This is it. Don’t even look at it
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If you’re thinking long term it probably is, it’s certainly better than leaving it in the bank. The tax is a pox though.
You’ll likely have to invest via a Luxembourg UCITS. Gains are taxed as income at 41% rather than as a capital gain. After 5 years you will be deemed to have sold it and will need to pay tax on any gains at that point.
You used to be able to buy the US versions which were subject to capital gains taxes but brokers can no longer sell them to retail investors I think.
Also - your capital is at risk. Some of the big indices lost 50% of their value in the GFC.
You don’t make it sound very appealing to be honest.
The tax fucks it. It doesn’t sound right but really you should take all your risk in your pension. Until you are 50/55 or so that is, you’d want to be moving towards safety then
Max your pension before you do anything else
I have an ARF from a previous job that has a nice chunk in it so I have no choice but to try to time it
Keep pumping your hard earned money into Brian and Julio and just forget about it for 20 years is the answer here. The main thing is that they’ll get paid either way.
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Was thinking of upping my pension contributions and used a kpmg Tax calculator. If I put in an extra 200 a month it’s saying my take home would be relatively unchanged. Could that be right?
Unlikely. At higher tax if you put 200 into your pension it should cost you 120 quid in net income…
More probable that the KPMG calculator isn’t using exactly correct detail to calc your net take home pay
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Bunch of winers
The French wouldn’t work to warm themselves
No, they light a town hall to do that.
If there was work in the Chaise Lounge they’d lie on the floor.
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Le Floor
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Maybe they’re right.Theres more than enough to go around.
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I’m paying 5% of my gross salary into a company pension scheme with an employer contribution of 11%. Should I be paying an extra 5% to capitalise on the tax relief provided by Revenue?
If you can afford to, yes. Does the employer increase contributions if you do?
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No max employer contribution is 11%. I have a personal loan ending soon so would have a bit extra to play around with. I can pay up to 20% at the moment in my age bracket but I wouldn’t be able to afford that at the moment.
Follow @BruidheanChaorthainn on the Cheltenham thread for next few days and all pension talk will be incidental.
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Pay off all loans apart from your mortgage asap, including any credit cards, then max the pension as much as you can