If you have no income, taking 25% tax free (€16,250) and then the balance in two tranches this and the far side of Christmas (€24,375 x 2) would get it out to you pretty tax efficiently. Running it through the Deloitte online tax calculator, you’d only pay €2,300 in tax each year. €60k of your €65k isn’t bad.I have a small pension fund of approximatly €65,000 due to me soon. I will take the 25% tax free cash but, as my only options with the balance is an annuity or an ARF, I prefer the ARF. However, looking around, I cannot decide how to choose one that I can undersand what I am offered. A note to this is I am 64 and do not have an income at the present so do consider taking the whole amount and taking the tax cost on it now. Any advice would be helpful.
I ment, how do I measure the returns that a fund is going to grow to sustain the amount I would have in. E.G. if I take 4% out, the fund would need to grow 4% or more to sustain it.What don't you understand about what you've been offered?
Interested to know what the 1.5 times salary route is.
Thanks for the explanation, my pension was a personnal paid one,by me. I was a self employed person and was the only contributer to this pension.
You're not going to be able to get a clear/accurate answer to that as there are no guaranteed returns on funds, other than perhaps very conservative cash/bond funds offering low single digit returns at best. You need to choose funds with a risk/reward profile that suit your needs and offer the prospect of the types of returns that you need. And, the more questions I see on topics like this, the more I suspect that many people are being far too cautious with such decisions and potentially missing out on better returns. You should also make sure that the ARF charges (setup if applicable and ongoing annual management charges etc.) are competitive.I ment, how do I measure the returns that a fund is going to grow to sustain the amount I would have in. E.G. if I take 4% out, the fund would need to grow 4% or more to sustain it.
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?