PRSA’s

A PRSA is a cost-effective way to plan efficiently for your retirement. PRSA means Personal Retirement Savings Account and quite simply, represents the newest, easiest and most attractive way for you to ensure your financial security when the time comes for you to retire. It offers a great range of benefits, including tax benefits and complete flexibility. You can take personal financial control of your future and provide for it day by day, regardless of how your circumstances may vary over time.

Advantages:

• Designed to fit in with today’s changing lifestyles, taking your PRSA with you when changing jobs is simple - there are no complicated transfer procedures to worry about.
• You pay only what you can afford, when you can afford it, so it should never become a burden.
• With your PRSA you can choose how you want your money invested and you decide when you want to draw an income - at any time between age 60 and 75.
• You get substantial tax relief on all your contributions; and up until retirement you pay no tax at all on your accumulated investment. As a result, the value of your PRSA grows a lot faster than many other types of savings or investment accounts (It should be noted that automatic
 entitlement to tax relief may not be guaranteed).
• Because PRSA management charges are controlled by legislation, it’s a cost effective way to invest your money.
• Contributions paid, up to a maximum annual percentage, attract tax relief at your marginal rate (highest rate of tax you pay).