Post 2004 Civil Servant planning for early retirement

[The Oggster]

I'm 36, full time Civil Servant paying class A PRSI. I will have the full 40 years completed when I'm 66 barring any issues.

The state pension age will probably be 68+ by then.

I'm just wondering (seeing as there's 30 years left) what I should be doing if I want to retire early. 60 or younger possibly. I've recently joined the Union so will have a chat with their financial people when I get a chance but was seeing if you guys know of anything.

I know you can buy back years if you won't have 40 years by the time you retire but what if it is possible you will have the 40 but want to go early instead?

As the state pension age will be 68, what would I do for money between 60 and 68?

 

[Slim]

Hi oggster. As you're post Apr 2004, your minimum retirement age is 65. You can avail of cost neutral early retirement from age 55 but you wouldn't receive a supplementary pension to bridge the gap until you reach your minimum retirement age of 65. So, if you plan to retire at 60, you could open a private PRSA to top up your actuarially reduced occupational pension.