Pensions and retirement planning after 50
It's now time to start and/or re-visit your plan.
The closer we get to retirement, the more we start thinking about what we will have to live on.
For many clients, once they hit aged 50, the focus really starts on what am I going to live on when I finish employment. Your pension fund will be a big part of this. The good news is that you have the opportunity from age 50 to retirement to make large contributions into your pension while still availing of significant tax relief.
What is possible?
if you have a salary or income of EUR 50,000, your maximum annual contributions can be
Age 60+; you could add EUR 20,000 each year (net cost to you EUR 12,000 with EUR 8,000 tax relief)
Age 55 to age 59; you could add EUR 17,500 each year ( net cost to you EUR 10,500 with EUR 7,000 tax relief)
Age 50 to 54; you could add EUR 15,000 each year (net cost EUR 9,000 with EUR 6,000 tax relief)
What are your numbers?
Many of our new customers have no idea what pensions funds they have, where they are invested and importantly how much they will need at retirement. We can focus on this area for you and provide a report outlining exactly what you have now and what you need to do between now and your set retirement age to make your retirement as comfortable as possible.
This will give you more certainty to ensure that you are on the right track.
IMPORTANT. Terms and conditions apply. It is important to note that tax relief is not automatically granted, you must apply to and satisfy Revenue requirements. Revenue limits, terms and conditions apply. The figures above assume that you invest the maximum contribution allowed for tax relief purposes. Tax relief of 40% is based on a salary of €50,000 p.a.
Want to know more? We are available to discuss your options, and we look forward to hearing from you.
Our job is to help you choose a product and structure that will help you meet your goals.
telephone | 091441188 and/or email | office@nelsonlife.ie
RETIREMENT & PENSIONS | INVESTMENTS | FINANCIAL PLANNING | LIFE INSURANCE
Nelson Life Limited trading as Nelson Life is regulated by the Central Bank of Ireland.
WARNING: Past performance is not a reliable guide to future performance. WARNING: The value of your investment may go down as well as up. WARNING: You may lose some or all of the money you invest. WARNING: These funds may be affected by changes in currency exchange rates. WARNING: If you invest into this product you will have access until you retire (Pension Products). WARNING: The above content does not constitute investment advice, as it does not take into account the investment objectives, knowledge and experience of financial situation of any particular person. Prospective investors are advised to make their own assessment of the information contained herein and to obtain professional advice suitable to their own individual circumstances. WARNING: The information contained in this document is based on our understanding of current tax legislation and the current Revenue Commissioners interpretation thereof and is subject to change including retrospectively without notice. This is intended as a general guide only and is not a substitute for professional tax, legal and investment advice.