BillTaxman
Registered User
- Messages
- 11
Hi all,
I'm currently 34 years old working in the public service on the single scheme. I joined the ps late (4 years ago) and have no private pension.
My average earnings over the last 3 years was approx. 110k.
This year my salary is ~130k rising to ~140k over the next two years where it will cap out. I would expect to be a good candidate for promotion at some point in the coming years which would potentially bring my salary to €170-€200k but obviously nothing is guaranteed.
I have 300 euro in savings (over half my life savings are in my wallet right now!) but made the last payment on my house and now own it outright with a value of approx €500k - the house is suitable for the rest of my life and I don't see myself moving or needing any major work done to it.
Is there scope for me to fund avcs or are there any limits I may hit due to my potentially large ps pension? Another factor I think about is the opportunity cost of locking more money away long term, up until now I've lived a fairly penurious existence spending many hard years in full-time education, internships, etc and have been working extremely hard for the last few years since qualification.
I'm lucky that at some point in the future (hopefully distant) I will inherit assets worth today approx. 2 million after tax etc. I've never really factored this into my life plans but I think it's relevant to decisions I make in the present about the future as I feel that when I am older I will have plenty of money but currently and previously have had very little. Does it make sense for me in this scenario where I'll possibly have locked away a big ps pension + a big inheritance for my older years to lock away more in the present to have slightly more for retirement?
Thanks for any thoughts you might have!
I'm currently 34 years old working in the public service on the single scheme. I joined the ps late (4 years ago) and have no private pension.
My average earnings over the last 3 years was approx. 110k.
This year my salary is ~130k rising to ~140k over the next two years where it will cap out. I would expect to be a good candidate for promotion at some point in the coming years which would potentially bring my salary to €170-€200k but obviously nothing is guaranteed.
I have 300 euro in savings (over half my life savings are in my wallet right now!) but made the last payment on my house and now own it outright with a value of approx €500k - the house is suitable for the rest of my life and I don't see myself moving or needing any major work done to it.
Is there scope for me to fund avcs or are there any limits I may hit due to my potentially large ps pension? Another factor I think about is the opportunity cost of locking more money away long term, up until now I've lived a fairly penurious existence spending many hard years in full-time education, internships, etc and have been working extremely hard for the last few years since qualification.
I'm lucky that at some point in the future (hopefully distant) I will inherit assets worth today approx. 2 million after tax etc. I've never really factored this into my life plans but I think it's relevant to decisions I make in the present about the future as I feel that when I am older I will have plenty of money but currently and previously have had very little. Does it make sense for me in this scenario where I'll possibly have locked away a big ps pension + a big inheritance for my older years to lock away more in the present to have slightly more for retirement?
Thanks for any thoughts you might have!
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