I think I have this correct: with the new rules from age 61 you have to take minimum 4% from your ARF and you can if you wish take 4% of your AMRF (don't think latter is compulsory). You pay taxes on the withdrawals at standard/top rate depending which your on. So if you remain in work past 60 and have to withdraw 4% from the ARF then you pay high taxes on the withdrawal. Now if like me you hope to cease working at age 60 do you pay no taxes if your income is below a certain limit. What is that limit ? Taking e.g 4% of 100k pot in ARF and 4% of AMRF pot of 63.5k gives a total in first year of withdrawal of
€ 6,540. I'm on the higher rate of tax so if I continue working I pay taxes of 40% + PRSI/USC and if I stop working do I get to keep the € 6,540 ? No other income after age 60 but I would have my 25% tax free in a lump sum + my savings to live on up until the O.A.P kicks in when I'm 67. Thanks.
€ 6,540. I'm on the higher rate of tax so if I continue working I pay taxes of 40% + PRSI/USC and if I stop working do I get to keep the € 6,540 ? No other income after age 60 but I would have my 25% tax free in a lump sum + my savings to live on up until the O.A.P kicks in when I'm 67. Thanks.