Hi I am in my mid 40's and had a few prsi contrubitions up to 1981 then I stayed home for a few years, I then ran a small buisness for a number of years paid no prsi,I have now 4 years of prsi contrubitions in since 2003. I will most likely work for another 10 to 15 years. I am paying about 110 euro a week in tax is it too late for me to start a pension now? Also my o/h was self employed for 10 years 1992 - 2002 but would have had 18 years prsi contrubitions pre 1992 and is now paying prsi since 2002 and will be employed for approx another 10 years He does have a pension deduction of 35 euro a week from his wages at his current employment where he has only being working for 5 years and will most likely be there for anothe 10 years. My question is should we do something to boost up our income can I utulise the tax I pay by starting a prsa? When we were self employed we managed to purchase 2 properties which currently have a rental income of 1800 pm and a combined value 600k. I feel I could save about 300 pm now that family have been educated but what would be the best thing to make sure we have an income later on?
Is mid 40's too late to do anything about a pension
- Thread starter coleen
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Based on the information in your post, it looks like it might be a good idea to seriously consider boosting your pensions. Especially, if either of you are paying tax at the highest marginal rate.
Probably better to focus on equities (risk profile permitting) to balance your investments.
Probably better to focus on equities (risk profile permitting) to balance your investments.
Brendan Burgess
Founder
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If you are paying tax at the top rate of 41%, then it is a good idea.
If you are not paying tax at the top rate of 20%, it is a lot less clear. I don't think that the restrictions on pensions are worth the 20% tax saving. But others do.
Brendan
If you are not paying tax at the top rate of 20%, it is a lot less clear. I don't think that the restrictions on pensions are worth the 20% tax saving. But others do.
Brendan
yes I am paying tax at the higher level, so will check that out. I was thinking of going to an independant financial advisor to see what the best course of action is.Does anyone know how much such a consultation should cost? What type of questions should I be asking an advisor ?