Sammy Wilson
Registered User
- Messages
- 10
I considered not responding to this post for fear of sounding stupid, but here goes anyway. I've never set up a PRSA so wasn't aware you get to 'choose' the retirement age of it. When you mention there is no tax relief on the contributions, you're talking about tax relief from income? This isn't an issue since all of their income is not taxable / means tested anyway.You pick the retirement age of the PRSA from age 60 - 75. If Welfare says once a pension is accessible, then it counts as income, there is nothing you can do. Pensions cannot be locked away like that.
And I would echo what the others have said so far, it makes zero sense to contribute to a pension. There is no tax relief on the contributions and after the tax free lump sum, the remainder is taxed as income.
Having an income in retirement isn't just traditional pension income. You could have 10 investment properties providing you with rental income. Or just a pile of cash in the bank. As long as they have something i.e. €150,000 plus disability incomes, it doesn't matter the source of it.
Steven
Have you ever spoken to anyone from rural Ireland? I would venture this was the rule rather than the exception.
Why would someone from rural Ireland who keeps €150,000 in cash in their bedroom be talking to me?Have you ever spoken to anyone from rural Ireland? I would venture this was the rule rather than the exception.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?