Hi,
First time poster, I hope someone can advise me please.
I am a nurse with 23 years service, I'm 48 years old and would like to retire if at all possible at 60.
With that in mind, I have been contributing to an AVC and have approximately €13,000 in my AVC currently and have just recommenced contributions having paused them for a number of years.
So I understood I had a shortfall of 5 years roughly.
My local HR have advised me that I can have my training years (3.6 years) counted as service. To do this I will have to purchase them for €5300.
I have a number of options re purchase:
Use some of my AVC fund to cover the €5300 thereby reducing the AVC fund to less than €8000.
Leave the AVC fund as it is and pay the €5300 myself and claim the tax relief on it.
Any thoughts on what is the best value option for me? Any advice would be greatly appreciated.
First time poster, I hope someone can advise me please.
I am a nurse with 23 years service, I'm 48 years old and would like to retire if at all possible at 60.
With that in mind, I have been contributing to an AVC and have approximately €13,000 in my AVC currently and have just recommenced contributions having paused them for a number of years.
So I understood I had a shortfall of 5 years roughly.
My local HR have advised me that I can have my training years (3.6 years) counted as service. To do this I will have to purchase them for €5300.
I have a number of options re purchase:
Use some of my AVC fund to cover the €5300 thereby reducing the AVC fund to less than €8000.
Leave the AVC fund as it is and pay the €5300 myself and claim the tax relief on it.
Any thoughts on what is the best value option for me? Any advice would be greatly appreciated.