DublinHead54
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True but you might decide that extra few grand in TR would be well spent on a holiday rather than your mortgage. Maybe just me but I treat my overpayments as another bill!
Returning in to Ireland with family in 2021
- Thread starter NotPoodle
- Start date
True but you might decide that extra few grand in TR would be well spent on a holiday rather than your mortgage. Maybe just me but I treat my overpayments as another bill!
Hi all,
Happy New Year.
No major update on finances but I do have a pension related question that I was interested in hearing different opinions on.
I plan to spend some time tracking our expenditure this year to fully understand what our outgoings are like. In recent years we have been furnishing a new house but this year I expect a return to more 'normal' expenditure.
On the pension front it looks like the following for us:
Wife:
Partial NHS and HSE pensions - post 2013 state pension integrated (need to get a grasp of what these look like)
AVC: ~20k
Full UK state pension (through ongoing contributions)
Me:
DC scheme: ~340k (I contribute 20% and my company is 15%)
Full UK state pension (through ongoing contributions)
Partial Irish state pension (expected ~75%, unless early retirement)
Question: With my age I can now increase contributions to 25%. If I have the capacity to do this, is it a 'no-brainer'? - or should I really focus first on trying to get an understanding of what we expect to need in retirement to see if current contributions are sufficient and find a better use for any extra money (mortgage etc?)
Happy New Year.
No major update on finances but I do have a pension related question that I was interested in hearing different opinions on.
I plan to spend some time tracking our expenditure this year to fully understand what our outgoings are like. In recent years we have been furnishing a new house but this year I expect a return to more 'normal' expenditure.
On the pension front it looks like the following for us:
Wife:
Partial NHS and HSE pensions - post 2013 state pension integrated (need to get a grasp of what these look like)
AVC: ~20k
Full UK state pension (through ongoing contributions)
Me:
DC scheme: ~340k (I contribute 20% and my company is 15%)
Full UK state pension (through ongoing contributions)
Partial Irish state pension (expected ~75%, unless early retirement)
Question: With my age I can now increase contributions to 25%. If I have the capacity to do this, is it a 'no-brainer'? - or should I really focus first on trying to get an understanding of what we expect to need in retirement to see if current contributions are sufficient and find a better use for any extra money (mortgage etc?)
Last edited:
Fairly easy call to me.
Max pension up to the 25% limit before doing any other investments and before paying back any other debt (bar credit cards or high interest rate stuff, which I'm sure you don't have).
Its really a no brainer, though I think your salary is likely above the 110k per annum cap for tax deduction so bear that in mind.
Max pension up to the 25% limit before doing any other investments and before paying back any other debt (bar credit cards or high interest rate stuff, which I'm sure you don't have).
Its really a no brainer, though I think your salary is likely above the 110k per annum cap for tax deduction so bear that in mind.
€115K.
Tax relief limits on pension contributions
This page outlines the tax relief limits on pension contributions
www.revenue.ie