Dear all,
My wife and I are both civil servants.
I'm 40, my annual salary is 60k, and no further promotion expected.
I will have 36 years service at age 60. For certain personal reasons, which I'm not going into here, it's very unlikely I'll be able to stay until 60, and I will be leaving at age 55 on an actuarially reduced pension.
My wife is 38, her annual salary is 33k, no further promotion expected, and she will have 40 years service at age 60. (She's currently paying an extra contribution each week to buy 8 years notional service under the NSP scheme)
We both joined the civil service after April 1995, but before April 2004.
Our mortgage is currently € 1,200 per month, and we hope to have it paid off in 10 years.
We've no children and are not likely to at this stage.
After all living expenses etc. we’ve settled into being able to save approx. €10,000 p.a. We've accrued €30,000 in savings so far, which is currently placed on deposit at a lowly, but safe and accessible 2.5%
Having watched other people lose money on property / shares / funds etc. we're fairly risk adverse.
Obviously, we can see the considerable advantages of saving money before paying tax on it by using an AVC / PRSA, but we don't like the thought of locking away much of our money for so long, out of our control, and possibly being stung later on by very poorly performing funds and high commission charges etc.
1. How much should we consider paying into an AVC / PRSA, if any ? and any other overall financial advice for us ?
Naturally we intend seeking detailed advice from a financial adviser, but the reason for this thread, was I that was hoping to get a feel here for the direction we should be going in, and research we should do, before going off and getting detailed independent advice.
I would like to pay for an independent financial review / advice rather than have someone push commissioned products our way.
2. Can anyone also recommend any good independent financial advisers that are also civil servant friendly, and familiar with civil service pensions ?
All genuine advice greatly appreciated, thanks for posting,
Regards,
Staedtler
My wife and I are both civil servants.
I'm 40, my annual salary is 60k, and no further promotion expected.
I will have 36 years service at age 60. For certain personal reasons, which I'm not going into here, it's very unlikely I'll be able to stay until 60, and I will be leaving at age 55 on an actuarially reduced pension.
My wife is 38, her annual salary is 33k, no further promotion expected, and she will have 40 years service at age 60. (She's currently paying an extra contribution each week to buy 8 years notional service under the NSP scheme)
We both joined the civil service after April 1995, but before April 2004.
Our mortgage is currently € 1,200 per month, and we hope to have it paid off in 10 years.
We've no children and are not likely to at this stage.
After all living expenses etc. we’ve settled into being able to save approx. €10,000 p.a. We've accrued €30,000 in savings so far, which is currently placed on deposit at a lowly, but safe and accessible 2.5%
Having watched other people lose money on property / shares / funds etc. we're fairly risk adverse.
Obviously, we can see the considerable advantages of saving money before paying tax on it by using an AVC / PRSA, but we don't like the thought of locking away much of our money for so long, out of our control, and possibly being stung later on by very poorly performing funds and high commission charges etc.
1. How much should we consider paying into an AVC / PRSA, if any ? and any other overall financial advice for us ?
Naturally we intend seeking detailed advice from a financial adviser, but the reason for this thread, was I that was hoping to get a feel here for the direction we should be going in, and research we should do, before going off and getting detailed independent advice.
I would like to pay for an independent financial review / advice rather than have someone push commissioned products our way.
2. Can anyone also recommend any good independent financial advisers that are also civil servant friendly, and familiar with civil service pensions ?
All genuine advice greatly appreciated, thanks for posting,
Regards,
Staedtler