2bmortgagefree
Registered User
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Hi All,
I am in my late thirties so well off retirement but would like to retire somewhere between 55 and 60. I'm class A1 PRSI and joined public service in 2005 so I am classed as new entrant with normal retirement age of 65.
Salary is circa 45k rising to 50k and at age 55 I would have 32 years service. Two children aged 4 and 6 years. Partner is also public sector employee and similar salary level and we have mortgage of circa 100k with childcare costs of circa 500 per month before Covid19.
I have questions that hopefully some knowledgeable people on here might be able to help with
Can your public sector employer refuse to grant you cost nuetral early retirement or if you apply for it are you guaranteed to be approved for it?
If I avail of Cost Nuetral Early Retirement at say 55 do I get 58.2 percent of my pension straight away.
Also do I get 82.4 percent of my lump sum at that point.
What is the best way to bridge the gap in income from age 55 to 65. I probably will be in a position to contribute to an AVC of some sort in 6/7 years time when I am roughly 45.
i know it's a long way off and things change but the current situation has focused the mind about what is important in life so I am looking to the future.
Thanks
2bmortgagefree
I am in my late thirties so well off retirement but would like to retire somewhere between 55 and 60. I'm class A1 PRSI and joined public service in 2005 so I am classed as new entrant with normal retirement age of 65.
Salary is circa 45k rising to 50k and at age 55 I would have 32 years service. Two children aged 4 and 6 years. Partner is also public sector employee and similar salary level and we have mortgage of circa 100k with childcare costs of circa 500 per month before Covid19.
I have questions that hopefully some knowledgeable people on here might be able to help with
Can your public sector employer refuse to grant you cost nuetral early retirement or if you apply for it are you guaranteed to be approved for it?
If I avail of Cost Nuetral Early Retirement at say 55 do I get 58.2 percent of my pension straight away.
Also do I get 82.4 percent of my lump sum at that point.
What is the best way to bridge the gap in income from age 55 to 65. I probably will be in a position to contribute to an AVC of some sort in 6/7 years time when I am roughly 45.
i know it's a long way off and things change but the current situation has focused the mind about what is important in life so I am looking to the future.
Thanks
2bmortgagefree