Pensions in Ireland

It’s one of those things everyone should have but nobody wants to think about, until it’s too late in some cases! A representative from the Pensions Board was on the radio this morning reminding people to look into pensions!
Apparently you can get half of what you contribute to a pension back in tax relief! That’s something I must look into in the next year or two.

3 thoughts on “Pensions in Ireland

  1. You pay tax when you actually get
    your pension, so the tax is only
    deferred really. Personally I would
    like to manage my own finances than
    be linked to some massive fund.

  2. no, the taxes are not just deferred.

    the money you put in isn’t counted towards your income – so if you make enough you won’t be paying the top rate on it. when it comes time to get the money back, it will be assessed at your income levels at that point in time – your tax-free allowance and up through the bands.

    depending on the pension scheme you buy into, you can have a great deal of control over the funds you pay into. no, you can’t select individual stocks, but you will have a selection of funds to pick from.

    the earlier you start a pension, the more money you’ll have and the less money you’ll need to save. annoyingly i waited until i was 30 so i put as much into my pension as i do my mortgage.

    and over the years i’ve talked to a lot of financial planners and the general theme is that you should split you money into several areas – property, stocks, bonds, etc. don’t just count on any of them. several of them advised my mom and she’s now retired and living quite well off so i’m inclined to pay attention. get a pension asap. look into your own private investments (i’m looking at, and remember that your house is an investment too.

  3. “Your house is an investment too”

    Being 2009 I wouldnt say too many people are confident about that at the moment.

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