Approaching retirement but still bewildered

[keepon]

I don't consider myself especially dim, but there is so much information on pensions that I have found myself going around in circles. This is especially the case since I recently have been awarded a €50,000+ sum in tracker mortgage redress and am trying to make up my mind what to do with it.

I'm in the post-95 pension scheme, and will have only 20 years or so in service when I reach 65 in two years. My defined benefit pension scheme from my private sector job was plundered by my employer several years ago, leaving me with a Zurich fund of €145,000.

I can buy 5 years or so 'casual' service for my public service pension using that pension's lump sum, which I'm told is a no-brainer.
I'm 63 married, and our home is paid for. My wife, as a homemaker, has no pension entitlement. (I'm also considering retiring abroad unless this means I will lose heavily on my state pension -- I've yet to explore that.)

I wonder if there are any pointers suggesting themselves from this scenario -- either general or specific. My employer simply refers me to Cornmarket for advice on all such queries but they obviously have skin in the game, and I don't know where to go to get independent input.

 

[NoRegretsCoyote]

Hi @keepon

I think you'd get better advice if you gave more details.

Maybe head to the money makeover forum.

 

[Groucho]

I'm also considering retiring abroad unless this means I will lose heavily on my state pension -- I've yet to explore that.

State Contributory Pension can be paid to any bank account anywhere in the world. Remember, it's your pension - your and your employer's PRSI contributions paid for it! This would also apply to the Widow's Contributory Pension should you predecease your wife.

However, you would lose out on the Household Benefits Package

In general, people living outside the Republic of Ireland are paid only by Electronic Fund Transfer into an account. If that account is in an institution in the Republic of Ireland, they are paid weekly, as described above. Otherwise they are paid every four weeks (one week in advance and three weeks in arrears). In certain cases, people living outside the Republic of Ireland cannot be paid by Electronic Fund Transfer. Only these people are paid by cheque.