I have €310k spread across 4 schemes (the joys of moving employers over the years). Contributions: Employer 8%, Me 12%. Approx. 1k per month.
That would make her a public servant recruited before April 1995. with 40 years uninterrupted service by 60. Are you sure of this? Not unheard of but would be unusual for a 47 year old.My wife will have full service at 60 which will give 50% pay. No state pension.
Yes, it's correct alright. At 60 she will have 40 years done which will give a 1.5x lump and .5 pension. I think she was one of the last into that scheme.I don't see this as enough to retire for good in 12 years' time at 60 or sooner with kids not yet through college
At this point your mortgage is a very manageable share of your income. You should try to take advantage of tax-relieved pension contributions instead with any spare income.
That would make her a public servant recruited before April 1995. with 40 years uninterrupted service by 60. Are you sure of this? Not unheard of but would be unusual for a 47 year old.
Massively.So I've always reckoned that this kind of takes the pressure of mine. €310k at the moment but was going to increase payments. You think I should up this a lot?
There is always the option to sell and downsize when the time comes.
Really depends on where it is. It wouldn't be a very big house in South county Dublin!An afterthought - but @Deano might be a bit over-housed. €900k is a very big house nearly everywhere in Ireland for two adults and two children.
There is always the option to sell and downsize when the time comes. But in practice few people ever do this.
As I said, nearly everywhere in IrelandIt wouldn't be a very big house in South county Dublin!
Your pension, with the current tax relief arrangements, is almost certainly the best long-term investment you could make.I'm just grateful that nobody told me to start looking into savings or investments!!!
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