Mommabearof3
Registered User
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- 142
Hi Folks I am 54 and DH is 53 we are starting to panic a bit about our pension situation. I have a combination occupational pension of a Mercer deferred DB pension of €8.5K annually which I believe is not index linked and a current Invesco DC value of 202K. The Invesco DC is in 66% Growth Fund and 33% Equity fund. I am completely lacking in any fundamental knowledge about investments just declaring that from the outset. I have done my best to self educate here and as a result of that I am guessing I am totally misinvested . All roads appear to lead to equities and any observations of what I could be doing in that regard would be greatly received.
The goal is to try and retirement plan and in terms of risk I am looking to maximise any returns without off the wall risk. I did have hope of a voluntary severance scheme but did not get an opportunity to avail of that and realistically I probably did not have sufficient pension to afford it anyway (thats what I tell myself to feel better about it). I am maxed out in terms of contributions my salary is 73k I currently put average €829 and my employer pays €545 monthly into the Invesco scheme.
Current Strategy is 70% Growth Fund and 30% Equity Fund which I now realise is bonkers my only other options in term of change here are Anuity/Cash and and Cautious Growth Funds. Any thought again gratefully appreciated.
I have an AVC PRSA with Zurich current value 203K which I put €1000 euro a month into and that is split 46.5% balanced and 53.5% performance I am aware I am a little over what I should be putting in tax wise but earned enough to max the €110 limit last year so I could probably carry some unused allowance towards this years pension contributions or maybe even put in a lump sum if that was a good option?
My husband has only joined an occupational Aviva pension when he moved employer 5 years ago after a difficult working life during the last recession. His salary is €52K and he is 53. The Aviva DC pot has €27K currently and he puts €620` with his employer adding €260 into that. This is invested in an Aviva MA ESG Passive 4 Ser 1 fund which I know zero about so any observations again gratefully appreciated.
Lastly he has a Zurich PRSA and that has a pot of €190k and is currently in Balanced 17.8% Performance 52.8% Dynamic 29. 3 he puts €800 a month into that.
In case it is pertinent we are mortgage free house approx value 1/1.1 million. Savings €90k Raisin product €30K in various places an post/banks/ no interest but thats a somewhat emergency expense type fund. Currently saving €500 a month and will buy another Raisin product maybe? I had opened a degiro account with a view to doing EFT’s but I had an epiphany that I dont have enough knowledge to undertake this. We have had a difficult enough path in a financial sense I would have liked to have not been working full time as a Mum at this stage of my life as shift work takes a definite toll but thats a different conversation. My husband really found it difficult in the recession his role effectively disappeared but he is now settled and although he works hard he is content to see his time out in his current role.
I realise I have digressed and perhaps this would have been better in a money makeover but it is only really in terms of the funds/pension options that I think needs addressing. Again am open to anything. We have 1 child who has ASD and is still in secondary school but we do have a €50k fund for him that is separate to everything for college/education as needed.
Appreciate your time on this.
The goal is to try and retirement plan and in terms of risk I am looking to maximise any returns without off the wall risk. I did have hope of a voluntary severance scheme but did not get an opportunity to avail of that and realistically I probably did not have sufficient pension to afford it anyway (thats what I tell myself to feel better about it). I am maxed out in terms of contributions my salary is 73k I currently put average €829 and my employer pays €545 monthly into the Invesco scheme.
Current Strategy is 70% Growth Fund and 30% Equity Fund which I now realise is bonkers my only other options in term of change here are Anuity/Cash and and Cautious Growth Funds. Any thought again gratefully appreciated.
I have an AVC PRSA with Zurich current value 203K which I put €1000 euro a month into and that is split 46.5% balanced and 53.5% performance I am aware I am a little over what I should be putting in tax wise but earned enough to max the €110 limit last year so I could probably carry some unused allowance towards this years pension contributions or maybe even put in a lump sum if that was a good option?
My husband has only joined an occupational Aviva pension when he moved employer 5 years ago after a difficult working life during the last recession. His salary is €52K and he is 53. The Aviva DC pot has €27K currently and he puts €620` with his employer adding €260 into that. This is invested in an Aviva MA ESG Passive 4 Ser 1 fund which I know zero about so any observations again gratefully appreciated.
Lastly he has a Zurich PRSA and that has a pot of €190k and is currently in Balanced 17.8% Performance 52.8% Dynamic 29. 3 he puts €800 a month into that.
In case it is pertinent we are mortgage free house approx value 1/1.1 million. Savings €90k Raisin product €30K in various places an post/banks/ no interest but thats a somewhat emergency expense type fund. Currently saving €500 a month and will buy another Raisin product maybe? I had opened a degiro account with a view to doing EFT’s but I had an epiphany that I dont have enough knowledge to undertake this. We have had a difficult enough path in a financial sense I would have liked to have not been working full time as a Mum at this stage of my life as shift work takes a definite toll but thats a different conversation. My husband really found it difficult in the recession his role effectively disappeared but he is now settled and although he works hard he is content to see his time out in his current role.
I realise I have digressed and perhaps this would have been better in a money makeover but it is only really in terms of the funds/pension options that I think needs addressing. Again am open to anything. We have 1 child who has ASD and is still in secondary school but we do have a €50k fund for him that is separate to everything for college/education as needed.
Appreciate your time on this.
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