Tax free lump sum

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phoenix53

Registered User
Messages
196
Hi, just out of curiosity, I'm wondering what people do/have done with their tax free cash sums when they take them? Leave them in the bank, invest, pay off debts, spend or what?
 
Now (15 years to retirement) thinking a red Ferrari. When I retire probably something more boring like a saving account!
 
TRS30 said:
Now (15 years to retirement) thinking a red Ferrari. When I retire probably something more boring like a saving account!
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Ah, the old red Ferrari dream. If one appeared in my driveway, that would be a sign I won the lottery along with the yellow Lamborghini parked beside it and the Honda Goldwing parked in between them.
 
Pay off mortage, new car (Toyota or VW), long holidays somewhere really nice, a hair cut and then spend the rest eating out and partying. I'll also throw the kids (grown ups) a few bob and maybe even a car or two. Might hold back €30 or €40K for a rainy day.
 
It’s a really good question OP. I’d be conscious this would probably (definitely) be both the largest and last major lump of money I’ll get into my hands once I finally hang up my boots. I get the natural tendency to go mad with it with fast cars, holidays and you only live once etc. But personally, I’d hate to blow it all and then find I’m having to borrow in my retirement to change windows, upgrade heating, new kitchen, bathroom etc… or worse, not have the money to do those things.

I’d imagine a combination of splurge, save and invest. This decision is still a few years in the future for me and Mrs g, so very interested in any lived experience out there.

g
 
phoenix53 said:
Ah, the old red Ferrari dream. If one appeared in my driveway, that would be a sign I won the lottery along with the yellow Lamborghini parked beside it and the Honda Goldwing parked in between them.
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Yellow Ferrari, black Lamborghini.
 
phoenix53 said:
Hi, just out of curiosity, I'm wondering what people do/have done with their tax free cash sums when they take them? Leave them in the bank, invest, pay off debts, spend or what?
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On the advice of my QFA, I Invested some of it in Dolphin Trust (99% kaput), some of it in BlackBee (80% kaput) and some of it in Solar 21 (50% kaput); and I wasted the rest!
 
Marsupial said:
On the advice of my QFA, I Invested some of it in Dolphin Trust (99% kaput), some of it in BlackBee (80% kaput) and some of it in Solar 21 (50% kaput); and I wasted the rest!
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The QFA exams are mostly multiple choice. It’s a joke qualification. Anyone who leads with the fact that they have a QFA is most likely a charlatan.
 
Gordon Gekko said:
The QFA exams are mostly multiple choice. It’s a joke qualification. Anyone who leads with the fact that they have a QFA is most likely a charlatan.
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It would be nice if the Consumer Protection section of the Central Bank took the trouble to warn the public about that from time to time!

But hey! this is Ireland so it's probably unfair of me to expect them to care a jot about the people who pay their wages.
 
Marsupial said:
On the advice of my QFA, I Invested some of it in Dolphin Trust (99% kaput), some of it in BlackBee (80% kaput) and some of it in Solar 21 (50% kaput); and I wasted the rest!
Click to expand...

Hmmm.....I'm amazed you didn't just keep it safe in your pocket
 
After I take the TFLS, I don't think my annuity pension will be enough to keep us going on a monthly basis, so I plan to dip into the TFLS either on a regular basis as an additional income, or on an "as I need it" basis. Either way, with reduced spending requirements, this method should keep us comfortable for a number of years at which stage we will reassess the situation.

When SSIAs were introduced, I saved the max as did my partner. When they expired, we cashed in one and used it to reduce our mortgage at the time. We left the remaining contract in place and continued to save so have a few bob in that policy for after the TFLS runs out.

Do people continue to save in retirement or is it time to stop saving and spend or give some money away in whatever manner you wish? Interested to hear what others have done.
 
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