Folks,
I appreciate you help around some tax planning suggestions
I am private sector worker, earning €71K, age 46 and currently maximising my AVC's. The value of my AVC's and retained benefits from previous schemes is €200,000. I am a member of a hybrid DC scheme with current minimum pension payable at 65 of €4,700. If I stay until 65 this will increase to €19,000 per recent pension statement
My wife is a private sector worker, earning €68K + €12K car allowance, age 40 and has 2 closed DB retained benefits of approx. €8,500PA at 65 and €2K PA at 65. Her employer has now opened at DC scheme where they contribute 15% of pensionable salary, She is not paying any AVC's.
We are in a lucky position to save €1,500 per month after tax.
Should my wife contribute AVC's? she is looking to take a step back from work in next 2-3 years due to our children's ages (7,4)
We have savings of €275K but do not really want to touch any of this as it is a next egg.
We would like to tax plan smartly, build enough to maximise TFLS's but not be in a position to be hammered by the tax man in the future or not be eligible for state pension because we saved as hard as we could.
Any suggestions welcome
I appreciate you help around some tax planning suggestions
I am private sector worker, earning €71K, age 46 and currently maximising my AVC's. The value of my AVC's and retained benefits from previous schemes is €200,000. I am a member of a hybrid DC scheme with current minimum pension payable at 65 of €4,700. If I stay until 65 this will increase to €19,000 per recent pension statement
My wife is a private sector worker, earning €68K + €12K car allowance, age 40 and has 2 closed DB retained benefits of approx. €8,500PA at 65 and €2K PA at 65. Her employer has now opened at DC scheme where they contribute 15% of pensionable salary, She is not paying any AVC's.
We are in a lucky position to save €1,500 per month after tax.
Should my wife contribute AVC's? she is looking to take a step back from work in next 2-3 years due to our children's ages (7,4)
We have savings of €275K but do not really want to touch any of this as it is a next egg.
We would like to tax plan smartly, build enough to maximise TFLS's but not be in a position to be hammered by the tax man in the future or not be eligible for state pension because we saved as hard as we could.
Any suggestions welcome