Married Couple - Combined Tax Query

T

TestLink

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Myself and my wife gets 110k as annual salary (Both of us get around 55K). Tax on my salary is deducted at 40% I suppose. Is there any way I could reduce the tax I pay and make use of it by imvesting in something like pension fund or something else? I dont want to wait till 67 to retire and get pension. Currently aged 50 and would like to retire in max 10 years.

Any advice on what could be best way reduce the tax I pay?

What are my options? If investing in pension fund is my only option, which financial firm is the best with lowest charges etc? And also which broker?
 
You should do a money makeover here:

Money makeover

Budgeting and dealing with debt moved to Mortgage Arrears and Debt Forum .
www.askaboutmoney.com


Pensions are the most common way to reduce income tax.

Do you have occupational pensions?
 
Currently working as HEO in civil service. So the basic persion contributions are there.
 
Are you fully familair with the PS pension scheme?

Have you full knowledge of your future PS pension benefits?

They main way a PS can enhance their pension is:

(1) purchase notional service
(2) start an AVC.
 
Personally, I don't like paying high fees, so I have used discount brokers for AVCs.

www.prsa.ie is a contributor to this website

I used www.labrokers.ie in Wicklow.

Those two are execution-only brokers, they don't give advice, so you need to know a bit.


But if you want advice, etc., and somebody to hold your hand, then Cornmarket are a large broker selling AVCs to PS.
 
TestLink said:
And also which broker?
Click to expand...

I went to Dowling Financial Services many years back to ask about mortgage options. While we didn't get one we found the advice invaluable. They also do pensions and if you google them you will see they have a very impressive 5 star reviews from c.250 people. Definitely one to consider imo.
 
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