Planalife

pensions

Let us Find The Right Pension For You

 

5 Reasons to invest in a Pension

When is the right time to start? Am I too old or too young to start? How much should I pay? These are questions we come across almost every day. While these questions are important, we don’t feel these questions should be your main focus. Here at Planalife we like to focus on the end result. What would you like to do when you retire? How much of an income would you like to receive? At the end of the day you still want to be able to go on holidays, travel and see the world, change your car and while hopefully you will have no mortgage, the majority of your household bills will still be there, and you still want to be in a position to pay these comfortably. Currently the maximum State Pension (Contributory) is approx. €240 per week so if you do not plan for your retirement this is the income you will have to live on.

Top 5 reasons why we believe you should start your pension today:

  • Save Tax
    You get tax relief on your contributions, any growth on your investment is tax free and on retirement you receive a lump sum tax free (within limits).
  • Potential drop in income of 70%
    Unless you put a pension plan in place, your income could drop by over 70% in retirement. As outlined above the State Pension (Contributory) is currently €12,652 a year (€243.30 a week), but the average salary in Ireland is €38,594**. You need to start saving for your retirement to help avoid a big drop in income, and the impact this would have on your lifestyle.
  • Age 68
    If you do qualify for the State Pension, you could be 68 before you receive it as the qualifying age is changing from 65 to 68. If you plan to retire at 65, there’s potentially 3 more years where you need to fund for.
  • 4) 30 Years
    People are living longer which means you may be retired for up to a third of your life. That’s why it’s so important to have a savings plan that ensures that the money you earn during your working life lasts your whole life.
  • Investment Choice
    Choose from a wide range of investment funds from global investment specialists
Whether you are just starting out or already have an existing pension, we will guide you through the options to help you find the pension account that best suits your needs.

Tale of Two Pensioners (Testimonial)

 

Everyone needs to plan for the future.
Starting a pension is one of the smartest decisions you can make. It could help ensure a brighter, better future to look forward to. When you’re choosing a pension, having all the information you need is key. So, we’re here to help you select one that’s right for you.

How much should you save in a pension? This is, perhaps, the single most important consideration. Of course, it’s up to you but it usually depends on these main factors – when you would like to retire, what lifestyle you would like in retirement and how much can you afford to save. This may vary for lots of reasons throughout your working life. We have found that for most people the biggest step is just starting, even if that’s €100 per month. Once you’re up and running you can always increase the premium at a later stage.

Whatever your age or circumstances, it’s always a good idea to plan for your retirement. The sooner you start the better. Even if you’re older it’s not too late. You can claim tax relief on a higher percentage of your earnings, so there may still be time to catch up!

Make retirement planning a priority so that you won’t outlive your money. You can contact us on 090 6492664 or email pensions@planalife.ie

* Annual State Pension Contributory April 2018, www.welfare.ie ** CSO, Average annual earnings in Q1 2018 Earnings and Labour Costs May 2018

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