Your retirement could last a long time – 20 years would not be exceptional. This is the time that you have worked hard for. Time you owe yourself. Time to spend doing all those things you have always promised yourself.
Without the stresses of having to earn a living, your time will probably be spent travelling. Visiting family or friends in other parts of the world – or visiting places that you’ve always wanted to see. Some of your time perhaps will be spent on hobbies, enjoying existing ones and even picking up new ones. And of course spending quality time with your partner, family and friends. But there’s no such thing as a free holiday. Everything has to be paid for. So will you have enough money to enjoy your retirement to the full? It’s time to plan for the longest holiday of your life Mind the Gap Or will you be faced with a gap in your funds?
As we come into what is the height of the pension season it may be worthwhile reviewing you retirement planning. This is important for everyone whether you are a PAYE worker, Self Employed or a company director.
• PAYE workers are allowed by revenue to make a contribution to an approved retirement scheme before the 31 October 2016 and offset that against tax that was paid in 2015 which may result in a refund from 2015.
• Self-employed can make a contribution before 31 October 2016 and offset this against their final tax bill for 2015 helping them to fund for retirement and also reducing their tax liability.
Company Directors can make a contribution before 31 October 2016 and offset this against their personal liability for 2015.
If you would like to know more ... call Michael on 086 8440541 or email firstname.lastname@example.org for further information.
Michael Keville T/A MK Financial is regulated by the Central Bank of Ireland