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MASON WEALTH MANAGEMENT BLOG

admin, Oct 17, 2017

Tax is a necessary evil. If we want to live in a country with access to public services, taxation is the system used to pay for these services. We can (and do!) argue and moan about the different levels of tax payable and whether they are levied fairly. But at the end of the day, the money to be used for public services has to be collected somewhere.

While most people accept that tax must be collected, most people certainly do not want to pay more than their fair share. So as we approach the 31st October tax payment deadline for individuals, we’ve set out 5 ways that can help you to reduce your tax burden either now or in the future. All of these are perfectly legitimate and are not considered aggressive tax practices – they are simply good tax housekeeping that is sometimes ignored.

Claim relief for your medical expenses

It still amazes us how many people let this one slip by… You can claim standard rate relief (20%) for all the medical expenses that you pay for – typically your…

Tax is a necessary evil. If we want to live in a country with access to public services, taxation is the system used to pay for these services. We...

Ireland needs €440bn to address its pension problem. Now has that got your attention? Particularly when you compare this to our National Debt figure, a not so meagre figure of €212bn (as at 17th October 2017) that gets so much attention. At that, the pension figure of €440bn was calculated almost 2 years ago, and will have only grown in the meantime…

The reason the pension figure gets so little attention is because it is tomorrow’s problem, not today’s. But we can’t escape the fact that €440bn is the “hidden” state liability for public servant pensions and the shortfall in the Social Insurance Fund, which is used to pay old age pensions. If nothing changes, this money will have to be found in the future to pay all of our old state pensions and the pensions of all our public servants.

So how have we got here?

Changing demographics is a significant cause

There are a number of demographic factors that are exacerbating the problem in Ireland. Today we have 5 workers for every pensioner. These workers pay PRSI, which goes towards the payment…

Ireland needs €440bn to address its pension problem. Now has that got your attention? Particularly when you compare this to our National Debt figure, a not so meagre figure of...

admin, Aug 21, 2017

Congratulations to our competition winners, Richard Gallery & Susan Looby. Above, you can see them pictured with Les Knott and Phil Farrelly as they received their voucher of €500 for Maryborough Hotel in Cork. We hope they have a lovely weekend.

If you’d like to know about the latest news and competitions then make sure to add us on Linkedin and keep an eye on this blog.

Congratulations to our competition winners, Richard Gallery & Susan Looby. Above, you can see them pictured with Les Knott and Phil Farrelly as they received their voucher of €500...

Advice from our wealth management Dublin team

Hiring a wealth management Dublin firm to manage your finances so that you’re comfortable in the years ahead is easily one of the most important things you will ever do. Because you don’t want your quality of life to drop as you get older, you need to ensure that your property, investments, business finances and personal spending are all perfectly balanced.

As such, a good wealth management advisor won’t just provide you with an array of optional products to help your finances grow. Their main goal will be to outline a detailed plan on how to measure the potential you have to make money in the future without having to sacrifice much today.

Our team have years of experience guiding clients in all matters financial, so to help get your finances ready for what’s ahead, we’ve put together our list of the 10 most important rules for wealth creation. When you read them you’ll have a good idea of how we work, but if you prefer to get right down to business and find out exactly what our wealth management…

Hiring a wealth management Dublin firm to manage your finances so that you’re comfortable in the years ahead is easily one of the most important things you will ever...

Review your pension in Dublin

A prospective client rang me last week. We had been referred by a friend of his. Essentially, he was contributing into an executive pension plan, company arrangement, with Irish Life, for the last 10 years. He had 20 years to go to retirement.

I carried out a review of his policy and established that Irish Life have been charging an annual management charge of 1.25% pa. They had broken it down as 1% management charge and .25% plan charge. We persuaded Irish Life to remove the plan charge immediately.

The overall result means that our clients fund will grow by an additional amount of c €40,000 by retirement date. This little change in the contract that we were able to negotiate will make a huge difference to our client.

We charged him a fee of €250.00 for this advice.

It just goes to show, you never know what kind of money we could help you save!

A prospective client rang me last week. We had been referred by a friend of his. Essentially, he was contributing into an executive pension plan, company arrangement, with Irish...

Pension Advice Dublin

admin, Jun 29, 2017

A 59 year old gentleman rang me in November 2010 looking for pension advice. He had built up a pension fund of €2,000,000 (hard to believe isn’t it) and was worried that the government would introduce additional taxation in respect of his tax tree lump sum in the budget that was due very shortly.

Our client was correct to be concerned as the Government had flagged on a number of occasions that tax free cash payments in excess of €200,000 may be the subject of additional taxation due to declining tax receipts.

As things stood, and if things had remained unaltered, our client would have been entitled to take €500,000 i.e. 25%, of his fund as a tax free cash payment so any changes to the tax code would have been extremely costly for our client.

Our client had contacted his existing broker who suggested he should leave everything alone – there was nothing to worry about.

As our client had intended retiring in April 2011 in any event (when he reached 60) we advised him to retire immediately, relinquish control of the business, and…

A 59 year old gentleman rang me in November 2010 looking for pension advice. He had built up a pension fund of €2,000,000 (hard to believe isn’t it) and...

Questions Ask Financial Dublin

admin, May 10, 2017

Q1

Are you truly independent and do you deal with all insurance companies or are you restricted to a small number of companies? Are you an ‘authorised adviser’ or a restricted activity intermediary?

Q2

Are you prepared to transact business on a nil commission basis to ensure that I receive truly independent and ‘best’ advice? I appreciate that I will have to pay you a fee.

Q3

Are you a CFP – Certified Financial Planner or an SIA – Specialist Investment Advisor?

Q4

Q1 Are you truly independent and do you deal with all insurance companies or are you restricted to a small number of companies? Are you an ‘authorised adviser’ or...

Financial Advice Dublin

Q1

Experience – we are around for a long time. The main principals at Mason Financial Services have over 70 years experience between them. We have been quite successful over the years and intend being around for many years to come.

Q2

We have a very good reputation and in that regard have been finalists 3 years in a row in the prestigious ‘life and pension broker of the year’ awards

Q3

We put our clients interest first. We recognise that without our clients we have nothing. Our clients welfare will always come first

Q4

We treat all our clients with respect and ensure they receive ‘best advice ‘ at all times

Q5

Knowledge is power – we ensure that we are kept up to date with all changes in the industry. In this regard we all participate in continuous professional development to ensure that any advice given is correct and accurate. We also meet up with investment analyist’s on a daily basis. these are the people who actually make decisions about stock selection etc – we have instant access to these very important people. this has huge…

Q1 Experience – we are around for a long time. The main principals at Mason Financial Services have over 70 years experience between them. We have been quite successful...