I assume you mean the Contributory State PensionThe eligibility to the non-contributary state pension depends on the number of credits you have got based on your PRSI payments - it has nothing to do with any private or employer pension
It is always worthwhile paying into a pension if you paying tax at 40%
20 years at1,000 pm plus growth will give a reasonable size pension pot - probably around 400K-500K at least
Absolutely continue with your pension arrangements. Think of it as a savings account with a range of income options for you when you retire. Until then just remember that the bigger your balance the better off you will be.Hi all,
I started a pension later in life.
I started it 2 years ago, and currently has a value as of Feb 24 of e18,500.
Between my contributions (I put in AVCs also) and my employers, I put in 1000 a month (I upped avcs around August 2023).
I know it's better than nothing, but I am 45 years old in May and wonder if it's worth continuing 20 years of 1k in a pot?
I only have a small mortgage (about 115k) on a new house worth about 325k in the current market (built it a couple years ago on my own).
If you've a private pension, are you also eligible to a state pension?
Sorry for maybe obvious questions-am a good saver. Just no clue what am doing finance-wise.
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