Retirement Planning

The current Contributory State Pension is approximately €12,600 per annum (if you are even entitled to it!) which means a large drop in income for many if you do not have other pension provision. If you then factor in that the age at which you become entitled to it is constantly being pushed out further, retirement planning is a hugely important area for all and most especially so for females.

Women can sometimes earn less than their male counterparts even in the same roles and maybe those who have families will have had to take time out of the workforce so may have less scope than men when it comes to saving for a pension. Combine these factors with the fact that women on average live also longer than men, it becomes more apparent that women need to build a larger retirement pot from potentially less income!

Are you Prepared for Retirement?

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Pre-Retirement Planning

Whether you are self-employed, an employee, a company director or you work in the private or public sector, saving into a pension plan is the most important and tax efficient savings plan you can have. The type of pension you can have will depend on your employment status.

The types of pensions available are:

  • Personal Pensions
  • Personal Retirement Savings Plans (PRSAs)
  • Executive Pensions
  • Company Pension Schemes – Defined Benefit and Defined Contribution
  • Personal Retirement Bonds / Buy Out Bonds (funds transferred from previous pension schemes)
  • Additional Voluntary Contributions (AVCs)

At HerMoney we will:

  • Help you establish your retirement goals
  • Review current pensions or any pensions you have from previous employments
  • Recommend the most appropriate pension plan for you and ensure you maximise your tax relief
  • Develop an investment strategy for your pension(s) which matches your attitude to risk and term to retirement
  • Annually review your plans to ensure you are on track to achieve your ultimate retirement goals
  • Advise on post retirement options and ensure you continue to achieve your retirement goals

Post Retirement Planning

Retiring should be a hugely exciting time but it can also be a little daunting as there so many different options to be considered. At HerMoney we will advise on the best option for you and help you plan out your financial goals in retirement.

When you retire, you will be able to take some of your fund as a Tax Free Lump Sum and the remainder of your fund will be used to either:

  • Purchase an Annuity which will pay you a set income for life
  • Invest in an Approved Retirement Fund (ARF) which will mean your fund continues to be invested and you can take an income from it.

There are a large number of rules and regulations which govern pensions both pre and post retirement and also the choices that you can make, so seeking independent advice on all your options is extremely important.