Saving with a tax benefitOn July 31, 2019 by admin
Most employers offer a pension scheme that you can participate as an employee. This way you build up a pension as a supplement to your AOW, so that you have sufficient income even after you retire. But a pension plan is not mandatory. Does your employer not offer a pension scheme? In this article you can read what you can do then.
No pension scheme – Saving with a tax benefit
On a special bank savings account or with an annuity policy you can fill in a pension gap with a tax benefit. You deposit a large amount into the account once or you deposit money periodically. You receive a form of return on this money, for example savings interest or investment return. After your pension, the bank or insurer pays out the accrued capital as a supplement to your pension. So you fill the gap that arises because your employer does not offer a pension plan.
The tax benefit means that you do not pay capital gains tax on the balance and that you only pay the income tax in box 1 if the bank or insurer pays out the money. At that time, lower rates apply and you also build up a return on the gross amount instead of the net amount. In order to be entitled to the tax benefit, there must be an annual or reserve margin. Annual margin is the amount that you can save with tax relief over the past year and reservation margin is the annual margin for the past seven years. You can calculate whether this applies to you on the website of the Tax Authorities.
Employer no pension – Save yourself
In addition to the savings options with tax benefits, you can of course also choose to save in your own way. You do pay capital gains tax if you save more than 30,360 euros or 60,720 euros for tax partners and there is no exemption in box 1.
The most obvious forms of savings are the regular savings account and the savings deposit. A regular savings account offers a lot of flexibility: you can deposit and withdraw money whenever you want. A savings deposit does not offer this flexibility, because you set a certain amount for, for example, one year, five years or ten years. You receive a fixed interest on this amount that is often higher than the interest on a regular savings account. You choose the term yourself, so you can adjust it exactly when you retire.
Employer does not pay pension – Other solutions
Bank saving is obvious if you want to set aside money as a supplement to your pension. But maybe investing is an interesting option. You can invest yourself or opt for an asset manager, which suits your situation and your knowledge of investing. The risk of investing is greater, but also the possible return.
Finally, many people look after their old age through the home. By repaying your mortgage (earlier), your fixed costs decrease after your retirement. You can also start living smaller, which means that you may have money left over from the sale of your current home.
Tip! Your pension may still seem far away, but it is wise to look at your pension on time. A financial adviser can help you choose a good way to build up extra pension, especially if your employer does not offer a pension plan.
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