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MASON WEALTH MANAGEMENT BLOG

Les Knott, Nov 30, 2020

Currently, you can take your state pension in Ireland at 66, but the age is going to increase to 67 and then 68 in the not-too-distant future. Not everyone will want to work until that age by choice, and some won’t be able to because their health will not be good enough for them to continue working. Being awarded a full pension depends on you having made sufficient PRSI contributions. If you have not made sufficient contributions, you can apply for State Pension (Non-Contributory) but this is means tested.

The overall picture for state pensioners of the future is not good, and that is not just a problem in Ireland. People are living a lot longer than when these schemes were first introduced meaning there are more pensioners drawing from the state for longer periods. Governments all over the world are facing the same problem of financing state pensions.

Some countries have just stopped new state pensions for anyone that is currently below 45. All employers will have to have a contributory pension scheme and the self-employed have to have…

Currently, you can take your state pension in Ireland at 66, but the age is going to increase to 67 and then 68 in the not-too-distant future. Not everyone...

admin, Oct 27, 2020

With everything that has been going on in the world lately you’d be forgiven for thinking most things have been put on hold. Especially if you’re self-employed, as an increasing number of businesses seem to be struggling with the economic downturn caused by the Covid-19 pandemic.

An uncertain financial future is even more reason to seek the services of a professional financial advisor, as a solid financial plan will help you to weather the storm of the changing economic landscape. When the crash of 2008 happened, as with all recessions before, the economy starts its slow recovery and over the course of several years gets back to where it was before the recession.

A professional financial advisor should be a priority

You may, in the past, have turned to a financial advisor for help with retirement planning, mortgages, investments, and making the most of the money you have. The need for these services hasn’t disappeared. Life will continue the best it can through the pandemic and return to normal afterwards.

Some people will need to be smarter with their money to successfully navigate…

With everything that has been going on in the world lately you’d be forgiven for thinking most things have been put on hold. Especially if you’re self-employed, as an...

admin, Sep 28, 2020

There are advantages and disadvantages to being self-employed. For some people becoming their own boss is the best thing they did during their working life, and for others, they prefer not to have the responsibilities that accompany working for yourself.

Some people get very nervous about the thought of having to deal with Revenue, about having to fill in tax returns, and if their business grows, having to employ other people. However, being your own boss can mean more freedom in the work you undertake, the hours you work, and no one is going to stop you from taking a day off if you want one.

Accountants are there to help you deal with your financial affairs and to make sure your returns are accurate and filed on time. They will be able to advise you about what expenses you can claim, what sort of records you need to keep, and should generally save you more than they cost you as well as providing you with peace of mind.

They will also advise you of ways you can save tax, which…

There are advantages and disadvantages to being self-employed. For some people becoming their own boss is the best thing they did during their working life, and for others, they...

The various types of pensions available can be confusing if you’re not familiar with the different types and variations. However, what works best for each person must be looked at on a case by case basis. There are rules to consider and these can affect the amount of tax relief you can claim on your contributions. Your age is another consideration as well as the type of income involved. Pensions are an area that need expert advice if you want to be certain you are taking the right steps to ensure the type of retirement you are aiming for.

 

Will your private pension fund be sufficient?

Recent studies have shown that almost half of Irish workers have no private pension fund, which will be a problem for them in the future. Currently, the state pension in Ireland is a little under 250 euros per week providing you have contributed to the scheme for enough qualifying years. For many people, this is only a fraction of what they have been used to earning and the change it causes in lifestyle…

The various types of pensions available can be confusing if you’re not familiar with the different types and variations. However, what works best for each person must be looked...

setting up a private pension

admin, Jul 28, 2020

Having a private pension can be the difference between the retirement you want, or a retirement spent counting the pennies. However, the importance of a private pension and the returns you can get from one are often misunderstood. It’s true that the earlier you start in life the easier it becomes, but that doesn’t mean you shouldn’t consider one if your slightly older too.

The current state pension isn’t enough for many to enjoy the retirement they want and the strain on the system is growing. We are living longer, which is good for us, but it also poses problems for the bean counters in government and at pension companies. Below we’ll provide all the information you need about private pensions in Ireland.

 

Do I really need one?

Some people are content to leave their retirement to the state. However, after the age of 65 we are living approximately 50% longer than we were in the 1970s. This all puts great strain on the State’s coffers, and private pensions are desperately needed to fill the gap.

The current maximum state pension is just…

Having a private pension can be the difference between the retirement you want, or a retirement spent counting the pennies. However, the importance of a private pension and the...

wealth management consultant

Covid-19 has presented the financial industry with many challenges in recent months and will continue to for many months to come. Despite being in largely unchartered waters, few industries are as well equipped to deal with the current situation as Wealth Management. The nature of our role means we excel at problem solving for our clients.

Having time to think about the future

The pandemic the world has been facing for the last few months has meant that thousands of people have been off work and have been confined to their homes. In many cases this has given them time to think about their future, including their finances. What would happen to their family if they were to become a victim of Covid-19? With financial markets so volatile, is there better investments they could be making? Should they be planning for their retirement? These and many other questions are where our Wealth Management Consultants can help you to reach the best conclusions for your personal circumstances.

It’s not all doom and gloom

Our sector, business, customers, and the products and markets we use…

Covid-19 has presented the financial industry with many challenges in recent months and will continue to for many months to come. Despite being in largely unchartered waters, few industries...

You’d be forgiven for thinking financial planning is pointless during the economic downturn caused by the Covid-19 pandemic. We’re constantly hearing of companies closing their doors, redundancies being made, and other negative economic stories that are a result of the current crisis.

However, an unstable economy provides a greater reason to have a solid financial plan. There will undoubtedly be a recession off the back of this pandemic, but as with the 2008 global financial crisis, the world will keep turning and markets and national economies will claw their way back out of recession.

Communication is key

Whether you need to review your existing arrangements due to Covid-19, or you’re looking to create a new financial plan to ensure you’re less susceptible to any future fluctuations, being aware of what’s happening is crucial. Good communication is key to having up to date accurate information.

At Mason Wealth Management we’re happy to talk to existing customers and non-customers alike that may need some professional advice and guidance or financial help during Covid-19.

It can be easy to get caught up in hype in…

You’d be forgiven for thinking financial planning is pointless during the economic downturn caused by the Covid-19 pandemic. We’re constantly hearing of companies closing their doors, redundancies being made,...

admin, Apr 16, 2020

The negativity around the word recession has everyone breaking out in a sweat, especially if you were planning on retiring during the recession. The current coronavirus pandemic is causing a dramatic economic slowdown all around the globe, but a recession has been on the horizon for a while. China and Europe have both seen economic slowdown in recent years, and rising oil prices and high levels of debt were also causing problems.

However, the average recession lasts less than two years. You’re planning on being retired a lot longer than this, so it’s important to take a longer-term view. While many people with investment portfolios will take a hit, it doesn’t have to be all doom and gloom. Just like with any economic situation, a little preparedness goes a long way. Below are some tips on how to retire during a recession.

Can I still retire?

During a recession it’s easy to get wrapped up in the negativity around everything. Will I lose my job? Will my company go bankrupt? How much money will I lose? Will my property be worth the…

The negativity around the word recession has everyone breaking out in a sweat, especially if you were planning on retiring during the recession. The current coronavirus pandemic is causing...

Financial Advisor can cover a broad range of specialities and disciplines. Some specialise in just pensions and retirement advice or investments. It can cover most aspects of financial advice. Some people will refer to themselves as financial planners, which is a term usually reserved for those that provide comprehensive plans to achieve your long-term goals, but both terms often incorporate aspects of each other.

Understand what you need

Selecting the best professional for you can be partly dependent on what you need. For example, a specialist in pension planning might not be the best choice if you’re looking for a plan for investment. Ask yourself what you want to get out of your relationship with a financial advisor? Is it long-term stability for your business, a plan for retirement, or simply some short-term advice to help you make the most of your funds? Some people just want to save enough each year for a family holiday, while others might want to pay their mortgage off as quickly as possible. Write down your own personal goals.

Choosing the best professional for you

Lots of…

Financial Advisor can cover a broad range of specialities and disciplines. Some specialise in just pensions and retirement advice or investments. It can cover most aspects of financial advice....

admin, Feb 28, 2020

Most of us dream of a carefree retirement free from the shackles of the rat race. However, our main source of income stopping can be a scary prospect, especially if our pension income is considerably less than we’re used to receiving each month. However, there are many things you can do to ensure your retirement is as close as possible to your ideal retirement.

Plan ahead

This article will help provide tips for cutting your costs once you’re retired but planning before you retire is too important not to mention. Having a comprehensive plan in place will remove much of the retirement anxiety. It’s often the not knowing that causes the most concern. Not knowing how much you’re going to receive each month. Not knowing if it’s enough to cover your expenses. Not knowing if you’re going to be able to afford the pursuits you’ve been putting off until retirement.

Spending time sitting down with a great independent financial planner can help you to structure your retirement in a way that maximises your income and minimises your expenses, allowing you to…

Most of us dream of a carefree retirement free from the shackles of the rat race. However, our main source of income stopping can be a scary prospect, especially...