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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, Oct 20, 2020

It’s not an easy ride for investors today, when you consider some of the actual and potential headwinds facing you,

  • Covid-19
  • GDP down 6% in Ireland in Quarter 2 2020
  • A market fall of >30% earlier this year
  • Negative interest rates on offer in the Irish banks
  • Brexit – will there be a deal?
  • US presidential elections – what will happen there?

Any one of these on their own would appear like a big deal. But all of them within one year – wow!

It can be difficult to remain calm with all this swirling around. But that is exactly what’s needed here – to remain calm. And it’s our job to help you do that. We’ve seen these situations before, where the sense of needing to take action, even any action at all seems to be right course. But it’s not, instead it’s important to follow the well-worn path of staying focused on your plan. Here are a few thoughts to help you to stay committed to that plan.

 

Remember your time horizon

Short-term volatility is just that, short-term. Your investment time…

It’s not an easy ride for investors today, when you consider some of the actual and potential headwinds facing you, Covid-19 GDP down 6% in Ireland in Quarter 2...

Look, it happens regularly… people realise that with their current retirement planning approach, they are going to fall short of achieving the lifestyle they want in retirement. This happens for a whole lot of reasons – not having a plan, starting to save too late, not saving enough or the wrong investment strategy.

The starting point has to be getting a clear and realistic picture of where you actually stand. We can help you here, by assisting you in,

  1. Identifying the lifestyle to want in retirement
  2. Putting a cost on that lifestyle – the fund you will need to achieve it
  3. Seeing if you are on course to achieve your targeted lifestyle with your current retirement funding plan (including all sources of income in retirement)
  4. Identifying any shortfall
  5. Coming up with a plan to address the shortfall.

Let’s assume you’ve done all of this, have identified a shortfall and want to do something about it. Here are a few options that you can consider,

 

Work longer

The state pension age will soon be out to age 68, some feel this will be extended…

Look, it happens regularly… people realise that with their current retirement planning approach, they are going to fall short of achieving the lifestyle they want in retirement. This happens...

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...

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...