Retirement marks an exciting new chapter in life, offering opportunities to slow down (or speed up!), pursue hobbies, travel, or spend more quality time with family and friends. A little planning now can significantly insure peace of mind in the future. Here are some key areas to focus on as you prepare for retirement:
Take time to assess whether your current pension contributions are on track to meet your retirement goals. It’s worth speaking with a pension advisor to explore the maximum contributions you’re eligible to make, especially those that qualify for tax relief. This will help you maximise your retirement savings efficiently.
The State Pension whether contributory or non-contributory can provide an important source of income in retirement. Make sure you understand the eligibility rules and how to apply. To help estimate the rate of State Pension (Contributory) you may receive, you can request a copy here Contribution Statement
Withdrawals from pensions and other investments may be subject to tax. A professional review of your tax position can help identify applicable reliefs and credits, helping you reduce your tax bill and provide you with greater financial security.
Keeping your will current ensures your wishes are clearly documented and your assets are distributed accordingly. It’s a good idea to have conversations with both your solicitor and your family to prevent confusion or disputes. Setting up joint bank accounts can also help loved ones access funds more easily when needed.
This relief reduces the Capital Gains Tax rate to 10% on the first €1 million of gains from the disposal of qualifying business assets provided certain conditions are met. It’s a valuable option to explore if you’re planning to exit your business.
If you’re a business owner, retirement relief can significantly reduce your Capital Gains Tax (CGT) liability when passing on or selling your business. The rules vary depending on the age of the individual and the recipient of the transfer.
Here’s a summary of the thresholds:
Preparing for retirement can feel like a big step but remember you don’t have to do it alone. Whether you need help understanding your pension options, navigating tax implications, or planning for the future of your business, we’re here to support and guide you every step of the way. Reach out to us anytime we’re ready to help you build the retirement you deserve.
The information provided in this article is intended for general guidance only and does not constitute professional advice. While every effort has been made to ensure the accuracy of the content as of May 2025, tax laws and regulations are subject to change. Readers are advised to consult with a qualified tax professional or solicitor.
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