Why are you retiring at 55? Is it health reasons or just want to finish working or massive savings though your comments suggest otherwise. Seems like a long time to eke out savings until 60 and then another 6-7 years to get state OAP.I am planning on retiring early this December (I’m 55) and am going to live off savings for a few years to build the pension up a bit .( so will have no income)
I have 35yrs + of PRSi paid at Class A and want to pay voluntary contributions for the next 5 yrs until I draw down my pension at 60.
My question is do I have to pay the first PRSI contribution @6.6% of my previous years salary for the first year ( which would be a big chunk out of saving) and 500€ every year thereafter or can I pay 500€ every year from the outset and contact social welfare before old age pension to pay any shortfall??
also the form mentions an Agent ? Can I just make the payment myself or do I need to go through someone?