Hi. I've been looking around the forum and the advice on investing and savings, so I felt that to ask advice I would post a money makeover.
Age: 60
Spouse’s/Partner's age: 57
Annual gross income from employment or profession: Both retired: €36.5k DB pensions
Annual gross income of spouse: €18.5k
Self employment(self only): €50-70k gross
Monthly take-home pay c.€4k pensions plus net of gross above
Type of employment: e.g. retired and self employed
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home €350k
Amount outstanding on your mortgage: nil
What interest rate are you paying?
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? N/A
Savings and investments: €260K in various low int. bank & credit union accounts: €130k in PRSA AVC to be invested in ARF
Do you have a pension scheme? Spouse does, see above. I will open one to accommodate some of above self employed income
Do you own any investment or other property? Share in parent's home may generate €35k in next couple of years
Ages of children: All adult and left home
Life insurance: €200k if either croaks in next 5 yrs.
What specific question do you have or what issues are of concern to you?
Our cash savings plus spouse's AVC amount to approx €€390k. It was set up with Zurich. This needs to be (a) invested in ARF and (b) the balance better invested to retain purchasing power. In the next few days, we need to decide on ARF options for spouse's PRSA. Suggestions from Financial advisor are: Prisma 3 or Irish Life Retirement Investment Plan(?). These have been recommended as we are risk averse and have been bitten by shares and rental property investments in the past 15-20 years. Our profile, per Irish Life website, is Conservative Investor, and I tend to agree with that. We are very fortunate in so many ways, but I want to set things up for the next phase of our lives.
Questions: Is Prisma 3P a good investment for the spouse's ARF? What about the Irish Life product? I can't seem to find any info about fees/management charges.
Is Prisma 5 a good, adventurous, investment for my own new PRSA? I am willing to take a little more risk on this investment only as the amount will be modest enough.
What other options are recommended for spoyse ARF or my PRSA?
How should we invest the remaining €200k or so?
Thanks in advance. Slim
Thanks for any advice?
Age: 60
Spouse’s/Partner's age: 57
Annual gross income from employment or profession: Both retired: €36.5k DB pensions
Annual gross income of spouse: €18.5k
Self employment(self only): €50-70k gross
Monthly take-home pay c.€4k pensions plus net of gross above
Type of employment: e.g. retired and self employed
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home €350k
Amount outstanding on your mortgage: nil
What interest rate are you paying?
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? N/A
Savings and investments: €260K in various low int. bank & credit union accounts: €130k in PRSA AVC to be invested in ARF
Do you have a pension scheme? Spouse does, see above. I will open one to accommodate some of above self employed income
Do you own any investment or other property? Share in parent's home may generate €35k in next couple of years
Ages of children: All adult and left home
Life insurance: €200k if either croaks in next 5 yrs.
What specific question do you have or what issues are of concern to you?
Our cash savings plus spouse's AVC amount to approx €€390k. It was set up with Zurich. This needs to be (a) invested in ARF and (b) the balance better invested to retain purchasing power. In the next few days, we need to decide on ARF options for spouse's PRSA. Suggestions from Financial advisor are: Prisma 3 or Irish Life Retirement Investment Plan(?). These have been recommended as we are risk averse and have been bitten by shares and rental property investments in the past 15-20 years. Our profile, per Irish Life website, is Conservative Investor, and I tend to agree with that. We are very fortunate in so many ways, but I want to set things up for the next phase of our lives.
Questions: Is Prisma 3P a good investment for the spouse's ARF? What about the Irish Life product? I can't seem to find any info about fees/management charges.
Is Prisma 5 a good, adventurous, investment for my own new PRSA? I am willing to take a little more risk on this investment only as the amount will be modest enough.
What other options are recommended for spoyse ARF or my PRSA?
How should we invest the remaining €200k or so?
Thanks in advance. Slim
Thanks for any advice?