raisinette
Registered User
- Messages
- 17
Why is your €100k income only netting you, as a married couple, €50k a year
OP said net monthly income is €5k, so €60k annually which sounds about right for PS €100k gross.
Your spouse has no pension. On your death she will get half only of your pension, which will be a big fall in income. €44k/2 is still comfortably more than the state pension, but it would still be a big lifestyle change compared to now.
You might want to mitigate this risk by setting up her own pension fund or life assurance. That said, a valuable holiday home owned mortgage free is a useful cushion.
Your spouse has no pension. On your death she will get half only of your pension, which will be a big fall in income. €44k/2 is still comfortably more than the state pension, but it would still be a big lifestyle change compared to now.
You might want to mitigate this risk by setting up her own pension fund or life assurance. That said, a valuable holiday home owned mortgage free is a useful cushion.
If the spouse doesn't have a PRSI record themselves, the only option is a means-tested disability allowance, which they would be unlikely to qualify for based on the OP's income.is there not a state disability pension for the spouse ?
Yes, but it's means tested so upon marriage have received nothing, nor will on retirement.is there not a state disability pension for the spouse ?
Yes, I expect that she will have that entitlement to Widow's pension should I predecease. This, with half PS pension and assets in the houses should suffice. I can't see a way of improving on her provision (if indeed needed as we're low maintenance!) other than put our savings to work in some way (perhaps ETFs but other funds have high AMC).It is also possible that the OP's spouse will qualify for the Widow's/Widower's Contributory Pension as well as the half PS pension based on the OP's PRSI, even if the OP is paying modified (reduced) PRSI contributions. Widows/Widowers Contributory pension is one of the few schemes that modified PRSI payees are eligible for (and surviving spouses can claim on their own PRSI or their late spouse's PRSI records).
Widow's, Widower's or Surviving Civil Partner's (Contributory) Pension
A Widow's, Widower's or Surviving Civil Partner's contributory pension and related social welfare benefits may be payable if either the deceased person or their spouse/civil partner has enough PRSI contributions.www.citizensinformation.ie
Yes, taking actuarial reduced pension at 58 would give lump sum of €135k and pension of ~€42.5.Have you got an estimate of how much of a lump sum and pension you'll receive if you retire at 58, including the actuarial reduction? This might be an area where AVCs could help you out.
despite inflation winning against the low interest.
Off topic question but what sort of job in the PS pays €100k?
No words..Principal of a large school for example.
Principal officer or equivalent in civil service or local authority.
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