Personal finance suggestions?

In_For_A_Penny_2

Long time lurker and find the forum a hugely useful resource.

Any suggestions on where we should go from here with personal finances would be most welcome. Historically, have been fairly conservative/cash heavy but having secured good jobs in the past few years have moved slowly towards longer term investments.

Background:
Married, both mid 30’s, work in public sector in relatively secure jobs earning approx £70-80k/yr each with a DB pension (likely to exceed lifetime pension allowance as it stands I think). Two kids under 5.

I’m one of those strange people that enjoys their job so will work until 65 (wife is less enthusiastic). Aims are to ensure adequate funding for kids (?university +/- deposit on first home) and comfortable retirement. So 15+ year investment/growth horizon.

No debts other than mortgage- £80k (1.7% fixed for three years). Possibly one more house move ahead but currently comfortable where we are. Childcare expenses approx. £2k/month. Running out of direct debits to exploit many more high street savings options.

Currently

Cash:
• Santander 123 (3 accounts) £60k 1.5%
• Santander regular saver (5% on £200/month)
• Club Lloyds £5k
• TSB Classic plus £2k
• Nationwide Flexdirect & Flexclusive (x2) £5k +£500/month
• P2P £4k
• Bitcoin = £0!

Investments (Charles Stanley Direct)
• S&S ISAs - Legal & General Multi-Index 5 I Fund Acc £40k
• Children S&S ISA – VLS 80% £15k each

The plan at this point is to put maximum contributions into S&S ISA as above but over and above that, any suggestions? Could always overpay the mortgage I suppose.

Eco_Miser

You could invest outside of ISAs, either the same fund, or something different.
You can have £2000 dividends and £11300 realised Capital Gains annually each before having to pay tax on them.

Linton

As you have plenty of cash and good pensions so put anything else into your S&S ISAs. They give you the flexibility to retire early without taking the hit from an early pension. Or to do anything else you may want to do.

planteria

In_For_A_Penny wrote: »

• TSB Classic plus £2k

you might want to check. i think this account only pays interest on £1500 now.

In_For_A_Penny wrote: »

• Bitcoin = £0!

you might want to address that too, if you want to spice things up.. i quite like the "1% of your net worth" idea, on the basis that if it flies you benefit, and if it crashes to zero you're still ok:D.

maxing your ISAs seems sensible. fwiw i'd be tempted to take a bit more risk within them too.. perhaps picking some companies yourself.