Personal details
Your age: 45
Number and age of children: 3
Two are adults and one in secondary
Income and expenditure
Annual gross income from employment or profession: 40,000
Monthly take-home pay: 2,650
Type of employment - e.g. Employee or self-employed.
Employer type: e.g. public servant, private company. Civil service
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Summary of Assets and Liabilities
Family home value: 500,000
Mortgage on family home: none
Net equity: 500,000
Cash: 26,000
Defined Contribution pension fund: I will have 23 years worked for a civil service pension by retirement.
Total net assets:
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Pension information
Value of pension fund: no idea of this, I only started working in civil service 2.5 years ago and no pension before that.
Other savings and investments:
Life Insurance:
Life insurance: I pay €30 monthly
Other information which might be relevant
College for my youngest will be covered by my ex so no planned costs for that in the future.
My question is regarding my pension, I intend to either buy AVCs or buy back years and have a full 40 years civil service pension. I’m not sure what the best option is on this.
I currently only pay 20% tax so holding off until I hit the 40% tax bracket. I will then use all money I receive above that to add to my pension.
I will also have the contributions to receive a full state pension.
I’m quite the novice with this kind of thing so grateful for any advice on my pension plan.
Your age: 45
Number and age of children: 3
Two are adults and one in secondary
Income and expenditure
Annual gross income from employment or profession: 40,000
Monthly take-home pay: 2,650
Type of employment - e.g. Employee or self-employed.
Employer type: e.g. public servant, private company. Civil service
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Summary of Assets and Liabilities
Family home value: 500,000
Mortgage on family home: none
Net equity: 500,000
Cash: 26,000
Defined Contribution pension fund: I will have 23 years worked for a civil service pension by retirement.
Total net assets:
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Pension information
Value of pension fund: no idea of this, I only started working in civil service 2.5 years ago and no pension before that.
Other savings and investments:
Life Insurance:
Life insurance: I pay €30 monthly
Other information which might be relevant
College for my youngest will be covered by my ex so no planned costs for that in the future.
My question is regarding my pension, I intend to either buy AVCs or buy back years and have a full 40 years civil service pension. I’m not sure what the best option is on this.
I currently only pay 20% tax so holding off until I hit the 40% tax bracket. I will then use all money I receive above that to add to my pension.
I will also have the contributions to receive a full state pension.
I’m quite the novice with this kind of thing so grateful for any advice on my pension plan.