Would a PRSA be worth it for a once off contribution?

A

azerty

Registered User
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I unexpectedly became unemployed end of last year and while I had planned to make avc payment for 2022 in a lump sum, I didn't. Things were just up in the air and when one doesn't know how long it will take to find a new job, it is a bit difficult just to put a chunk of money away... Anyway I am back in employment and contributing to the maximum of my age allowance. The lump sum I could put for last year would be about 20k, would it worth opening a prsa just for that? Would it be even possible? Or is it just not worth it if I don't use it anymore?
 
Impossible to answer without more details such as your age, current pension cover, your overall financial situation etc.
 
Pension, not amazing. Current goal is to reach about 800k in the next 12/14 years before retiring. Currently contribute 30 per cent (max for age) and new work 10. That will put pressure on day to day finance but funds available to cover.
 
If the income you are talking about is pensionable employment, you cannot make a pension contribution in respect of that income now that you are no longer a member of the pension scheme.


Steven
www.bluewaterfp.ie
 
As I said not great. About 280. Other funds available. Goal is to maximize for coming years. Was already the plan last year but got side tracked.
 
If that other income comes from another employment that is not ended, is that it?
 
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