Yes, but, as others have pointed out, you could be contributing a lot more - c. double what you're currently contributing - and still get full tax relief. In your situation - with housing seemingly soon to be secured, no debts and significant savings/assets, that's almost certainly a no-brainer.Pension yes I am paying AVCs and have been for a good long time.
If it's a defined benefit scheme then the scheme administrators/trustees should be able to advise on what it should be worth at retirement.I worked for Company 1 who had a DB scheme 2006-2012. How do I check what that DB money will be worth when I retire.
AVCs 2006-2012 currently worth 90k
If you have no dependents and no mortgage you don’t need life insurance.Life insurance:
Yes.
Yes, but, as others have pointed out, you could be contributing a lot more - c. double what you're currently contributing - and still get full tax relief. In your situation - with housing seemingly soon to be secured, no debts and significant savings/assets, that's almost certainly a no-brainer.
If it's a defined benefit scheme then the scheme administrators/trustees should be able to advise on what it should be worth at retirement.
The amount that the DB schemes will pay out should be clear - at least the nominal amount if not the real amount adjusted for inflation and assuming nothing untoward happens to the DB schemes in the meantime.Is there a way to estimate how i am doing financially regarding pension, those DB pensions wont take me far in 25yrs time in my inexperienced eyes
The best way is to look at your expected sending in retirement and compare it to your likely income.Is there a way to estimate how i am doing financially regarding pension,
Is this 100% certain to happen?Rough estimate of value of home
Family property will be mine in 2 years time, so currently renting a room in shared house. So mortgage and debt free.
This has come up before. I'm pretty certain that for a PAYE individual using myAccount the deadline for claiming pension tax relief on 2022 income was yesterday (October 31st) and not the self-assessed ROS extended deadline of 15th November.For something to do right now, you've got 2 weeks to make an AVC for 2022, as long as you were working in your current company last year?
Others disagreed with me (last year?) but the above is my experience and I was told as much by Revenue in the past.You may pay a once-off or special contribution after the end of a tax year. This must be done before the following 31 October.
If you make this payment, you can choose to have the tax relief for the contributions allowed in the earlier tax year. This must also be carried out before 31 October of the following year.
Revenue e-Brief No. 32/2005
Subject: Extended deadline for ROS Customers in respect of RACs, PRSAs & AVCs
Under Sections 787(7) and 787C(3) TCA97 relief may be claimed in respect of a Retirement Annuity Contract (RAC) or a Personal Retirement Savings Accounts (PRSA) payment made on or before the return filing date. Where a person qualifies for the extended Pay & File deadline available to ROS customers by both filing and paying online, the deadline for making RAC and PRSA payments and claiming the relief is also extended to 17 November 2005.
This extended deadline also covers payments of Additional Voluntary Contributions (AVCs) made under Section 774(8) or Section 776(3) TCA97, where the person qualifies for the extended Pay and File deadline.
Taxpayers who file and pay online via ROS or myAccount may avail of the Revenue’s extended return filing and payment date to make an election and pay a contribution.
Those who are required by Revenue
to file a Form 12 for 2022 can opt to
file online in which case they have
until 15th November 2023 to pay their
pension contribution and submit their
tax return.
Depends...the pension contribution sounds like a good idea, any ideas on what to do with the 300k
Is this 100% certain to happen?
Will you have any CAT tax bill as a result?
Is there any possibility that you may need your savings to secure alternative housing within the next few years?
Well, do you have an upcoming inheritance tax bill?the pension contribution sounds like a good idea, any ideas on what to do with the 300k
Expenditure pattern:
Saver, dont go on big holidays own big car, im good at sussing out bargins.
E300k gathered up from working over the last 15+years. All earning very little interest in the bank as its all just maturing from v low interest rate accounts over last few months.
Expenditure pattern:
Saver, dont go on big holidays own big car, im good at sussing out bargins.
Age:
42
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