Age: 38
Annual gross income from employment or profession: €53,000 (I just worked it out, it's actually 53 not 50)
Fortnightly take-home pay: €1394
Type of employment: e.g. Public Servant (Teacher)
In general are you: saving
Renting currently: €450 monthly
No loans or credit cards
Savings (currently saving €1000 a month in the credit union) and investments: None
Do you have a pension scheme? Public Service Pension scheme (started in 2008)
Do you own any investment or other property? No
No children
Life insurance: No
What specific question do you have or what issues are of concern to you?
Although I started teaching in 2008 I have only done 6 years full service due to career break, travelling, general messing around. Now I am in a good situation in that I am paying low rent and don't have many outgoings. I have started to save €1000 a month in the credit union with a view to perhaps getting on the property in a few years.
My savings are not gaining any interest obviously and I wanted to know if it's possible for them to do that. I looked into ETFs previously but they are long term and it seems like the tax system in Ireland doesn't lend itself too well to this type of investment.
My question is if I should keep saving as much as possible and try to buy a property in a couple of years, if I should be maximising my pension somehow (AVCs/buying back years), or investing in some other way? I would love to retire at 60 which I'm not sure is possible seeing as I will only have done 28 full years service by the time that comes around.
I know my finances are in a mess for my age and that I only have myself to blame for that so no judgement please, just advice.
Thanks a million.
Annual gross income from employment or profession: €53,000 (I just worked it out, it's actually 53 not 50)
Fortnightly take-home pay: €1394
Type of employment: e.g. Public Servant (Teacher)
In general are you: saving
Renting currently: €450 monthly
No loans or credit cards
Savings (currently saving €1000 a month in the credit union) and investments: None
Do you have a pension scheme? Public Service Pension scheme (started in 2008)
Do you own any investment or other property? No
No children
Life insurance: No
What specific question do you have or what issues are of concern to you?
Although I started teaching in 2008 I have only done 6 years full service due to career break, travelling, general messing around. Now I am in a good situation in that I am paying low rent and don't have many outgoings. I have started to save €1000 a month in the credit union with a view to perhaps getting on the property in a few years.
My savings are not gaining any interest obviously and I wanted to know if it's possible for them to do that. I looked into ETFs previously but they are long term and it seems like the tax system in Ireland doesn't lend itself too well to this type of investment.
My question is if I should keep saving as much as possible and try to buy a property in a couple of years, if I should be maximising my pension somehow (AVCs/buying back years), or investing in some other way? I would love to retire at 60 which I'm not sure is possible seeing as I will only have done 28 full years service by the time that comes around.
I know my finances are in a mess for my age and that I only have myself to blame for that so no judgement please, just advice.
Thanks a million.
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