Retirement planning ideas

Retirement Planning Ideas

Introduction ď‚ž

Planning for your retirement will give you the best chance of maximizing your time; adjusting to this lifestyle change and help you budget for the type of financial security you would like during retirement.

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Retirement involves more than just planning personal pensions though its importance cannot be ignored. As the life expectancy of people have increased, it has become important to plan your post retirement life as much as possible.

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Since saving for retirement is a huge plan, it is necessary to have a clear cut plan and goals for it.

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A financial planner can help you make smart choices that can make your retirement years easy on you.

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Firstly, determine your needs to reach the goal and then plan a budget taking into account of your expenses currently.

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Your budget will give an idea as to where your salary is going and give you insights as to how you should save your money for your retirement.

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You should also take into account of your current debts and savings for future – home, family, children while planning for your retirement.

Pensions: 

A pension is a long-term investment that you should be saving for at least 20 years or more.

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The longer is your contribution towards pension, greater is the benefits you will reap when the time comes – your post retirement.

Personal Retirement Savings Account (PRSA) ď‚ž

To increase the amount your pension covers, the Irish Pension Board introduced the retirement savings account to help self-employed and lower-paid employees to reap benefits.

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This way PRSA complemented any State Retirement Benefits the employees would have to pay in the years to come.

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The contribution towards PRSA can be made deduction of salary or the employee can make the contribution using their own bank account.

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When the PRSA contribution is deducted from salary, the employee is eligible for tax benefits.

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On the hand, when the contributions are from personal bank account, tax relief has to be applied manually.

Executive Pension Plans (EPP) 

Some employees prefer contributing to executive pensions over PRSA.

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EPP can help you make greater contributions towards your retirement fund. Further, they also have greater possibility of getting your cash tax free after you retire.

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EPP are essentially occupational pension schemes that can be for a single person or a group within the pensionable workforce usually within a company.

Group pension plans 

For employers, setting up pension plan for employees is an obligation. However, as this is also beneficial for the employer, it can make your employees feel good and enhance your impression amongst them.

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Group pension plans can help your employees plan well for their post-retirement years. Apart from building company’s reputation, group pension plans can also help enhance performance at work.

Self-administered and selfdirected pension plans ď‚ž

Business owners and company directors who wish to hold a stronger control over their personal investments usually go for self-administered or selfdirected plans.

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Both self-administered plan and self-directed plans gives full control over investment decisions. The only difference is that self-administered is that the pension provider is not used to provide pension structure.

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These types of pension schemes can provide opportunities that may not be available through conventional plans.

Other types of pension plans ď‚ž

Sometimes, when you leave employment for some reason or were a part of pension scheme and are thinking about ways to save the money from your pension for future, you can buy a personal retirement bond that can be accessed after your retirement.

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To enhance your pension amount and as well as find ways to enhance your tax benefits, you can opt for additional voluntary contributions, where you make additional contribution to your retirement funds to your already present pension

Contact Us 

Manning Financial

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11 Pembroke St ,Cork City

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021 2428185

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info@manning-financial.ie

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http://manning-financial.ie/