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MASON WEALTH MANAGEMENT BLOG

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...

admin, Jan 24, 2020

How we are going to live when we retire doesn’t become a major concern for many people until later in life. However, our quality of life and the money we have available to us once we stop working can be far greater if we start planning sooner. Every extra year you’re paying into a pension counts, so the sooner you start the better.

A private pension is essentially a savings plan with important tax benefits. However, your contributions earn you money for the life of the pension and must stay in the pension fund until you reach a predetermined retirement age. The money you receive from a private pension can help to supplement your state pension and be the difference between a frugal existence or the retirement you hoped for.

Do you know what you want your retirement to look like?

Most people continue through their life without giving too much thought to retirement. We may have some cliched responses about what we’d like to do when we retire, such as travel more or spend more time with our family, but…

How we are going to live when we retire doesn’t become a major concern for many people until later in life. However, our quality of life and the money...

admin, Dec 18, 2019

As the years pass by, the need to ensure we are well prepared for later in life looms increasingly larger. Whether you’re investing, paying into a pension, or just saving money, starting young makes everything easier. However, when we’re young is the time we are least likely to worry about our future financial health. Thankfully, there are plenty of options for people of all ages to maximise their finances.

There is a common misconception that you only need a financial advisor when you’re wealthy, need insurance or a mortgage. The truth is that a financial advisor can help you at any stage of your life. You do not need to be investing tens of thousands of euros to build a plan for your future. They can create a clear map you can follow to ensure the lifestyle you want becomes a reality.

Do you know how much value a financial advisor could add to your future in 2020?

A good financial advisor is primarily concerned with helping you to grow your wealth and ensure your finances are secure. A good financial…

As the years pass by, the need to ensure we are well prepared for later in life looms increasingly larger. Whether you’re investing, paying into a pension, or just...

admin, Nov 12, 2019

Not many people would dispute that securing your financial future is a good idea. Whether you have a pension plan, investments, property, or just a savings account, having some sort of plan removes a big chunk of stress, and can even be designed to help you through tougher times in the short to medium-term.

Many of us have an image of how we want our life to be yet do very little to make sure it becomes reality. This can be because of a preconceived notion that you must be wealthy before considering private wealth management. However, it’s often the reverse that’s true. If you want to end up financially comfortable in the future, you should start planning now.

What is private wealth management?

Private wealth management is a general term that refers to your bigger financial picture. It incorporates all aspects of pensions, investments, portfolio management etc. It’s a service designed for the sole purpose of enhancing your finances. Rather than only planning for retirement, it often incorporates short, medium and long-term goals.

The bigger picture approach allows us to utilise a…

Not many people would dispute that securing your financial future is a good idea. Whether you have a pension plan, investments, property, or just a savings account, having some...

admin, Oct 24, 2019

The thought of retirement is daunting for many people. This is compounded by all the negative press about the retirement age being pushed back, or how pensioners can struggle to pay their way. Some people avoid thinking about retirement because they have no idea what they are going to do once they’ve retired, while others have lots of ideas but no plan in place to make them reality. Humans are living longer than ever, and more people are seeing their retirement as a second lease of life where they can enjoy many of the hobbies or interests they’ve been too busy for.

Too of the most common wishes we come across when helping people is having enough to help close family members and a desire to travel. The good news is, with some forethought and careful planning, you can enjoy the exact retirement you want. Retirement planning might have the image of being something just for the very wealthy people out there, but in the current climate it really is something that should be considered by everyone.

The earlier the better

When…

The thought of retirement is daunting for many people. This is compounded by all the negative press about the retirement age being pushed back, or how pensioners can struggle...