Mid 50's Couple.. Small Pensions...Some Cash... Opinions needed..


New Member
Age: 54
Spouse’s/Partner's age: 54

Annual gross income from employment or profession: €46,000
Annual gross income of spouse: €28,000

Monthly take-home pay €4,700

Type of employment: e.g. Civil Servant, self-employed Me PAYE, Spouse 2 Days Civil Servant, 2 Days PAYE

In general are you:
(a) spending more than you earn, or
(b) saving? Saving – approx €1000 PM

Rough estimate of value of home €350,000
Amount outstanding on your mortgage: €0
What interest rate are you paying? N/A

Other borrowings – car loans/personal loans etc None

Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?

Savings and investments: Cash €130,000 on deposit no interest rate

Do you have a pension scheme? Me Currently No, Previous employer value at €70,000 Spouse saves €100 PM currently previous on valued at €20,000

Do you own any investment or other property? 8 Acres of Agricultural Land

Ages of children: 26,24,20 – 2 at home will be down to 1 in a month or so.

Life insurance: Y €55 PM for cover of €250,000 & €125,000

What specific question do you have or what issues are of concern to you?

We don’t have an extravagant lifestyle but we don’t deprive ourselves of anything we want either

What should we do make better use of the financial resources we have available to us?

I have worked with a series (4) of small companies in the past 10 years and tended against setting up a pension with all of them and now feel like it is too late?

My wife makes a small contribution to a Civil service pension in place for the past 3.5 years is it possible she might make more use of this route to invest?


Frequent Poster
Never too late
Start now with current employer scheme
Put 30% for last year as lump sum from savings into scheme

And for this year start contributing monthly.

Suddenly you will be up to 100k plus

Keep putting in the max using your savings to compensate

Next year you can add 35%
That's 16k

Brendan Burgess

You will need professional advice on your wife's options. The public sector pension schemes are very complicated.

What pension does she expect to get on retirement?

Can she buy back years?

You definitely should be contributing enough to wipe out the 40% tax band.

You probably should be contributing to use up the 20% tax band as well. It's on my list to do a systematic approach to this issue, but it's complicated.