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Using Land as Pension

  • 03-03-2021 12:50pm
    #1
    Laura2021
    Registered Users, Registered Users 2 Posts: 100 ✭✭


    Hi I'm just wondering can I use land and sell off a piece when I'm older as use that as a pension I'm not one to max out my pension as I my family never did it and never had money problems when they retired.
    I wont need loads of money like some people want to max out a pension I dont see the point I might not even be here to get a chance to use it.
    House will be paid off wont need a brand new car when I'm older either.
    I'm more for useing money now while time and health is on my side and not wait till I'm nearly 70.


Comments

  • #2
    Geuze
    Registered Users, Registered Users 2 Posts: 14,033 ✭✭✭✭Geuze


    Obviously if you own assets you are free to sell them and convert the asset into cash.

    You may have to pay CGT on any gain.

    What happens if you are lucky, and live to 100?

    Are there enough assets to sell to meet ongoing lifestyle costs?


    Of course, somebody could rent the land, and earn rent, another option.


  • #3
    Geuze
    Registered Users, Registered Users 2 Posts: 14,033 ✭✭✭✭Geuze


    The big advantage of making pension conts is the tax relief on the contributions.


  • #4
    GreeBo
    Registered Users, Registered Users 2 Posts: 27,370 ✭✭✭✭GreeBo


    Laura2021 wrote: »
    Hi I'm just wondering can I use land and sell off a piece when I'm older as use that as a pension I'm not one to max out my pension as I my family never did it and never had money problems when they retired.
    I wont need loads of money like some people want to max out a pension I dont see the point I might not even be here to get a chance to use it.
    House will be paid off wont need a brand new car when I'm older either.
    I'm more for useing money now while time and health is on my side and not wait till I'm nearly 70.

    Your post doesnt make sense.

    You want the money now as you dont believe in a pension, yet you want to hang on to land until you retire to use it in lieu of a pension.

    Basically you are choosing an alternative private pension that has non of the tax advantages of a normal pension.
    You'd probably be better off selling the land now and using that to max out your pension over the next few years.

    Also, maxing out your pension has nothing to do with "needing loads of money" its about the most efficient use of your money.


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