Case Study 1
We don’t provide financial advice so this case study is a guide to help you decide which PRSA option suits you best. We hope you find it useful for your research.
I’m a Self-Employed Individual or Proprietary Director
As a sole-trader or professional person working independently or in a partnership, or as an individual who holds a major shareholding in a company, saving and investing to provide an income in retirement makes perfect sense. It’s peace of mind, knowing that you’re providing for a time when you might not be able to work, or want to work.
Many self-employed individuals plan to sell their business or practices to provide a retirement income but even the best laid plans, particularly in today’s economic climate, don’t always work out, so it’s a good plan to have something to fall back on and you get generous tax incentives from the State for doing so.
It’s like setting up a savings plan, with advantages:
- State assistance through tax relief, subject to certain limits, on your investment,
- no taxes being paid on the gains made by the investments,
- a tax-free lump sum when your plan matures, and
- you can use the balance to provide you with an income.