Klopp to it
Registered User
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- 7
Hoping to get some thoughts on our pension situation.
We're both mid 40's, 3 kids, own our house and have no borrowings and no child care costs. We have savings but we might use them to extend the house.
My wife works part time and she has a DB scheme from her employer (public service). At current calculations, that should give her a lump sum of around €55k on retirement at 65 plus €11.5k pension per annum.
I also work part time and I've been contributing small amounts for the past 15 years or so and currently my DC scheme with New Ireland has about €60k in the pot.
However, I now feel it's time to get serious about it. I work part time and earn €43.5k + €5k bonus for this and am currently putting in 5% matched 5% by my employer. That's due to increase to €47k + €5k bonus soon.
I'm thinking of putting all that increase plus the €5k bonus into my pension which would mean roughly €12.5k or so going into the pension every year from both me and my employer.
If that continues for the next 20 years can I expect that to give me a decent pension pot...?
Also, should I mark the additional contributions as AVC's and what are the benefits of doing that.
Any other suggestions welcome.
We're both mid 40's, 3 kids, own our house and have no borrowings and no child care costs. We have savings but we might use them to extend the house.
My wife works part time and she has a DB scheme from her employer (public service). At current calculations, that should give her a lump sum of around €55k on retirement at 65 plus €11.5k pension per annum.
I also work part time and I've been contributing small amounts for the past 15 years or so and currently my DC scheme with New Ireland has about €60k in the pot.
However, I now feel it's time to get serious about it. I work part time and earn €43.5k + €5k bonus for this and am currently putting in 5% matched 5% by my employer. That's due to increase to €47k + €5k bonus soon.
I'm thinking of putting all that increase plus the €5k bonus into my pension which would mean roughly €12.5k or so going into the pension every year from both me and my employer.
If that continues for the next 20 years can I expect that to give me a decent pension pot...?
Also, should I mark the additional contributions as AVC's and what are the benefits of doing that.
Any other suggestions welcome.