Pensions
We all look forward to the time when we don’t have to work.
However, are you retirement ready? Here are five of the key reasons you need to plan your retirement carefully.
• Life expectancy is increasing. Savings may need to last more than 20 years into retirement
• Increased pressure on the state pension with our ageing demographics. According to the Pension Commission (Feb 2021) “People are living longer in Ireland. In 2016, 13.3% of the population (less than one in seven) was 65 years of age or older. By 2051, the CSO (Central Statistics Office) projects it to be 25.9% (more than one in four).” They go on to say “people are spending less of their life at work, and more of it in retirement. And with the ageing population, there will be a relatively smaller proportion of working people to pay a higher pension bill."
• Generous income tax relief. With every €100 invested you pay €80 as a 20% tax payer or €60 as a 40% tax payer. (Correct as per Tax rates, 2020)
• Tax free lump sum on retirement of up to €200,000 (Correct as per Tax rates, 2020)
• Investment options to suit every investor type
Talk to a financial adviser to help with your pension planning.
Talk to Mind My Money today on how your income will look during your future retirement.
Warning: The value of your investment may go down as well as up
This Pensions video was provided by Zurich Life Pensions
Calculate the amount of Tax Relief you are entitled to with this Calculator courtesy of Zurich Life