Increase PRSI contribution to get higher State Pension and retire early?

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techiedubliner

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I am 50 and working in Public Sector for the last 6 years. I want to retire early at 56.

May I know whether I can increase my PRSI contributions? This is for getting higher State Pension (Contributory). I already have AVC.

What should be my strategy to retire early ? Please see my current deductions as of now.
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techiedubliner said:
May I know whether I can increase my PRSI contributions? This is for getting higher State Pension (Contributory).
Click to expand...
You can’t while in employment. There are ways of making PRSI contributions when you are retired and still under 67.

How many PRSI contributions do you have?
 
The only way to retire early, from age 55, is via CNER.

Is there any way to calculate now (assuming that I will be working with my current employer till 55) , how much pension I will get if I retire via CNER aged 55?
 
You need a minimum of 10 years of Prsi contributions (520) to qualify for the contributory state pension.

You can continue to gain extra Prsi contributions without the need to remain in employment up to age 70.

One way to do this is to set up an ARF when your public sector pension starts and drawdown a minimum of 5k per year.

Another way provided you have minimum 520 class A contributions is to claim a Jobseekers benefit when you cease employment and continue to sign on for Jobseekers credits when your payment period ends. You can claim Jobseekers credits up to age 66.

More information here

Key Post - PRSI and planning retirement

This Key Post is in the form of a FAQ where I don't know many of the answers. I will update the post as I get answers. 1. PRSI payable on reaching state pension age Answer: 0 (Class M) 1a. Does this relate to the start of the tax year in which you become 66? Or to after your birthday? Answer...
www.askaboutmoney.com
 
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