Tax Advice and Tax Accountant in Dublin
  • Home
  • RESPONDING TO COVID-19
  • Services
    • Audit And Assurance
    • Accounting Services
    • Tax
    • Online Accounting
    • Bookkeeping
    • Payroll Services
    • Retirement Planning
    • Life, Pensions & Investments
    • Corporate Finance
    • Business Consulting
  • Sectors
  • e News
    • Our Featured Clients
  • About Us
    • Partners
    • Team
  • Contact
  • docSAFE Login
  • Search
header_top

Retirement Planning

People’s experience of retirement varies, but one thing that is definite is that people who plan for their retirement find the experience more rewarding, less daunting and full of opportunities.

Happy and fruitful retirements are based on preparation of mind, attitudes and body – and the sooner the preparation begins, the better. Research shows that those who plan for retirement live longer and are more content than those who do not. We believe that a planned retirement is a happy retirement.

retirement planning services

How can we help you plan for your retirement or review your retirement options?

When you retire, you can usually take a part of your pension fund as a tax-free lump sum. Then, if you meet certain conditions, you may also be able to choose what you want to do with the rest of your fund. You can:

Use it to buy an annuity (that is, a regular income for the rest of your life);

Reinvest it in an approved minimum retirement fund or approved retirement fund; or

Take the rest of the fund as taxable cash

Retirement Lump Sum

At retirement, everyone has the option of taking a retirement lump sum. Most people take the maximum amount allowed under this option. The level of retirement lump sum you can take will depend on the type of pension plan you have and your personal circumstances.

The current maximum retirement lump sum you can receive tax free from all your pension plans is €200,000. Retirement lump sums between €200,000 and €575,000 will be subject to standard rate income tax. Any retirement lump sums greater than €575,000 will be taxed at your marginal rate, the Universal Social Charge (USC), PRSI (if applicable) and any other taxes or government levies applicable at that time will also be due.

Buy a Pension for Life (Annuity)

A pension for life also known as an annuity, is a regular income paid to you for the rest of your life. Your regular income stops when you die unless you choose an option which continues this payment. Your pension income is taxed at your highest rate on withdrawal as well as USC and any other taxes or government levies due at that time.

Reinvesting your Pension Fund

With certain types of pension plans, you may be able to reinvest some or all of your pension fund in an Approved Retirement Fund (ARF) and withdraw money as you want, depending on certain restrictions. An ARF allows you to continue investing when you retire, you can manage and control your retirement fund and can invest in a wide range of investment funds.

If you have chosen the ARF route but do not have a guaranteed pension income for life of at least €12,700 per annum, you must invest €63,500 in an Approved Minimum Retirement Fund (AMRF) or buy a pension with that amount. The main difference between an AMRF & an ARF are the restrictions placed on taking withdrawals from your AMRF.

Taxable Cash

Depending on the type of plan you have, you may be able to take the rest of your fund, in one go (after the retirement lump sum) in one go. You will need to pay income at your highest rate, USC, PRSI (if applicable) and any other taxes at the time.

Depending on whether you have a Company Pension, Personal Pension, PRSA, Additional Voluntary Contributions (AVCs), Buy Out Bond/Personal Retirement Bond, your options will vary. There are advantages and disadvantages to each option, and depending on your personal circumstances, we will help you choose the right option for you.

CLICK HERE TO TALK TO ONE OF OUR EXPERTS
  • Audit And Assurance Services

    Audit And Assurance Services

    Keeping your Business on track
  • Accounting Services

    Accounting Services

    All Accounts in one place
  • Tax Accountant

    Tax Accountant

    Professional Tax Services
  • Tax Specialists

    Tax Specialists

    Professional Tax Specialists
  • Online Accounting

    Online Accounting

    Access your finances anywhere
  • Bookkeeping

    Bookkeeping

    Outsource to reduce workload
  • Payroll

    Payroll

    Outsource to reduce workload
  • Payroll Services

    Payroll Services

    Outsource to reduce workload
  • Retirement Planning

    Retirement Planning

    Long term stability

Business Hours

Call : 01 2784455 | 059 9137040
  • Monday-Friday: 9:00am to 5:30pm

DUBLIN OFFICE

The Hyde Building, Unit 2
The Park, Carrickmines
Dublin 18
Ireland D18 Y974
Tel: +353 (0)1 278 4455
Fax: +353 (0)1 278 4490
Email: info@lsmq.ie

Click HERE for Parking at the Dublin Office

CARLOW OFFICE

44 Tullow Street
Carlow
Ireland R93 H2F5
Tel: +353 (0)59 9137040
Fax: +353 (0)59 9137067
Email: info@lsmq.ie

© Copyright - Lalor O’Shea McQuillan | Tax Advice and Tax Accountants
  • Linkedin
  • Facebook
  • Legal
  • Security
  • Privacy and Cookies Policy (GDPR)
This website uses cookies to improve your experience. For GDPR compliance you can choose to accept or reject cookies.Accept Reject Privacy & Cookie Policy
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

Scroll to top