Hi there
Self-employed, 39yrs old, recession has seen my annual income has reduced from approx 36k+, to 23k (nett), spouse (30yrs old) income 33k.
I am conscious of starting a pension, and hoped to do so this year, spouse has no pension either, but is not as concerned at the moment.
We are hoping to buy our first house in the next year or 2 (in Dublin, both FTB), and therein lies my dilemna - to begin a pension I would need to reduce my monthly savings, yet I fear this will affect our prospects when it comes to buying a house (i.e. less deposit for the house etc).
currently have approx 35k savings (25k joint, 10k credit union), but would like to be able to approach the bank with minimum 50k deposit in order to help our chances of getting a mortgage. We have 1 car loan of 3500, no other debts. We are trying to save at least €500 a month where we can.
I hoped someone with better knowledge could advise me the route? someone suggested i should wait til i get a mortgage/home before considering starting a pension, hence my confusion...
many thanks,
Sunny
Self-employed, 39yrs old, recession has seen my annual income has reduced from approx 36k+, to 23k (nett), spouse (30yrs old) income 33k.
I am conscious of starting a pension, and hoped to do so this year, spouse has no pension either, but is not as concerned at the moment.
We are hoping to buy our first house in the next year or 2 (in Dublin, both FTB), and therein lies my dilemna - to begin a pension I would need to reduce my monthly savings, yet I fear this will affect our prospects when it comes to buying a house (i.e. less deposit for the house etc).
currently have approx 35k savings (25k joint, 10k credit union), but would like to be able to approach the bank with minimum 50k deposit in order to help our chances of getting a mortgage. We have 1 car loan of 3500, no other debts. We are trying to save at least €500 a month where we can.
I hoped someone with better knowledge could advise me the route? someone suggested i should wait til i get a mortgage/home before considering starting a pension, hence my confusion...
many thanks,
Sunny