Through investing money from a house sale, I will have 140k maturing in 2016 (when I am 46). I was thinking about putting this money into a 10 year An Post Savings bond along with an extra 20k and so when that would mature in 2026, I would be 56 with about 235k savings. As I joined the public sectior after 1995, I won't get a state pension until I am 68 so my plan is to keep working, if my health allows, but in a work sharing capacity (a 3 day week) from age 56 on until 68 and live off the interest of the savings.
However... if I have 235k at age 68, is it quite possible that I would get a very much reduced state pension? If that is the case, I am more inclined to use the lump sump in 2016 to move house, as my husband would love to do so and enjoy the money while I still can.
I suppose what I am asking is, is it possible to save too much, so that the state pension could be massively reduced for me, just because I have savings to hand?
However... if I have 235k at age 68, is it quite possible that I would get a very much reduced state pension? If that is the case, I am more inclined to use the lump sump in 2016 to move house, as my husband would love to do so and enjoy the money while I still can.
I suppose what I am asking is, is it possible to save too much, so that the state pension could be massively reduced for me, just because I have savings to hand?