go over in all your pensions combined.
Banks may not be the best for investment advice, there are other independent financial wealth advisors who are not tied to certain products. Like @Steven Barrett who just posted.
I would endorse the €3K per year to each child from each parent as a way of feeding them some inheritance in the years that they need it, house, car, holiday etc. The main thing is it is a gift, you should not dictate how they spend it. If you think they are not prudent then don’t gift them. And you can do the same for grandkids when they come along.
I think you should shift your mindset to spending for now rather than saving for your children’s inheritance. Hopefully you have another 30-40 years and you kids will be well into their adulthood by the time you go on your merry way, and won’t need the inheritance then. What you spend it on is up to you and your spouse.
It is also worth getting an independent financial advisor look at you income potential into retirement. With 4 different schemes some may fail, may transfer to DC schemes, be underfunded etc. Your current scheme sounds like a significant financial negative on your companies accounts each year if they have promised to fund health insurance and nursing home care until death. Maybe it is just for a few executives but those terms and conditions could easily be removed in the next 40 years. The cost of nursing homes is €1-2K per week currently, what will it be in 40 years. Read the small print, it might be 2 weeks nursing home stay after an operation etc.
You can always do AVC’s to max out your pension contributions, but beware the max fund threshold of €2M and tax implications if you go over in all your pensions combined.
Banks may not be the best for investment advice, there are other independent financial wealth advisors who are not tied to certain products. Like @Steven Barrett who just posted.