I am a 38 yr old secondary school teacher who has 7.5 yrs service as a tempory whole time teacher in a number of different schools. My teaching income this year was €47,000. I've previously worked with a private company and have 6.5 yrs pensionable service which is currently worth @ €2,4000 p/a.
My wife is 36 and works in a state job and earns @ €80,000 p/a with overtime and has @ 10 yrs pensionable service.
We own three houses mortage free which under current values are worth @ €280,000 / €300,000 / €380,000. We let out 2 and get €2,200 per calendar month. There are of course costs that have to be taken from this rent including tax. We have one child and hope to add to our family and I think that the two properties will be passed on when needed by family in the years ahead so I don't think that the houses wil be part of our long-term pension future!
Our combined saving in our accounts are @ €60,000
I had wished to retire at 55 and hoped that I could buy back years. I met with a Cornmarket rep who told me that my pension would be significantly reduced and that buying back years was a foolish option if I was not going to stay until I am 60. He directed me to consider PRSA! On reflection I am not too impressed with this proposition as the older I live the poorer I will become as the fund runs dry. I have since been thinking about pushing myself to 60 and opting to be back years to up my pension.
Although we are married we still have separate bank accounts and I am sort of thinking about pensions from my own perspective.
I don't really have questions as I probably not so sure what questions I should be asking! However, does anyone have any light to shine on this matter.............
Anything would be greatly welcome..
Sidzer
My wife is 36 and works in a state job and earns @ €80,000 p/a with overtime and has @ 10 yrs pensionable service.
We own three houses mortage free which under current values are worth @ €280,000 / €300,000 / €380,000. We let out 2 and get €2,200 per calendar month. There are of course costs that have to be taken from this rent including tax. We have one child and hope to add to our family and I think that the two properties will be passed on when needed by family in the years ahead so I don't think that the houses wil be part of our long-term pension future!
Our combined saving in our accounts are @ €60,000
I had wished to retire at 55 and hoped that I could buy back years. I met with a Cornmarket rep who told me that my pension would be significantly reduced and that buying back years was a foolish option if I was not going to stay until I am 60. He directed me to consider PRSA! On reflection I am not too impressed with this proposition as the older I live the poorer I will become as the fund runs dry. I have since been thinking about pushing myself to 60 and opting to be back years to up my pension.
Although we are married we still have separate bank accounts and I am sort of thinking about pensions from my own perspective.
I don't really have questions as I probably not so sure what questions I should be asking! However, does anyone have any light to shine on this matter.............
Anything would be greatly welcome..
Sidzer