Options for retirement
Having worked hard to build up your pension fund over the years, you really owe it to yourself to make the right choices on your retirement. Getting this decision right is vitally important as decisions taken now potentially can not be reversed. This could have significant implications for your retirement income, your partner and inheritance for your next of kin.
You might have pension funds built up over time in various different schemes such as Company Scheme, AVC’s, Personal Pension or PRSA’s. These different plans have different drawdown rules, so it’s really important that you seek expert advice before you make any decisions.
Most people believe they cannot access their pension funds until they reach age 65. But, in reality, you can usually access your pension funds between the ages of 60 to 75. In some circumstances you can even access your pension funds from age 50.
So, what are your options?
1. Take a tax-free lump sum
You may be entitled to tax a tax-free lump sum from your pension on retirement. The maximum amount is calculated in one of two ways:
A. Up to 25% of your funds. (Maximum of €200,000 and the balance to €500,000 is taxed at 20%)
B. Or up to 1.5 times your final salary (rules usually stipulate 40 years or more service)
2. Choose what to do with the balance of your funds in any one of three ways:
Taxable lump sum – Take the balance of your pension funds as a lump sum (and pay tax on it)
Approved retirement fund (ARF) – Invest the balance of your funds through an ARF, and drawn them down as needed
Annuity – Use your funds to purchase a guaranteed income for life (called an annuity).
Call us. Ask us about Pension drawdown options and see for yourself.
We’ll give you impartial advice because we’re not tied to one investment house, bank or insurance company.
Our senior consultants have decades of experience in all types of financial planning and financial management that delivers great results for our clients.
We take a holistic view, bringing greater choice and more products to the table, from several sources for maximum flexibility. We’ll then stay with you, advising and guiding you towards your financial goals.
Don’t just take our word for it
“As someone who had zero knowledge on pensions, where to start, what to invest in and what financial advice to seek, I have been superbly guided and educated on my pension and investments by Justin for the past 5/6 years.”
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“Mason Wealth Management was recommended to me by my accountant over 15 years ago and I'm still getting advice from them even now. What I liked from the start was that you get impartial advice and you do not feel like they are just trying to sell you products. They are on your side and are your advisors. I would not hesitate to recommend Mason Wealth Management.”
“We have had a fantastic experience with Mason Wealth Management. They show genuine understanding and care for us as their client, not just the wealth that we are investing with them. We constantly feel we are being given the advise that is best for us and the command that the firm shows of our portfolio and its active management is both impressive and very reassuring. I'd recommend them to any personal investor.”
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