Advice regarding pension

A

Ava666

Registered User
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Hi.just want some advice . I am 42 , work for the HSE so will be entitled to HSE pension when I'm 68. If I want to retire at 55 years. Financially how can I fill the gap from age 55 to 68. Can I start a private pension ??, How much would I need to be paying a month ?? Current income 45000 a year. How do I arrange a private pension.
Thanks
 
Very good question

And affects all workers who might wish to retire before age 68 who are say younger than 55 currently

How to fill the gap between age 65 and 68 even??

But in public sector can't you retire early with reduced pension?
 
Just to be 100% crystal clear.. you want to retire at 55? So in 13 years time you want to have amassed enough money to support yourself in retirement for 13 years?
 
Thanks for replying, I don't expect to amassed enough money in 13 years to retire in 13 years, but wondering what's my best plan to try and achieve something realisit. I know I should have done this year's ago. But with young kids and mortgage etc I nebne was in position to do so.
 

You are a member of an occupational pension scheme. You cannot contribute to a private pension scheme as well. Even if you could, the earliest you can access a personal pension from is age 60, unless you have to retire due to ill health.

If you want to fund an income from age 55 to 68, you will have to just save the money, either in a bank account or through an investment plan. You won't get any tax relief but then, you won't have any restrictions on when you can access the money.

I would echo so-crates sentiment. It's a real tall order being able to fund 13 years income over the next 13 years. An income of €45,000 is modest enough and doesn't create the opportunity to save thousands a month. Are the expense of kids and mortgage now gone?


Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
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