Over the years, many people have saved steadily through pension plans as its main tool to prepare for retirement. Monthly contributions, immediate tax benefits and the feeling of taking a financial decision wise.
The problem appears when the time comes to rescue the savings and discovers that the taxation of pension plans does not work like most imagined. At that time, the impact on the personal income TAX can be much higher than expected.
How are taxed pension plans income TAX
One of the most unknown of the taxation of pension schemes is that, at the time of the rescue, do not taxed as savings, but as earned income.
This means that the amount redeemed is in addition to the state pension and any other income of the taxpayer, and it is integrated in the general basis of the personal income TAX. Since it is a progressive tax, the higher the total income, the higher will be the tax rate applicable.
In practice, a rescue poorly planned can cause a jump of stretch in the personal income TAX and a tax burden is much higher than expected.
The most common mistake: to rescue the plan without tax planning
One of the most common mistakes is to rescue the pension plan in the form of capital, all in a single fiscal year. Although short-term may seem like the easiest option, from the tax point of view tends to be the least efficient.
This type of rescue is often generate an increase in artificial income in that year, putting the taxpayer on the upper stretches of the personal income TAX. The result is that a significant part of the savings accumulated during years ending taxed at higher rates.
From a legal perspective and prosecutor, the problem is not the pension plan itself, but rather the lack of a proper planning of the time and the form of rescue.
The pension plans are not necessarily a bad tool, but they are not a universal solution. Their suitability depends on a multitude of factors that need to be analysed jointly.
Among others, influence the level of income, the present and the future, the form of rescue is chosen, the rest of the assets of the taxpayer, his family situation and, in many cases, the autonomous community of residence at the time of retirement.
Without a global vision, the tax advantage gained during the years of contribution may be diluted or even reversed at the time of the rescue.
Tax optimization in retirement: an equity vision
The tax optimization of retirement is not just save, but in the right planning how and when to pay. Estate planning allows you to distribute the tax burden over time, avoid jumps unnecessary stretch in the income TAX and combine the pension plans with other ways of saving and investment.
This analysis must be made in advance. Wait for the moment of the rescue limits a lot of options and will usually involve taking a taxation high no room to maneuver.
Our professional experience in planning pension plans
In IURIT we analyze a recurring situations in which taxpayers who have saved for decades they discover that a significant part of their heritage just absorbed by the taxation of the income TAX.
Therefore, our approach is not limited to the product, but to the overall strategy. We review the taxation of pension schemes, we simulate different rescue scenarios and integrate them within an estate planning coherent and adapted to each case.
Before to continue to provide or rescue your pension plan, it's important to know what the real impact will be on your personal income TAX and how to optimize it.
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