Hi all.
I will probably retire from my public sector occupation towards the end of the year with almost full pension. The reason it is 'almost' is that I will retire a couple of years younger than the minimum for my occupation. My wife will also retire this year with less than full pension.
I have the opportunity to work part-time with a former colleague in an area of our shared expertise. This is an unexpected opportunity which has just come up. My expectation is that it would bring in between €10-25k in a full year. So far so good! The issue is;
between my and my wife's pension and her PRSA drawing, we will probably receive about €54k in pension in a full year. That leaves about €14k before we hit the higher tax rate. I would be comfortable earning only the €14k or so but that may depend on demand etc.
My question here is: Can I set up a PRSA for my earnings in this second career while drawing my occupational pension?
There is also the possibility to take out a 'last minute' PRSA to supplement the lump sum. Does this affect my ability to open another PRSA in the new career?
Although I am in the public sector, I feel the question is more relevant to general pension issues. Thanks, Slim.
I will probably retire from my public sector occupation towards the end of the year with almost full pension. The reason it is 'almost' is that I will retire a couple of years younger than the minimum for my occupation. My wife will also retire this year with less than full pension.
I have the opportunity to work part-time with a former colleague in an area of our shared expertise. This is an unexpected opportunity which has just come up. My expectation is that it would bring in between €10-25k in a full year. So far so good! The issue is;
between my and my wife's pension and her PRSA drawing, we will probably receive about €54k in pension in a full year. That leaves about €14k before we hit the higher tax rate. I would be comfortable earning only the €14k or so but that may depend on demand etc.
My question here is: Can I set up a PRSA for my earnings in this second career while drawing my occupational pension?
There is also the possibility to take out a 'last minute' PRSA to supplement the lump sum. Does this affect my ability to open another PRSA in the new career?
Although I am in the public sector, I feel the question is more relevant to general pension issues. Thanks, Slim.