Hi folks,
Firstly, thanks for taking the time to read this - I've been loosing a lot of sleep over this lately, so any advice would be great.
The background of the question
I'll try and provide as much info as possible here:
- I am a director of a LTD company
- 34. Unmarried
- Salary of €100k
- Max funding an executive pension
- Renting a bungalow
- 12 month emergency fund set aside
- We have access to around €180k in cash
The question
My partner and I now want to buy a place. Our target is in 1.5 years.
With the new PRSA rule, I have been debating making lump sum contributions to my pension.
However, I'm worried that it'd make much more sense to pay myself a higher salary in order to bring down the amount we need to borrow.
I'm just not sure if that's the right approach. In theory, I could double my salary and save a large chunk of it. But it'd kill me to see that much tax being paid over when it could otherwise be in my pension.
Any advice would be great.
Thank you.
Firstly, thanks for taking the time to read this - I've been loosing a lot of sleep over this lately, so any advice would be great.
The background of the question
I'll try and provide as much info as possible here:
- I am a director of a LTD company
- 34. Unmarried
- Salary of €100k
- Max funding an executive pension
- Renting a bungalow
- 12 month emergency fund set aside
- We have access to around €180k in cash
The question
My partner and I now want to buy a place. Our target is in 1.5 years.
With the new PRSA rule, I have been debating making lump sum contributions to my pension.
However, I'm worried that it'd make much more sense to pay myself a higher salary in order to bring down the amount we need to borrow.
I'm just not sure if that's the right approach. In theory, I could double my salary and save a large chunk of it. But it'd kill me to see that much tax being paid over when it could otherwise be in my pension.
Any advice would be great.
Thank you.