Continue PRSA

[jfk]

I've recently quit my job & returned to full time study. I had a PRSA and I'm wondering should I continue to fund my PRSA while I'm not working.I can afford to do this, I've got no loans or mortgage, or should I do something else with my money?

 

[ClubMan]

As far as I know you can continue to fund it and you won't get tax relief while not paying tax but you can claim back the tax if/when you start earning again. Are you sure that you don't have some other use for the money in the meantime? What about general living and other expenses while in full time education? Do you already own a house and have cleared the mortgage or do you plan to buy imminently?

 

[jfk]

Do you already own a house and have cleared the mortgage or do you plan to buy imminently?

I don't own a house & but would like to build/buy in a few years. I'm just looking for peoples opinions / experiences before deciding what to do as i'd like to look at the figures & the options fairly soon.

 

[ClubMan]

If you are planning to buy a house in coming years then it might make more sense to keep your savings/investments for that rather than locking them away until retirement in a pension scheme. Once you buy your house and get settled you can revisit/prioritise the pension issue. Do you have an SSIA and are you maximising your contributions to it. How much do you have put by, how much will you spend during your full time study and what other income will you have in the meantime?