Hi
I am in my 40's and self employed (working part time earning approx 35k-40k pa) while my husband is a public servant (with pension), I haven't started a pension to date as kids / mortgage etc meant we never had much income to spare, I felt more comfortable saving any extra income for a rainy day (of which there have been many). I had a significant illness a few years ago which took a long time for both myself and my business to recover from, so starting a pensions was always way down my 'to do' list.
After finalizing my 2019 accounts and looking at 2020 accounts, I have some income that I could put into a pension and benefit from the higher tax relief so I was wondering if I should to try to contribute into a pension? My husband thinks his pension contributions are enough for the moment and I should hold off until our mortgage is paid in 7 years, in the meantime put any additional funds I have into savings.
It is really important to me to have some financial independence in my retirement however due to poor health I would need something that I could stop and restart should I ever need to if that is possible? Would it be worth starting a PRSA pension now with only small contribution each year? or wait until our mortgage is paid and we are a bit more comfortable with our finances.
Any advice / recommendations would be appreciated
If I was to start a PRSA pension should I deal with a financial advisor or contact some of the bigger companies direct about setting up ? im clueless
thanks in advance HOGG
I am in my 40's and self employed (working part time earning approx 35k-40k pa) while my husband is a public servant (with pension), I haven't started a pension to date as kids / mortgage etc meant we never had much income to spare, I felt more comfortable saving any extra income for a rainy day (of which there have been many). I had a significant illness a few years ago which took a long time for both myself and my business to recover from, so starting a pensions was always way down my 'to do' list.
After finalizing my 2019 accounts and looking at 2020 accounts, I have some income that I could put into a pension and benefit from the higher tax relief so I was wondering if I should to try to contribute into a pension? My husband thinks his pension contributions are enough for the moment and I should hold off until our mortgage is paid in 7 years, in the meantime put any additional funds I have into savings.
It is really important to me to have some financial independence in my retirement however due to poor health I would need something that I could stop and restart should I ever need to if that is possible? Would it be worth starting a PRSA pension now with only small contribution each year? or wait until our mortgage is paid and we are a bit more comfortable with our finances.
Any advice / recommendations would be appreciated
If I was to start a PRSA pension should I deal with a financial advisor or contact some of the bigger companies direct about setting up ? im clueless
thanks in advance HOGG