Collect a pension plan without losing money

change car, go cruise, buy an apartment on the beach… It is usual treat yourself when you reach retirement after so many years working, and rightly so! However, no matter how much you want they have to recover the investment, It is important to know how to charge a Pension plan and avoid scares.

Through the plansyou continue significant tax savings while workings. However, when it comes to rescue, Treasury can keep one part of your savings if you do not do it with caution. Withoutor do you want to lose money due to lack of informationin this post we are going to give you three keys to collect a pension plan correctly.

1. Wait (a little more) to rescue your plan

Wait? Yeahis a purely fiscal reason. In case you didn’t know, the redemption of a pension plan is taxed to the Treasury as income from work. Therefore, if you charge the capital the same year you retire, to the last income from your work activity will be added the rescue of the planhence it is very likely that you have to pay more taxes and, even, that the tax rate that the Treasury applies to you increases.

Instead, if you wait for the next fiscal year to start collecting a pension planThe Treasury will take as earnings from the workonly heretirement pension incomehence you will pay less.

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2. Be clear about how to collect a pension plan: capital or income?

When rescuing your pension planThere is no universal charging formula, but the regulations offer a lot of flexibility. There are several ways to do it:

  • in the form of capital: you will recover all your savings in a single charge.
  • In the form of rent: you will recover your money through periodic charges.
  • In mixed form: you can combine the collection of an amount in the form of capital with payment in the form of rent of the remaining amount.
  • in free form: You will have the freedom to choose when and how much to charge, without establishing a fixed periodicity.

Undoubtedly, choosing the correct way to rescue your plan is the most important decision that you must take when the time comes, and you will have to always do it based on your personal circumstances. And it is that, depending on the way you choose, you will have to pay more or less money to the Treasury for taxes. And in some cases the differences can be very noticeable.

Still, in most cases the form of rent or mixed is usually the most recommended optionalthough it is true that in specific situations (which we will talk about below) it is also advantageous to rescue the plan in the form of capital.

Collecting a pension plan for income: aspects to take into account

The reason why it is better to collect the pension plan in income is very simple.

The redeemed capital counts as income from work in the eyes of the Treasury which, as you know, is taxed progressively. That is why it is convenient to collect in the form of rent, because your annual income will be lower and will be taxed at a lower tax rate how they would do it if you charged everything at once.

In addition, by receiving payments periodically, you will be using the pension plan for its ultimate purpose: as supplement to public pension retirement. If you want to know how much you will earn when you retire, take a look at our income simulator pension plans.

Does it compensate me to collect the pension plan in the form of capital?

At this point you will ask yourself: so, is it only advisable to rescue the plan in the form of income?

Collecting it in one go is not a good idea a priori, since it is most likely that the tax rate that the Treasury will apply to you that year on your income statement will be through the roof.

However, there is currently a tax benefit for the collections of pension plans that are made in the form of capital and that favors older savers. It consists in the redemption in the form of capital of the contributions made before 2007 enjoy a 40% reduction when including them in the IPRF. That is, the beneficiaries will only have to To pay the taxes corresponding to 60% of the total that they have received

Limitations on the 40% reduction

This reduction can only be applied in a single fiscal year and in the first years in which we are pensioners. In addition, in 2006 a transitory regime was established that regulates the maximum terms in which the beneficiaries can enjoy this tax advantage:

  • Retirements prior to 2015. In this case, the beneficiary will have eight years from the date of retirement to have the reduction. Thus, for example, a person who retired in 2012 will have this option only if he redeems his plan (or part of it) before 2021.
  • Retirements after 2015. In this case, the beneficiary will only have two years from the date of retirement to enjoy the reduction. Thus, for example, a person who retired in 2017 will have this option if he redeems his plan as capital (or part of it) before 2020.

3. Don’t get out of a tax tranche concrete

It will depend on the needs of each moment, but, in general, we should charge annually an amount that allows us keep us inside a same trmaster of taxation, in one in which we feel comfortable. In this way, our purchasing power will not suffer when paying taxes.

Naps next to charge you Pension plan or have any questions, make an appointment at your branch andtand we will be able to inform you in a more precise way and personalized.


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