What lifestyle will you want? Will you explore the world, help your grandchildren buy their first car or improve your home?
Did you know that up to 41% of your contribution is returned on your Income Tax?
Did you know that you can get full tax relief on your pension life assurance?
Did you know that you can get full tax relief on your pension income protection, which pays up to 75% of your income in the event of you being unable to work?
31 October 2017 is the date by which you must finalise your Tax Assessment for the 2016 tax year and pay any resulting tax liability. An extended deadline of 14th November 2017 also applies if you qualify to file and pay using Revenue Online Service. However, you have an opportunity to reduce your personal Income Tax for 2016 and maybe even receive a refund from the Revenue Commissioners.
This reduction can be achieved through offsetting personal retirement saving/pension contributions made by you before 31 October 2017 against your Income Tax liability for 2016.
Making a pension contribution can be a very tax-efficient way for you to save for your retirement, with relief of up to 40% available against Income Tax for 2016 tax year. And, there are some very attractive features regarding how your pension capital can be used at retirement.
State Pension Changes after 2020
Payable Age Increasing:
The state pension is currently payable from age 66.
From January 2021, the age increases to 67 for those born between 1/1/1955 & 31/12/1960.
From January 2028, the age increases to 68 for those born on or after 1/1/1961.
Employees will have to work for longer before qualifying for the State pension. This will pose particular difficulties for those who have physically demanding jobs. In all cases individuals who leave employment at age 65, will have to wait for some time before the State pension becomes payable
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