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MASON WEALTH MANAGEMENT BLOG

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...

If you are thinking about retiring you really should have a financial plan.  Without a plan and assuming that you do not have the luxury of a Defined Benefit pension scheme you really are in a vulnerable position.     With the impact of inflation and the fact that people are living longer you run the risk of running out of money

 

The financial advice business has moved to a better place in recent years.  In the past, people were sold pensions and Life policies by commission only salespeople.  There was very little follow up and there was little or no effort made to try and ‘ bring everything together’

 

Clients had no understanding of what it would all mean in terms of retirement funding.    This resulted in people having a variety of policies, generally held with different insurance companies, with no particular structure or strategy.

 

After 30 years in the financial planning business we now know that if clients have a financial plan and follow the rules of a simple investment process, they generally will receive better and more predictable investment outcomes.    We teach this investment process to all our…

If you are thinking about retiring you really should have a financial plan.  Without a plan and assuming that you do not have the luxury of a Defined Benefit...

Let’s be honest, who really saw Sinn Fein winning the numbers of seats that they won in the recent election? After all, they had never come close to winning such a large number before. And we also see surprising results all of the time in sport – who really thought that England wouldn’t win the Rugby World Cup last year after such a comprehensive win over the All Blacks in the semi final? And sure South Africa were no great shakes.. These events show that recent history doesn’t determine the future and that one small factor can change everything. We see it in politics and sport all of the time – the past is the past, and its not always a good guide to the future.

The same rules apply in business. It’s very dangerous to base decisions only on what happened recently, which is known as recency bias. It is the phenomenon where people recall and give more credence to very recent events, as opposed to events from the more distant past or indeed other tried and trusted bases…

Let’s be honest, who really saw Sinn Fein winning the numbers of seats that they won in the recent election? After all, they had never come close to winning...

In today’s era of consumerism on a grand scale, it can be hard to maintain a clear and constant perspective about the value of money. Many of us muddle along, surviving, making mistakes and getting by. However this is no example to give to the next generation who are likely to pick up on our behaviours and habits. Instead we need to carefully teach our children about how to act responsibly with money and to give them the best chance of building positive financial habits for life.

We’ve set out a few areas that you might like to talk to them about as they begin their lifelong relationship with money.

 

1. Establish a savings routine

This can start as soon as children start to receive pocket money. Encouraging them not to spend it all as they receive it and instead to save for a bigger treat to be bought every few weeks or months can set in place the benefits of delayed but ultimately greater rewards. We all know the benefits as we’ve got older of saving for holidays and cars…

In today’s era of consumerism on a grand scale, it can be hard to maintain a clear and constant perspective about the value of money. Many of us muddle...

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 25, 2019

The stock market has been rising continuously for the last 10 years.  This is the longest bull run in history.  There is lots of talk about an impending correction (drop in value).  Should you be worried and if so, what can you do about it?

 

At the outset we should remind everyone that investing is a long term game.  We should never be too interested in short term investment performance or minor fluctuations in value.

 

So what is the best way to protect your self in the event of a prolonged market decline?  It is to sit down with a Certified Financial Planner and give him the following information:  Income, Assets, Liabilities, Expenses, Pensions, Investments, Property, Cash Savings, Debt etc.   He will then put together a plan that will answer many questions including the following:

  • What rate of investment return do I need to achieve, so I can lead the life I wish to lead?
  • Am I taking the correct amount of risk on my investments?
  • Will my desired lifestyle be destroyed in the event of a prolonged market decline?
  • How…

The stock market has been rising continuously for the last 10 years.  This is the longest bull run in history.  There is lots of talk about an impending correction...

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, Dec 15, 2019

How has this happened? Surely we can’t already be facing into a new decade! Many of us remember fondly the big party we were at on New Year’s Eve as we entered the new century – and all the worries about the Y2K bug that was going to bring the end to many IT systems across the globe. We’re coming up to the 20th anniversary of that now…

Time just relentlessly marches on. It never changes pace and before we know it, another year or another decade has slipped by. As we entered the current decade, the world was struggling to emerge from the deepest economic crash in a generation. Many people in Ireland had lost their jobs, had lost a lot of money in investments – particularly in property ventures and bank shares and were really struggling under enormous piles of debt. Many were simply hanging on at that stage.

The last decade has been a period of re-birth for many, but certainly not all people in Ireland. Personal debt issues have reduced, but this is still an enormous issue unfortunately…

How has this happened? Surely we can’t already be facing into a new decade! Many of us remember fondly the big party we were at on New Year’s Eve...