I'm reading Eoin McGee's new book and he is extremely pro pension. Both myself and my husband have public sector defined benefit pensions. We are happy that will be enough for us to life a good standard of life in retirement. Separately we have been putting money in to investments. This has been earmarked for possible college costs for 2 children, or if we are able to cashflow this as a possible bridge to retirement. Or if it's not used at all then as an inheritance for our children down the line.
Are we missing a trick by not putting money in to a private pension instead of this investment? And reducing on tax in the process. My concern is that the investments will survive one or both of us, if it comes to it, whereas the pension will die with us with possible survivor benefits instead. And I don't like the idea of not being able to access it until 60 or so. Whereas that is not the case with investments. I'm afraid of being pension rich and cash poor as my husband put it.
I would be grateful for any advice or input on this as I feel a bit lost on the topic. Thanks!
Are we missing a trick by not putting money in to a private pension instead of this investment? And reducing on tax in the process. My concern is that the investments will survive one or both of us, if it comes to it, whereas the pension will die with us with possible survivor benefits instead. And I don't like the idea of not being able to access it until 60 or so. Whereas that is not the case with investments. I'm afraid of being pension rich and cash poor as my husband put it.
I would be grateful for any advice or input on this as I feel a bit lost on the topic. Thanks!