PRSA CONSULTATIONS
PRSA (Personal Retirement Savings Account)
Flexible Retirement Savings with a Personalised PRSA
A PRSA (Personal Retirement Savings Account) is just a fancy name for a flexible retirement savings plan. Think of it as a savings account with serious tax perks designed to help you save for retirement. It’s not complicated, even though some people in the industry might make it seem that way.
The government actually wants you to have a pension, so they throw in some great tax breaks to encourage you. Whether you’re self-employed, in a job with no pension, or want to add to an existing pension, a PRSA can help you build up the funds you’ll need for the future.
At Prosperous, our approach is centred on understanding your needs and providing tailored guidance. We’re here to help you make informed decisions about your PRSA without pushing unnecessary products. With Prosperous, your PRSA strategy will always start with what’s best for you.
What we offer...
Customised PRSA Plans
Your PRSA should reflect your individual retirement goals and financial situation. We begin with a thorough consultation to understand your lifestyle, savings goals, and retirement timeline. From there, we guide you in selecting a PRSA plan that matches your specific needs, ensuring that you save effectively without overcommitting.
Tax-Efficient Savings
With regular savings accounts or investments, you’d usually pay tax on any interest or profits. Not with a PRSA. PRSAs offer valuable tax benefits that can enhance your retirement savings. Our advisors will help you understand how to maximise tax relief on your PRSA contributions, ensuring your savings grow tax-efficiently. We’ll guide you on making the most of available reliefs, so you can boost your retirement fund while keeping more of your income today.
Flexible Investment Options
With a PRSA, you have the flexibility to choose from a range of investment options, allowing you to match your investment choices with your risk tolerance and retirement goals. Our team will help you build a diversified investment portfolio that balances growth with security, ensuring that your PRSA is aligned with your long-term objectives.
Our Home Loan Advice Process
Initial Consultation
We’ll chat about where you’re at financially, what you’re hoping to achieve, and when you want to retire. If you’ve already got a pension, we’ll look at how a PRSA can fit in with it.
PRSA Strategy & Investment Selection
There are different types of PRSAs out there, but we’ll cut through the noise and help you pick the one that works best for you. Whether you want to play it safe or aim for growth, we’ll tailor a plan to suit your goals and your comfort with risk.
Tax Relief Optimisation
We’ll make sure you’re getting the most out of the tax relief on your contributions. If you’re self-employed, we’ll help you reduce your tax bill. If you’re PAYE, we’ll explain how your payslip changes so you know exactly what’s happening.
Ongoing Support & Adjustments
As your life and financial situation evolve, we provide regular PRSA reviews to ensure your plan remains aligned with your goals. We’ll make adjustments as needed to keep your retirement savings strategy on track.
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Frequently Asked Questions
It depends on your age, income, and goals. If you’re younger, even a little bit can go a long way thanks to tax-free growth. If you’re closer to retirement, we can help you figure out what’s realistic to build up your fund quickly.
No problem. PRSAs are flexible, so you can stop, start, or change your contributions without penalties.
Usually, you can access it from age 60. However, if you’re no longer working or if Revenue agrees that you’re seriously ill, you may be able to access it earlier.
When you retire, you can take out 25% of your PRSA as a tax-free lump sum. The first €200,000 is tax-free, and the next €300,000 is taxed at a flat 20%.
Never! Even if you’re close to retirement, it’s worth setting one up. And if you’re younger? Starting now can mean massive savings later on.
Prosperous Financial Planning Limited is authorised under Regulation 30 of the European Union (Consumer Mortgage Credit Agreements) Regulations 2016 to engage in the business of being a Mortgage Credit Intermediary on behalf of the following undertaking(s): Finance Ireland Credit Solutions DAC t/a Finance Ireland, Avantcard DAC t/a Avant Money, Haven Mortgages Ltd, Dilosk t/a ICS Mortgages