we are paying ourselves average salaries as I guess we didn't need to take more money from the businesses up to this point.
Family home worth €550k with a €200k mortgage
Cash of €200k
Interest rate: around 3.65% Variable
We currently have no pension.
Can we put this through a pension, have the company buy it, etc?
Thanks for the feedback. I had the money in cash as i was undergoing a significant operation and potentially would be unable to work for a long time. This is no longer the case.This is terrible. You are paying over €7,000 a year to borrow money from ptsb to put it on deposit at 0%?
Clear your mortgage immediately.
Brendan
I had the money in cash as i was undergoing a significant operation and potentially would be unable to work for a long time.
Sorry to be the bearer, but the executive pension plan route has been shut down so the opportunity to funnel large contributions to a one person pension is no longer available. If you have at least 3 people you can set up a scheme for, there is an opportunity to set up a scheme under a master trust. Otherwise, you are limited to the personal pension limits of pension contributions. This won't be sufficient for someone in their 50's with no pension.This gets worse and worse.
So you have been building up profits in a company and putting nothing in a pension?
You really need to talk to a good fee-based financial advisor ASAP.
Brendan
Otherwise, you are limited to the personal pension limits of pension contributions. This won't be sufficient for someone in their 50's with no pension.
we are paying ourselves average salaries as I guess we didn't need to take more money from the businesses up to this point.
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