Best Pension for 36yo on 30k, husband on 50k, 3 children.

A

alana

Registered User
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Hi everyone,

I'm in desperate need of help here!

I am a married 36yr woman with 3 kids. I currently work as an administrator earning 30k p.a. My husband currently earns 50k.

My problem is that I dont have a pension (my husband has one through his work).

On advice from a friend I went to see a broker who made no sense to me (I'm sure he was very good - but I couldn't understand the terms and lingo). I was told that with a self administered pension, I can take out money during the term to buy property etc and not wait until retirement age to get the money. If this is the case, this would appeal to me more than the 'normal' pension.

I understand that I'm talking very generally here but I don't really understand the whole pension structure.

What I really need is some advice on where to start!

I can put approx 200 euro p.m. into my pension.

Thanks in advance!
 
Hi alana,

Ive changed the title somewhat to reflect the question a bit better.

aj
 
alana said:
On advice from a friend I went to see a broker who made no sense to me (I'm sure he was very good - but I couldn't understand the terms and lingo).

I was told that with a self administered pension, I can take out money during the term to buy property etc and not wait until retirement age to get the money. If this is the case, this would appeal to me more than the 'normal' pension.

I can put approx 200 euro p.m. into my pension.
Click to expand...

Hi there

  • It is broker's job to explain things to you - if there is lingo etc then it is not a good explanation unless you understand the lingo
  • A self-admin pension will usually cost at least €1k per annum to administer - this is a disproportionate cost if you're planning an annual contribution of €2.4k, annual contributions to a Self-Admin would usually exceed €10k
  • With a PRSA you can choose the retirement age (any time from age 60)
  • A fee based service is usually the most transparent, rather than commission based
 
Make sure you do a tax return every year. If not, Bring both your P60's for the last four years into your local tax office and you might get a nice surprise.
 
No need to do a Form 12 tax return every year - just make sure that any change in circumstances affecting your tax affairs is notified to Revenue using the relevant form or just by writing to them including the relevant info. Then each year request a P21 balancing statement to check for inconsistencies in our tax payments. Also make sure to claim all allowances/reliefs/credits available to you. See here:

Are you paying too much tax? A guide to tax credits
 
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