Why do you say youd end up losing 50% of a pension in taxes? Isnt the first 200k tax free, then 20% income tax after that? Assuming you dont draw down over €44k per year. What am i missing?
Achieving financial freedom in Ireland often comes down to how well we can optimize our income and investments to minimize tax liability. With the right tax efficient strategies, like utilizing retirement accounts or investing in tax-exempt funds, you can build wealth faster while keeping more of what you earn.
Exactly For instance, the tax relief available through pension contributions in Ireland can be a powerful tool. Contributions to a personal retirement savings account (PRSA) or an occupational pension scheme are tax deductible up to certain limits, which lowers your taxable income now while preparing for the future.
I agree, but it’s also essential to understand the Irish Capital Gains Tax (CGT). If you’re selling assets like property or shares, you’re subject to CGT at 33%. However, taking advantage of the annual CGT exemption of €1,270 can help to reduce your overall tax burden. Planning sales around this allowance can really add up over time.
@@declanmcardle the pension industry is one big scam! Basically people getting paid exorbitantly for removing value! And governments across the world support this! Any who charges to give a 3% average annual return in a pension should go to prison😁
Finally, someone talking sensibly and coherently, well-done lads.
again thanks for your effort and time to get another video up on youtube. Its time and effort. thank you.
@@jeromesheerin1982 thanks for the support Jerome.
Great work. Thanks for a very informative conversation 👌🏻
Excellent video guys, great to see something that is relevant to Irish tax payers. Interesting last point about emotions wrt to paying off mortgage.
@@ianjackson88 thanks for the positive feedback Ian.
Why put hand on capital gains? Why it works only ONE WAY?
If I loose all, will I get 33% back? No? How fair then that is?
Why do you say youd end up losing 50% of a pension in taxes? Isnt the first 200k tax free, then 20% income tax after that? Assuming you dont draw down over €44k per year. What am i missing?
Excellent synopsis of some of most relevant welth planning topics for the Irish tax payers
Achieving financial freedom in Ireland often comes down to how well we can optimize our income and investments to minimize tax liability. With the right tax efficient strategies, like utilizing retirement accounts or investing in tax-exempt funds, you can build wealth faster while keeping more of what you earn.
Exactly For instance, the tax relief available through pension contributions in Ireland can be a powerful tool. Contributions to a personal retirement savings account (PRSA) or an occupational pension scheme are tax deductible up to certain limits, which lowers your taxable income now while preparing for the future.
I agree, but it’s also essential to understand the Irish Capital Gains Tax (CGT). If you’re selling assets like property or shares, you’re subject to CGT at 33%. However, taking advantage of the annual CGT exemption of €1,270 can help to reduce your overall tax burden. Planning sales around this allowance can really add up over time.
Best financial advice I ever got was read "The creature from Jekyll Island" by G Edward Griffin.
3% average return on investment in a pension sounds terrible!
I'd say Aviva think it's fantastic!
@ I wonder where the money goes!
@@declanmcardle the pension industry is one big scam! Basically people getting paid exorbitantly for removing value! And governments across the world support this!
Any who charges to give a 3% average annual return in a pension should go to prison😁
loved it
Agree strongly on your fake news piece ....much reportage on numerate matters is awful..