Liable for income tax?
You must have heard that it is necessary to start saving for retirement as soon as possible. But the truth is that it is not just as simple as that. Saving for retirement involves several considerations that can be confusing. For instance, it can be tricky to decide exactly how much you need to save for your pension, what pension plan to use, etc. One other item most people get confused about is whether they will be liable for income tax, how much it is, and whether it would continue after retirement.
There are conflicting data on this topic. Here, we have provided a breakdown of what you should expect regarding pension tax in Ireland before and after retirement.