N
newcarneeded
Guest
My SSIA matures at the end of this month. It will have a maturity value of approximately 14k. I have other savings of approximately 9k, and a car loan of roughly the same amount. I am planning on using 7.5k of my SSIA to start a pension and avail of the government tax credit/top up and use the balance and some of my savings to pay off my car loan.
I was hoping you could offer some advice or opinions as to whether this is a good idea or not given my circumstances which are broadly:
I am 23 years of age and working as a trainee accountant, my salary is currently mid twenties K, which will hopefully rise to early thirties later this year. I live at home with parents and pay €200 per month 'rent.' In 2 years time as a qualified accountant I should be able to earn a salary of circa 55k.
Given my age, and the fact that I don't own a house, would it be better to keep the savings intact which could be used for a deposit on a house in a few years and not start a pension until later, when as a qualified accountant i would be on a higher salary and could avail of 41% tax relief, or should I start a pension now and avail of the not insignificant 2.5k government incentive to do so.
Any advice warmly welcomed.
I was hoping you could offer some advice or opinions as to whether this is a good idea or not given my circumstances which are broadly:
I am 23 years of age and working as a trainee accountant, my salary is currently mid twenties K, which will hopefully rise to early thirties later this year. I live at home with parents and pay €200 per month 'rent.' In 2 years time as a qualified accountant I should be able to earn a salary of circa 55k.
Given my age, and the fact that I don't own a house, would it be better to keep the savings intact which could be used for a deposit on a house in a few years and not start a pension until later, when as a qualified accountant i would be on a higher salary and could avail of 41% tax relief, or should I start a pension now and avail of the not insignificant 2.5k government incentive to do so.
Any advice warmly welcomed.