If you are in your mid to late 30’s or early 40’s you may or may not be thinking about your pension and retirement planning. No matter what stage you are at it’s never too early to start considering financial planning for the rest of your life. There will come a time when you need to sit down and seriously work out a plan.
We encourage lifestyle financial planning so you can get the most out of your life without as much stress. The key to living your life to the fullest is to be organised, to manage your money wisely and this includes managing your money when it comes to pension planning too.
The sooner you start contributing to a pension fund the less proportion of money you will need to contribute from your income later on.
The State Pension
If you think it will be fine, that you’ll be able to live off the state pension, think again. Unless you are extremely low maintenance you will not be able to get by on the state pension of approximately €1,000 a month during retirement.
If you think you won’t be able to live off this amount then you need to consider your options. One of those options is a private pension.
Who Is Applicable For A Private Pension?
First things first, not everyone is applicable for a private pension. We are here to break it down for you. Your eligibility will mainly depend on your work situation.
If you are an employee of a large corporation then you more than likely are covered by a company pension scheme. And if you are in a fortunate situation like this one you cannot pay into a private pension.
Those who are self-employed or who work for a smaller company who cannot afford to cover them (non-pensionable employment) are applicable for a private pension.
What Are Your Options?
If you are within the category of those employed who benefit from a work-related pension scheme you can benefit from this and your own contributions. If you are a PAYE employee with no such benefits or self-employed then one option is a Personal Retirement Savings Account (PRSA).
PRSA’s are a type of private pension policy suitable for the self-employed, employed or not working and are more flexible for saving for retirement over more traditional personal pension plans.
Personal pension plans are part of a wider private pension policy managed for you by a pension provider or investment firm.
Do You Need Financial Advice?
In this blog we have touched on the topics of the state pension, what a private pension is, who is applicable and some options for those looking to invest in a private pension.
Of course, information and strategies are plentiful, and the world of private pensions can be a complex field to walk in. Fortunately, at Mason Wealth Management we offer a dedicated private pension service putting you first as our approach.
We care about maintaining our client’s lifestyles in line with their goals in life. We’ve got tonnes of advice, all you need to do is pick up the phone and talk with us today.
A Full List Of Our Services
At Mason Wealth Management we have been working with professionals in the pharmaceutical, medical, IT, business and financial sectors for over 20 years.
We pride ourselves on putting you first as our core approach. We have full faith in our process which has delivered successful outcomes for our clients time and time again.
We believe it is only through respect, a can-do attitude and being enthusiastic in our work that we can achieve life-long relationships with our clients.
Mason Wealth Management operate an open communication policy and our ongoing full-service financial planning includes:
- Pension and Retirement Planning
- Savings and Investment Advice
- Estate Planning and Inheritance
- Life Insurance
- Income Protection
- Critical Illness Cover
- Succession Planning for Business
One Final Note
We are currently giving away a book titled “Enough? How Much Money Do You Need For The Rest Of Your Life?” by Paul D. Armson.
The author, a financial advisor since 1982, brings you on a path to discovering exactly how much money you need to support a healthy and balanced lifestyle and the importance of making the most out of the time you have right now before it’s too late. We work closely with the author and are part of a Financial Planning group in the UK that share similar views.
We give a copy of this book to all our new clients and the feedback has been extremely positive. It is a 2 hours read and we promise you there are no numbers in it.