IFG Financial Cork: retirement

Retirement Advice

Retirement planning is now a vital part of everyone’s financial plan. Ongoing uncertainly with Government legislation including tax free lump sum treatment, tax relief and old age pension means that it is even more important to have a financial plan in place to prepare for all eventualities. Having a proactive portfolio management plan in place will be vital to ensure that you have a comfortable and secure retirement.

Mark Winning, Beaumont Cork

I would like to give my enthusiastic recommendation for Fergus O’ Halloran and his team at IFG Cork as an excellent service provider in his field.

Should I invest in a Pension?

As the 31st October deadline has now passed this is a question on many of our minds and the answer simply is YES.
Yes we should invest in our pensions because:

• When we make a contribution to our pension scheme, we get tax relief at our higher rate of earning, i.e. 41% (20% if you’re a lower rate taxpayer)
• Share values are at an all time low, therefore it is a good time to buy into the share market and get very good value for money.

Retirement Planning-Making Life Easier

When you retire, your earnings could be a lot less than you are used to. If you had to live on a State pension only, you would probably have to take a big drop in your income. For example, the State contributory pension is currently €223.30 a week. (€12,000 approx a year)
The Government encourages you to build pension fund now, by offering substantial tax relief on your contributions, so you can reap the benefits today.
The earlier you start your own pension the better. You’d be amazed at how much difference a few years head start can make. So what’s stopping you. Take the first step today towards sorting out your future.

TAX BENEFITS-How could a pension plan benefit me?

Pensions are an extremely efficient way of saving money for your retirement. A pension plan is a long-term savings plan, where you save regular amounts or lump sums (called ‘contributions’) to build up a retirement fund.
Next to buying your home, it is probably the most important investment you will make in your lifetime.

What are the tax benefits?

At present, the main tax benefits are:

1. Tax relief on your contributions;
2. Tax-free investment growth; and
3. Tax-free cash when you retire.