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MASON WEALTH MANAGEMENT BLOG

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...

admin, Aug 20, 2020

A huge amount of the time we spend with our clients is spent building an understanding of your goals in life and developing a financial plan to help you achieve your objectives. A lot of attention goes into your retirement strategy, your investment approach and other such important areas.

 

One area we never forget about though is the other side of your financial picture – your expenditure. After all, this impacts your level of saving and investment in your future. This has come into sharp focus in 2020, particularly as we emerge from lockdown due to Covid-19. For some people, reviewing this makes sense as they have simply gone through a period of much lower spending than normal. For others who are facing a loss of job or a reduction in income, it is out of necessity. For everyone, there’s an opportunity to save more into the future.

 

Here are 10 areas which we believe are worth investigating to see if there are opportunities to reduce your monthly outgoings, whether out of necessity or to be able to spend more on…

A huge amount of the time we spend with our clients is spent building an understanding of your goals in life and developing a financial plan to help you...

As we emerge from lockdown and the world is getting back to some sort of normality, unfortunately for some people the pandemic has had quite a significant impact on their income. We’ve had a small number of queries from clients in this situation who are looking to reduce their expenditure. Some are pausing savings plans and other regular investment products. One or two people have queried whether they should cut back on their levels of life assurance and specified illness cover.

While we look at each individual case on its specific circumstances, generally we try to guide clients towards making savings elsewhere. We hope they will read our other article this month on that very topic! We remind these clients that these insurances are in place for when that enormous life changing event happens to them and their families. The purpose of these products is to pay claims when needed, so it’s important to have confidence in the claim paying end of the transaction.

To help build this confidence, we’ve taken a look at claims statistics, specifically those of Irish Life…

As we emerge from lockdown and the world is getting back to some sort of normality, unfortunately for some people the pandemic has had quite a significant impact on...

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...

admin, Jun 20, 2020

As economies around the world start to cautiously emerge from their various states of lockdown, people are also stepping back into the light albeit gingerly and carefully. Some shops and services are open for business again, others have a while to wait still. Some activities that involve mass gatherings such as sports events and concerts face a quite uncertain future for some time to come.

The last few months have been a time of great uncertainty for all of us. Apart from the threat to our health, most people’s work lives have undergone significant changes. For some, this has been a very difficult period with businesses closed and jobs gone for a while, or in some cases for good. Others have experienced reduced income as a result of the Covid-19 restrictions. Some lucky people have not really been hit in the pocket; they have just had to adjust to a different way of working.

We’ve all had quite a bit of time to think, both about the present and also what the future might hold as the pandemic runs its course.

Our…

As economies around the world start to cautiously emerge from their various states of lockdown, people are also stepping back into the light albeit gingerly and carefully. Some shops...

A recent phone conversation with a client triggered this article, as we were discussing the volatility in markets over the last few months. This was a relatively easy conversation, as this particular client has a very measured view to managing her pension fund and her investments. She doesn’t make rash decisions, she maintains a long-term perspective and doesn’t fret over every movement in the markets.

Our conversation then moved to on to the impact on all our lives of the Covid-19 restrictions – this is a topic coming up in every single conversation we’re having these days! As we chatted through the impact of the Covid-19 pandemic, we came to the conclusion that there are a lot of similarities between the worries caused by money and those caused by the pandemic. Let me explain…

 

It’s very easy to lose perspective

When the markets take a big hit as they did from the middle of February to mid-March, it’s very easy to lose perspective. After all, the S&P500 fell by over 30% in just over a month up to 23rd March. It was very…

A recent phone conversation with a client triggered this article, as we were discussing the volatility in markets over the last few months. This was a relatively easy conversation,...

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 20, 2020

We’ve written before about the importance of a very planned approach to retirement. Having a healthy pension fund is what springs to mind for all of us in this regard – of course this is very important, as having access to financial resources will help you to ensure that you can enjoy your retirement and live it on your own terms.

But it’s not only about money. Money may be an enabler of the lifestyle that you choose. But you have to first of all do some thinking about what that lifestyle actually looks like! Who are the people that will be around you, where will you live, how will you fill your days, will you continue to work etc.? All of these are important questions that require careful consideration.

We recently came across The Irish Longitudinal Study on Ageing (TILDA), which is a large scale, nationally representative, long-term study on ageing in Ireland. It collects information from adults aged 50 years and over resident in Ireland and is one of the most comprehensive research studies of its kind both…

We’ve written before about the importance of a very planned approach to retirement. Having a healthy pension fund is what springs to mind for all of us in this...

We are living through unprecedented times, that will be remembered by us all for ever. Our focus is on staying healthy and flattening the Covid-19 curve. We are worried about our own health and that of our loved ones, particularly the elderly who are cocooned in their own homes. Some of you have seen your jobs disappear (hopefully temporarily) and others have seen their income reduced.

On top of all of this, stock markets have been extremely jittery and this is causing anxiety for investors and pension plan holders. Do you remember when all we had to worry about was Brexit?? However we can help you manage this investment anxiety. After all, while Covid19 is a unique event, volatile stock markets certainly are not. We’ve seen them before and we’ll see them again. The key is not to panic and make any rash decisions. So, what do you do?

 

Stick to the plan

Your financial plan was developed to guide you to achieving your goals. Your plan is there to guide you, both when markets are racing ahead and also when they…

We are living through unprecedented times, that will be remembered by us all for ever. Our focus is on staying healthy and flattening the Covid-19 curve. We are worried...