Hi,
I have the following predicament;
Occupational DB pension with retirement age of 66. AVC fund linked to it.
Cost neutral early retirement possible from 60 with actuarial adjustment.
I wish to retire at 50, or thereabouts, so looking for ways to minimising the term between 50 and withdrawing from pension funds. A bridging period of c.10 years (50-60) is well-achievable.
However I can only apply for early retirement if actively serving ie at 60, which scuppers my plan to use pension funds asap.
So as far as I can see my options are;
1. Retire at 60, take early retirement and therefore no need for bridging fund
2. Retire at 50 with a need for 16 year bridging fund (50-66)
Is there any way of fabricating an in between scenario?!
Or are the options only extreme, for example;
Leave current job, become self-employed Director, set up PRSA for drawdown at 50/55 onwards.
High risk as I can’t be sure to match my existing salary for over 10 years as self employed (I’m 38 btw).
Thanks for any thoughts
J
I have the following predicament;
Occupational DB pension with retirement age of 66. AVC fund linked to it.
Cost neutral early retirement possible from 60 with actuarial adjustment.
I wish to retire at 50, or thereabouts, so looking for ways to minimising the term between 50 and withdrawing from pension funds. A bridging period of c.10 years (50-60) is well-achievable.
However I can only apply for early retirement if actively serving ie at 60, which scuppers my plan to use pension funds asap.
So as far as I can see my options are;
1. Retire at 60, take early retirement and therefore no need for bridging fund
2. Retire at 50 with a need for 16 year bridging fund (50-66)
Is there any way of fabricating an in between scenario?!
Or are the options only extreme, for example;
Leave current job, become self-employed Director, set up PRSA for drawdown at 50/55 onwards.
High risk as I can’t be sure to match my existing salary for over 10 years as self employed (I’m 38 btw).
Thanks for any thoughts
J