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Pension advice for 60 year old with no private pension

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Comments

  • #32
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,786 ✭✭✭The J Stands for Jay


    Put the money into a PRSA or personal pension, invested in a cash fund. No returns, but at this stage the tax relief is providing the returns.

    Then retire taking 25% tax free and the rest in an ARF, assuming there's no complications with the earlier pension.


  • #33
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,786 ✭✭✭The J Stands for Jay


    Donald Trump wrote: »
    I am also aware though that there is the 4% pension levy thing. I wanted to know whether there were any other drawbacks. I assumed that some people on here would be knowledgeable so I'm asking those and am grateful for their answers.

    What's this 4% levy you're on about? Do you meam the 0.6%/0.75%/0.15% levy theu had going for a few years?

    Or are you getting mixed up with AMRF withdrawals?


  • #34
    The J Stands for Jay
    Registered Users, Registered Users 2 Posts: 5,786 ✭✭✭The J Stands for Jay


    SteM wrote: »
    It would be a fantastic return but where did you get the number from though?

    The Money Market category average for Irish individual pensions funds for 5 years to 01/01/2019 was .75%.

    The best performing cash fund during that time period grew 5.25%.

    My understanding is that people that have been paying into a pension their whole lives would transfer to a cash fund closer to retirement because it's low risk but low return, they're essentially protecting their lifetime investment.

    Your friend should see an independent financial adviser asap.

    The return is from tax relief.


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