I am joining a public service job and the state pension that comes with it, albeit off a small enough salary 30k per annum.
I have savings of 200k in State Savings with half at 10% int and half at 16% int, both subject to being in savings for 10 years. About 8 years left on each.
If I don't need to start accessing the money for another 10 years until I turn 60 is there financial sense in the following;
Open a PRSA and put 15k to 20k of my salary into it and supplement my monthly spending money by drawing it out of my 200k savings?
The logic being that I get the tax saving on the PRSA and also may get a better return on the invested PRSA than the state savings.
Is there any sense in exploring such an option?
I have savings of 200k in State Savings with half at 10% int and half at 16% int, both subject to being in savings for 10 years. About 8 years left on each.
If I don't need to start accessing the money for another 10 years until I turn 60 is there financial sense in the following;
Open a PRSA and put 15k to 20k of my salary into it and supplement my monthly spending money by drawing it out of my 200k savings?
The logic being that I get the tax saving on the PRSA and also may get a better return on the invested PRSA than the state savings.
Is there any sense in exploring such an option?