Hi all,
I have been working towards early retirement for the last few years.
I am a teacher age 54 and will hit the top of the salary scale on my next birthday in January -€78,390.
I am considering going in 3 or 4 more school years after this year (retiring in September 2027 or September 2028). I will have a pension from a previous employment as well as my teachers pension and I have AVC which will bridge the gap until age 60 when I can claim the supplementary pension.
My figures for age 57 will be a pension of €41,303 and using the PWC tax calculator this would give me a weekly income of €657
My figures for age 58 will be a pension of €44,585 and using the PWC tax calculator this would give me a weekly income of €693
This is just €36 extra a week for working a whole extra year.
I am currently paying a lot of money into NPS and AVC (30% of my gross) so currently my weekly pay is €650.
Just looking for opinions - would I be mad to put in another years work for just €36 a week more on my pension?
The lump sum would be worth €7668 more at age 58.
Thanks
I have been working towards early retirement for the last few years.
I am a teacher age 54 and will hit the top of the salary scale on my next birthday in January -€78,390.
I am considering going in 3 or 4 more school years after this year (retiring in September 2027 or September 2028). I will have a pension from a previous employment as well as my teachers pension and I have AVC which will bridge the gap until age 60 when I can claim the supplementary pension.
My figures for age 57 will be a pension of €41,303 and using the PWC tax calculator this would give me a weekly income of €657
My figures for age 58 will be a pension of €44,585 and using the PWC tax calculator this would give me a weekly income of €693
This is just €36 extra a week for working a whole extra year.
I am currently paying a lot of money into NPS and AVC (30% of my gross) so currently my weekly pay is €650.
Just looking for opinions - would I be mad to put in another years work for just €36 a week more on my pension?
The lump sum would be worth €7668 more at age 58.
Thanks
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