Are You Planning For Retirement In Ireland?
Planning for retirement in Ireland is becoming more important than ever. The state pension is now not paid until you have reached the age of 66, and gender is not a consideration. You may not want to work until you are that age, and even if you do, the state pension will probably not be enough if it’s your only income.
To qualify for the state pension, as well as reaching the required age, you must have enough contributions into the scheme and you should have started those contributions before you were 56 years old. The number of contributions you need to have made to be entitled to the pension is quite complex and varied, and the types of contribution are also accounted for.
Retirement planning really needs to involve more than the state pension, as the government can change the rules and amounts whenever they want. They have already done so this year, and it does appear to be in favour of pensioners, but there is never any guarantee the next lot of changes will be.
Start Planning For Retirement In Ireland Early
Planning for retirement in Ireland should start as early as possible. It’s said that most people don’t even start thinking about their retirement until their late thirties, and although you should really start your planning for retirement in Ireland at a younger age than this, it’s better than doing nothing until you reach your fifties, or even older.
If you want your retirement to be free of financial concerns, and for you to have enough money to live as you want, investing in a pension plan is the wisest thing to do. The sooner you start your planning for retirement in Ireland, the more money you’ll have in your pension pot, and the bigger the pension you’ll receive.
Get Professional Advice
Financial advisors are professionally qualified to give you the best advice about planning for retirement in Ireland. They will either be a Qualified Financial Advisor (QFA) or a Chartered Financial Planner (CFP), and you should look for one of these sets of letters after their name.
However, just because they have letters after their name does not mean they can give you independent advice. You need to find professionals that are not tied agents, and you should not buy direct from an insurance company. It’s not being suggested anything is particularly wrong with either of these options, but they do give you a limited choice of pension plans and other investments.
Look for brokers who can sell the products of various different companies if you want impartial guidance and advice.
In fact, at Mason Wealth Management we tick all the boxes, and our advisors have more than the basic qualifications, as well as lots of experience.
More Than Finances In Respect Of Planning For Retirement In Ireland
There is more than your financial situation to consider when you are thinking about retirement. It can be a huge shock to the system to suddenly just stop working after spending many years getting up and going to do your job. Some employers will let you work reduced hours for the last 12 months before you finish, and that can be a huge help. If you start by doing a 4-day week, and then for the last few months reduce it to a 3-day week, you will find that stopping completely is much easier.
It is very understandable why some pensioners find themselves part time work, or offer their services to charities on a voluntary basis, as either of these things helps to keep them active in both body and mind.
It is also a good time to either start new hobbies, or return to old ones you have not had time for while working. The whole point is that even after finishing work, you still need something to do. A lot of people take advantage of all the extra free time by travelling to places they’ve always wanted to visit. Whatever your dream retirement consists of, it’s crucial to ensure you have the resources to make it a reality.
This is a huge transition period which some will find daunting. Help is available through such agencies as the Retirement Planning Council of Ireland who runs courses to help you settle into your new way of life.
Make New Friends
While we are employed, about 80% of our social network is work related. If you were commuting to work, it can mean you know very few people in your local area. You should consider joining groups of locals, whether for a chat in the pub or café, or for a more organised group activity. It’s a sad fact that one day one part of a marriage or partnership will probably end up alone, and a local network of friends can be a huge comfort.
Life expectancy in Ireland has continued to increase and now about half of the population are expected to live past the age of 90. That could allow you more than 20 years in retirement, and planning for it can be the key to making it a pleasure for you.
Want Help From The Experts?
If you want help from experts get in touch with Mason Wealth Management. With over 30 years experience, we will help you to create a realistic assessment of your planning for retirement in Ireland, as well as being able to give you sound investment advice. Everyone’s circumstances and goals are different, but we will tailor solutions just for you.
Don’t coast towards retirement without considering your future, call us today on 01 969 5786. If you’d prefer, you can email us on email@example.com, complete our contact form and we will get back to you, or call in to see us in Lower Leeson Street, Dublin. Currently you may not realize now just how important planning for retirement in Ireland is, but when the time comes you will be really glad you got in touch with Mason Wealth Management.