Pensions & Retirement Planning
Pensions and Retirement Planning
Your retirement is something you should look forward to. Failing to plan can lead to financial worries about making ends meet at a time when you should be kicking back to enjoy life, having worked hard for so many years.
For some, the rules surrounding pensions can be a little confusing. Whilst knowing we need to save for the future, there are many other things to spend money on first. But you must remember, if you do not plan for your own retirement – then who is going to do this for you?
Like any form of saving, it takes time, forward planning and a little effort. The earlier you start, the easier it will be. That said, it is never too late to begin and every contribution helps. The State pension today of just €14,420 will only provide for basic needs. To improve your income in retirement, you must make other arrangements yourself. We are here to help, to answer your questions and point you in the right direction.
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Generous Tax Breaks
A pension is not very different to a regular savings account. You put money aside today that will grow over time. The earlier you start, the more you put away and the longer you save for, the bigger the final fund and ultimately your income in retirement. Simple!
Pensions, though, offer generous tax breaks that can help you build sufficient funds to replace your salary once you finish working. Up to 40% tax relief against your payments is available to significantly reduce the cost. All investment growth is tax-free. At maturity you can take a large tax-free cash lump sum, with the remaining fund giving you a replacement income in retirement.
For Company Directors and the Self Employed, the pension is another way to extract money from your own business for your own benefit in a tax efficient manner. Contributions are a tax deductible business expense, to reduce your annual tax liabilities – you increase your pension while reducing your taxes.
Pensions From Past Employment & Reviews
If you have a pension from a past employment, we can help you better understand your options, making sure this is properly aligned to your wishes.
Early access to a cash tax-free lump sum is available to you from age 50 if needed. Alternatively, you can transfer that pension into your own name, giving you more control over your own account, with better investment choice.
Where you change your address or surname or where your former employer is no longer trading, we have seen people loose track of previous pensions – don’t let this happen to you! It is important to always know what benefits you have and where these are being managed.
We can review any pension you already have, help you better understand your choices and your rights, not just now but also at final maturity.
