When it comes to saving for your future, a pension is possibly the most important plan you will ever have. It is an essential, flexible and tax-efficient way to secure your retirement. Pension Planning Ireland: We can advise you on all aspects of your retirement plan, whether you are looking to set up a pension for the first time or you want your existing provisions reviewed.
The key elements of retirement planning are:
The most suitable pension for you will depend on your employment details: are you self-employed, an employee, in the public or private sector, or a company director? Our experience and knowledge means that we can recommend the best pension arrangement for your needs.
These are the various types of pensions:
When setting up a pension, reviewing a pension or approaching retirement age, it’s important to bear in mind your options when drawing down your pension. An annuity gives you a guaranteed income for life, whereas an Approved Retirement Fund (ARF) allows you to reinvest your pension funds and draw from it as you see fit. There are rules and regulations in place regarding ARFs and annuities – we can explain these to you, and help you feel confident in your eventual choice.
As mentioned above Pension planning is an important aspect of financial planning in Ireland, as it helps individuals save for their retirement years and ensure that they have a steady stream of income during this time. There are several options available for pension planning in Ireland, including the following:
It is important to start planning for your retirement as early as possible, as this will give you more time to build up your pension savings and ensure that you have a secure financial future. It is also a good idea to seek advice from us at Progressive FS or your usual financial advisor or pension specialist to help you determine the best pension plan for your needs.
40% of Irish workers will rely on the State Pension as their only form of income in retirement
Only 60% of the entire Irish workforce has a pension (occupational pension, personal pension or both)
Only 30% of self-employed people contribute to a pension
Women will have 38% less to live off in retirement when compared to men