Hello All,
I earn about €100K per year. I have a pension with about €100K in it. I am 48 years old.
I would like to cash out the pension before retirement and use the cash more freely in a US stock brokerage account.
To be clear I don't want to do any dodgy offshore tax vehicle to avoid paying back the tax benefits already gained when contributing to the pension.
Here is my question. I presume the only punishment (tax wise) for taking out the pension money before retirement is paying back the tax benefits on the contributions made up until now?
So for the most part this will be a blended rate of 20% (first tax band) and 40% (second tax band).
Are there any other punishments for cashing out the pension into cash early and legally?
Any help/information much appreciated,
Kevin.
I earn about €100K per year. I have a pension with about €100K in it. I am 48 years old.
I would like to cash out the pension before retirement and use the cash more freely in a US stock brokerage account.
To be clear I don't want to do any dodgy offshore tax vehicle to avoid paying back the tax benefits already gained when contributing to the pension.
Here is my question. I presume the only punishment (tax wise) for taking out the pension money before retirement is paying back the tax benefits on the contributions made up until now?
So for the most part this will be a blended rate of 20% (first tax band) and 40% (second tax band).
Are there any other punishments for cashing out the pension into cash early and legally?
Any help/information much appreciated,
Kevin.