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Personal Retirement Savings Account (PRSA) Pensions
If you’re serious about your retirement savings, now might be the right time to consider contributing a percentage of your salary to a PRSA
One of the most lucrative ways of saving for retirement in Ireland is to open a Personal Retirement Savings Account (PRSA).
A PRSA is a special investment account which allows you to contribute a percentage of your salary towards an additional pension, and your contributions also qualify for income tax relief.
How do PRSAs work?
You allocate a portion of your salary each month to a PRSA, and this money is deducted from your gross pay. The contributions you make are invested by an approved PRSA provider, so the funds grow over time.
This essentially means you benefit twice – you’ll have more income when you retire, and you also pay less tax in the meantime.
Most people access these funds between the ages of 60 and 75, allowing for a higher standard of living in retirement than the state pension alone can provide. It can also supplement any additional occupational pension you may have.
Tax Benefits of PRSAs
So who should start a PRSA to boost their pension? For many people, these investment accounts are an attractive option as contributions qualify for income tax relief. The tax benefits of PRSAs include:
The Irish government offers these tax incentives to encourage people to take their retirement savings seriously by investing in pension products.
However, the percentage of your salary that you can contribute to your pension savings account depends on your age, and is subject to an earnings threshold.
The state pension, at around €15,000 per year, is not enough for many people to maintain their standard of living in retirement. The Irish State Pension is 66% less than the average salary in Ireland. https://nationalpensionhelpline.ie/pension-ireland/prsas-in-ireland/
NationalPensionHelpline.ie is an information-only website and does not provide direct financial advice. By submitting your information through the platform, your information is sent directly to our pension advisor partners who are regulated by the Central Bank of Ireland. NationalPensionHelpline.ie has a registered office at National Pension Helpline, 151 Thomas Street, Dublin 8, D08
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