I'm 33 years of age and have a pension with the public service, paying into it the last 9 years now and will allow me to retire at 67 with 40 years' service. I have my house paid for and have some spare cash every month that I've recently started putting into low cost ETFs.
My question is should I be putting that spare money into a private pension fund to get the tax benefits? Can I even do that considering I already pay into a pension?
My concern is that with the cost of public service pensions to the State that things might be different when I retire, a government could cut that pension with the stroke of a pen. I hopefully won't ever need to take my money out of the stock market until retirement unless I get sick, so I will hopefully have that as back up. So should I or can I pay more into a private pension fund?
My question is should I be putting that spare money into a private pension fund to get the tax benefits? Can I even do that considering I already pay into a pension?
My concern is that with the cost of public service pensions to the State that things might be different when I retire, a government could cut that pension with the stroke of a pen. I hopefully won't ever need to take my money out of the stock market until retirement unless I get sick, so I will hopefully have that as back up. So should I or can I pay more into a private pension fund?