Meet Eve, Company Director
Eve, in her 40’s, Company Director, putting a retirement plan in place
I’m Eve, founder of my own digital marketing company in 2010. Ten years on, our “empire” has grown to six amazing workers and we have moved to a bigger premises.
Every now and again, I get letters regarding my pension savings from previous jobs, when my I was the employee. But that has to be part of my responsibilities now. I was lucky that when I was setting up the business, my accountant told me to get expert advice on saving for the future. Now I pay myself what I can afford and what I need. I don’t want to be paying lots of income tax if I don’t need to. But what I learned is that I can also pay myself for what I need to spend in the future in a really tax-efficient manner. I was amazed at how much my company could contribute for me as part of my retirement plan and not just that – I could claim corporation tax relief on that amount too. The tax breaks make it really attractive and affordable. Getting the right advice helped me to work out how much I needed to pay myself, how much I could put in to my pension and what was the best way to get my pension pot growing. Now I pay in a monthly amount that the business can afford and usually top it up at the end of the year just before I sign off on the accounts to maximise my tax savings.
And it’s flexible too so if I have a time where’s there are a lot of additional expenses, I can pause my plan for six months to allow the cash reserves to build up again. I am hoping to do a bit more this year to catch up.
Seeing as I am in my late 40’s I have plenty of time to grow my money over the next 20 something years and not be overly concerned with ups and downs in the stock market.
To find out more about what people in Eve’s situation should do about Pensions, click here to read our Talking Pensions magazine.
To arrange a meeting click here or contact us on 01 511 9202.