“Should I sign up before the year-end tax settlement?” ‘Disappointment’ if IRP sucks

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There are a lot of advertisements for individual retirement pensions called IRPs these days. It emphasizes that you can get your tax refund at the time of year-end settlement right away, but if you sign up without looking closely, you may actually lose money.

Reporter Jeon Yeon-nam points out.

Individual retirement pension IRPs are popular at the end of the year because if you sign up now, you can get your tax refund right at the end of the next month.

Now, let’s see how much the benefit is.

If you deposit 7 million won a year, you can get the best benefits.

If you are over 50, you can receive a temporary deduction of up to 9 million won until next year, so the benefits are even greater.

So far, it sounds like you need to listen.

However, there are a few things you should know before you go.

If you sign up first, it is beneficial to keep it until you are 55 years old.

It is a loss because you cannot withdraw only part of it in the middle, and if you cancel in the middle, 16.5% tax is deducted from the total amount returned.

If you are a person who earns 60 million won a year, you can vomit more money than the tax you got back in the first place.

So, create an account, but don’t make a direct debit, and put money only when you can afford it.

Also, as it is a product that needs to be dragged for that long, you should also look at the fees.

There are even some where commissions are free, centering on securities companies, so you need to check in detail on the integrated pension portal of the Financial Supervisory Service before signing up.

(Video editing: Jo Moo-hwan)

Reference-news.sbs.co.kr

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