Advice needed on where to invest my funds?

[financially]

Hi,
I have a good defined benefit pension plus avcs from a previous job. Now I am contracting and paying €1000/mth into a prsa. I'd hope to be made permanent within a year in the public sector.
I'm 55 and would like to be a position to retire by 62. Thinking I'd cash in the prsa then to bridge to the big pension at 65/66. I have about 80k now from a redundancy and I had planned on buying an apartment with a view to having it paid off in 6yrs so I could use the rent to live off with the small pension and pay relatively little tax from 62-66. But I think the market is overheated so not a good investment right now.
So what should I do with the 80k to get as much money out of it in 6yrs to retire? I could also prob afford to spare another 1k per month to invest. Thanks!!

 

[Sarenco]

So what should I do with the 80k to get as much money out of it in 6yrs to retire?

Sorry, my crystal ball is playing up…

 

[theObserver]

If you are willing to take the risk, you could consider a total world passive ETF like Vanguards VTI.

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Six or seven years is a fairly short investment period though so I would want to have an additional 1-2 years of retirement cash either from the PRSA cash-in or in a saving account the migrate the risk of a bad market come your retirement.

If you are not willing to take the risk, consider a no fuss bank saving account. At a minimum the interest your money earns should be beating inflation.

I would max out AVCs into the PRSA for the tax breaks before investing anything beyond the 80k.

Personally I wouldn't want even a small mortgage for an investment property six years from retirement. Too many things can go wrong and small landlords are exiting the business.

Future proofing your home, looking after your health, taking up a new hobby (golf, cycling, tennis), ticking off items from a personal bucket list are all worthwhile investments to consider before retirement.