Pension Planning
Nobody wants to work forever! The earlier you start a pension plan the easier it is to achieve your retirement goals.
According to research by the Irish Times (Feb 17, 2020) "The cost of saving to get to the same final amount almost doubles every 10 years you delay saving.” You will also enjoy the tax reliefs for longer and any growth in your fund is tax free.
When you are young, maybe a pension isn’t a high priority. However, try and start, even if it is a small amount. It will be very re-assuring when in 10- or 15-years’ time when it does become a priority that you have a fund to build upon. Look at it as building blocks, where you can start making sizeable contributions when, say, your career has matured or the kids no longer need child care and then again when the mortgage has been paid off.
Review your pension plan at least every 5 years and then annually as you approach retirement. Speak to your financial adviser in the years approaching your retirement date to establish if there are any gaps between what you want to do in retirement and the size of your fund. This will give you the time to address any shortfalls and maximise the tax reliefs available.
Discuss today on starting your pension planning or review if your plan is on the right track to meet your retirement goals.