Hi,
I am 42 years old, married with 4 children. I am earning 84k a year. I am in a defined benefit superannuation scheme (to which I contribute 6.5% of my salary). I also contribute 18.5% of my salary to an AVC scheme - i.e. I am maxing out on my pension contributions so as to obtain full tax relief (up to 25% of my salary).
I intend to retire at 60 years of age by which time I will have 33 years of pensionable service. My AVC fund will hopefully make up the difference (i.e. the 7 years I will be short).
As the Revenue only allow me half my salary on retirement (assuming a full pension) anyway, surely I will end up putting more money away in my AVC than I will be able to get my hands on?
Or have I lost the plot!
Thanks,
Auburn.
I am 42 years old, married with 4 children. I am earning 84k a year. I am in a defined benefit superannuation scheme (to which I contribute 6.5% of my salary). I also contribute 18.5% of my salary to an AVC scheme - i.e. I am maxing out on my pension contributions so as to obtain full tax relief (up to 25% of my salary).
I intend to retire at 60 years of age by which time I will have 33 years of pensionable service. My AVC fund will hopefully make up the difference (i.e. the 7 years I will be short).
As the Revenue only allow me half my salary on retirement (assuming a full pension) anyway, surely I will end up putting more money away in my AVC than I will be able to get my hands on?
Or have I lost the plot!
Thanks,
Auburn.