My dad is hitting retirement age in early February. I was keen to get some ideas on the scenario.
- He has a public pension as of Feb
- I don't think he has a personal pension set up
- House fully paid off
- Has a commercial unit as a Sole Trader that he intends to sell in the coming months and has a potential buyer lined up (as far as I am aware, it is worth c. €180k with a c. €40k mortgage on it)
I don't think he has sought any financial planning / advice to date.
What I'm trying to figure out is:
- would it be worth his while to set up a 'retirement' account/PRSA before retirement age so he could potentially back-date with a lump sum/AVC and get tax refund?
- what's the most efficient way for him to sell the commercial property from a tax pov?
Any guidance appreciated.
Thanks
- He has a public pension as of Feb
- I don't think he has a personal pension set up
- House fully paid off
- Has a commercial unit as a Sole Trader that he intends to sell in the coming months and has a potential buyer lined up (as far as I am aware, it is worth c. €180k with a c. €40k mortgage on it)
I don't think he has sought any financial planning / advice to date.
What I'm trying to figure out is:
- would it be worth his while to set up a 'retirement' account/PRSA before retirement age so he could potentially back-date with a lump sum/AVC and get tax refund?
- what's the most efficient way for him to sell the commercial property from a tax pov?
Any guidance appreciated.
Thanks