Retirement Planning

Starting a pension plan is one of the best and most tax efficient ways of saving money for your retirement. In order to benefit most from the most important investment in your life you will need to start saving now. No matter what age you are or how much you earn, now is the right time to start investing in your pension. You will start to see the benefits straight away as you will save tax on every euro that you save. Based on current benefits from the state pension many of our lifestyles would have to change dramatically in order to survive.

As of January 2008 the state social welfare pension is €223.30 per week or €11,611.60 per annum.

This falls a long way short of many people’s outgoings.

Tax Relief: Do you know that contributions paid to a pension scheme will benefit from income tax relief at your highest rate of tax?

Tax Relief Example: If you contribute € 100 per week to your pension and you pay tax at the higher rate (i.e. 41%), the net cost to you works out at € 59 per week.

Additional Relief: Contributions will also be relieved from PRSI and the Health levy, if you pay these charges.