Mind the Gap; Planning for a Comfortable Retirement.

Did you know that for every 10 years you delay paying into a pension, you will have to pay double the amount in order to reach the same goal by retirement age? But why should you contribute to a pension?

Do you know what state pension you are entitled to? Contributory or non-contributory? The contributory pension is just under €13,000 per annum. The non-contributory pension is less than the contributory pension, is means tested, and so your overall wealth will determine what you will receive. What are you currently earning per annum? How big is your “gap”? How comfortable will your life be if you go from earning, for example, €30,000 per annum, to just €13,000 per annum? As modern medicine advances, we are living longer, healthier lives. Isn’t it important that we have our finances in order so that we can enjoy our well earned retirement, without stressing about money?

It is up to you to close this gap. There are so many options available, to suit every individual. There are executive pension plans, personal pension plans, PRSAs, ARFs, Annuities and Buy out Bonds. It really is a minefield, we understand it can be a bit off-putting. We do all the heavy lifting for you, finding the best plan to suit your financial needs and objectives.

You don’t have to start big, you can contribute from as little as €300* per year into a retirement plan. You are of course entitled to tax relief on your contributions as well, subject to restrictions based on your age and earnings.

Please let us know if we can help you with your retirement planning. Your future self will thank you. We can arrange financial advice over zoom, phone, a meeting at our office or at a time and place that suits you. Fill out our enquiry form.

*net cost to you, based on 20% income tax – €260, or based on 40% income tax – €180.