Pensions
This department of Eolas Finance focuses on you or your businesses long term finances.This includes protecting your family or business in the event of death, serious illness, or simply planning for retirement. We can also provide advice in relation to savings and investments,inheritance tax planning,income protection and other facets of replacement income.
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Why take out a pension to-day?
We have outlined below just some of the reasons why you should talk to one of our financial advisers to-day about securing your financial future.
State Pension
The current state pension is only €230.30 per week(January 2009).This may be sufficient to provide you with a basic level of retirement income. However,you need to decide whether this is enough for you to live on in retirement and if not,where your additional income will come from.
If you want to avoid a drop in your income you should start your pension early. The number of people aged over 65 years will more than treble from a current level of 464,000 to 1,500,000 in 2056. At present there are over 4 workers contributing to the support of every pensioner.This will fall to 2.7 in 2026 and to less than 1.5 workers per pensioner in 2056. These figures published by The Department Of Social and Family Affairs highlight the increased requirement for people to consider pensions now.
Tax Relief
For every euro you put into your pension you will receive tax relief.For example,if you pay 41% tax,for every €100 you put into your pension you will receive a rebate of €41.
At retirement age you can opt to receive 25% of your pension fund as a tax free lump sum.
Retirement Age
Starting a pension early means you dictate when you retire.
Pensions, Self-employed
If you are self employed,you are required to pay tax due to the Revenue before October 31st in any given year. How can you reduce the amount of Tax you pay?
You can reduce the amount of tax you have to pay by making a contribution to a PRSA or Personal Pension Plan before this deadline.Any money you contribute to your pension will reduce your taxable earnings and therefore your tax bill.
How much Tax Relief can I claim?
If you are self employed you can contribute up to the following percentages of earnings and claim tax relief in that year.An earnings cap of €150,000 applies to these limits for the 2009 tax year.
| AGE | Tax Relief Limits |
|---|---|
| UP to 29 | 15% of NRE(Earnings) |
| 30-39 | 20% of NRE(Earnings) |
| 40-49 | 25% of NRE(Earnings) |
| 50-54 | 30% of NRE(Earnings) |
| 55-59 | 35% of NRE(Earnings) |
| 60+ | 40% of NRE(Earnings) |
To talk to a consultant about reducing your tax liability simply contact us to-day.
Personal Pension
Whether you are an employee or an employer,there are numerous different options available to you in terms of your pension.To make sure you are getting the correct advice contact one of our Financial Advisers to-day.
You can contribute as much as you wish to your pension.However,under current Revenue guidelines the maximum contributions allowed to achieve maximum tax relief are outlined below.
| AGE | TAX RELIEF LIMITS |
|---|---|
| Up to 29 | 15% |
| 30-39 | 20% |
| 40-49 | 25% |
| 50-54 | 30% |
| 55-59 | 35% |
| 60+ | 40% |
Free Financial Review
Eolas Finance offer a complete FREE FINANCIAL REVIEW of all aspects of your personal and family finances.This 30 minute review is completely free.There are no obligations to purchase and afterwards we will send you a detailed report.This will act as a perfect reference for your future financial planning.Apply now for a FREE FINANCIAL REVIEW.