wavejumper
Registered User
- Messages
- 118
What is the point of this? You already have a rainy day fund. If you want the money to grow for your retirement then this doesn't seem like the best option for long term returns.put the remainder (100k) in a long term saving account (either 10 year with the post office solidarity fund or the AIB savings account).
fair enough, would i be better off investing this in the standard life fund along woith the rest so?What is the point of this? You already have a rainy day fund. If you want the money to grow for your retirement then this doesn't seem like the best option for long term returns.
it's an ulster tracker with AIB now, rates locked until February to atone for their rates mix up, would there be any problem exiting now, as in early fees for anything like that?Clear the mortgage immediately.
No need to pay interest for the short remaining term.
Brendan
thank you, I don't fully understand this, can i retroactively max out my 2022 and 2023 contributions now paying the difference in cash?Urgent
You can max your pension contribution for 2022 i.e. last year, if you do it before the end of October (?)
So get this done immediately.
Then max it for this year as well.
In January, max it for 2024
That's about 45k in pension and €5k of your mortgage.
Brendan
To do this the pension contribution and tax reclaim need to be done by October 31st..Urgent
You can max your pension contribution for 2022 i.e. last year, if you do it before the end of October (?)
See above for 2022. You're cutting it very tight for this though.thank you, I don't fully understand this, can i retroactively max out my 2022 and 2023 contributions now paying the difference in cash?
thank you, I don't fully understand this, can i retroactively max out my 2022 and 2023 contributions now paying the difference in cash?
thank you, I've just shot an email to the broker to see if I can do it. The funds are due in my bank in 2 weeks so if it needs to be paid before then I'm out of luck.To do this the pension contribution and tax reclaim need to be done by October 31st..
See above for 2022. You're cutting it very tight for this though.
For 2023 you can do it up to October 31st 2024.
If growth is what you want the something that (potentially) offers more returns than a deposit account is what you should use. I would guess the standard life fund would be a good starting point.fair enough, would i be better off investing this in the standard life fund along woith the rest so?
if it needs to be paid before then I'm out of luck.
Not sure why you don't believe me but it does.if it needs to be paid before then
I didn't mean it that way, I am just not familiar on how that particular process works in terms of how and when to pay.Not sure why you don't believe me but it does.
Hi, thanks for the info. My PRSA doesn't allow for lump sums, would that be an obstacle to try and backdate the maxing out of the contributions?You'd be good for a loan to make the 2022 pension payment in time.
This is how the tax saving works for employees.
You'll probably need help with it at this stage but just ask about the costs of that help. Can you think of any reason why the advisor didn't address pension at your meeting?
Gerard
that's done now.Well get the €5k out of the credit union as a first step.
My PRSA doesn't allow for lump sums,
You mean that you've done a €5k lump sum contribution to your pension? If so then get the necessary documentation and do the tax relief claim in respect of 2022 ASAP.that's done now.
Hi, I increased it to 600 in April, was 300 prior, and yes its a salary deduction scheme with my employer brokered by ivesco with Irish Life.It's a salary deduction PRSA Scheme and you're paying €7,200 pa ?
I doubt that it's the case that it doesn't allow lump sums, meaning it can't be done . That's just a lazy answer if someone told you that. It's more likely that that as it's paid through a scheme that it's a PRSA tax certificate issue as the wording (Net Pay) will be different.
You can make a personal lump-sum, from your own resources, and the PRSA provider can set up a separate PRSA number/policy (from all the information they have already) so that the correct PRSA Tax Certificate is issued. If you've filing the claim online before 31/10 for 2022 the broker can give you a template of a document that you can upload once the payment is received by the product provider. If you're writing to local tax office of Revene you can use same template with cover letter stating that you're electing to backdate the payment to the tax year 2022, but they have to have that before 31/10.
Revenue can't help you until you get the above sorted.
Gerard.
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