needsomeinfo
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If you can withdraw all the AVCs as a supplement to your tax-free lump sum at retirement, thus withdrawing them tax-free, then it's a no-brainer. You get 40% tax relief on the way in and pay zero tax when you take them back out.
I think it makes a lot of sense to withdraw from the old fund to max AVCs up to tax-relieved thresholds.This appears to work, subject to the following assumptions:
- You can get 40% tax relief on the €170k contributions
- You can 25% of the €170k tax-free
- The tax rules don't change for the worse
In what situation could the €170k be tax-free on retirement?
Is it likely given that he has not been too long in his job?
Where is it said that s/he's not been too long in the current job?
I'm 54.
Length of service with current employer: 3 years
Mortgage (tracker) has about 85K outstanding. I recently increased payments so, it would clear in about 6 years.
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