Enjoy your Retirement!
- Retirement is a time to enjoy – we will help you ensure you have sufficient resources to enjoy the lifestyle you want.
- The majority of us will suffer a substantial drop in income once we retire. It is important to have a plan to supplement the state pension.
- Pensions can be confusing – our expert advisers will sit down and explain your options in a clear manner.
- Whether you want to start your first pension, review your existing pension or require advice on your retirement options we will provide you with Independent advice.
- Pensions offer a tax-efficient way of saving for your retirement.
- After a consultation with one of our advisers, you will be able to make an informed decision on what is best for you.
Retirement is a time to be enjoyed. With more time on your hands, you will be able to spend time on the activities you enjoy. You may even want to tick off a few items from your bucket list. Life expectancy has increased over the last number of decades so this will mean that you have more time to enjoy your retirement. The state pension is designed to cover basic living needs for pensioners. The majority of people will suffer a substantial drop in income once they retire so it is important to provide your own resources to supplement the state pension.
Recent changes to the state pension have increased the age that some people will start getting the state pension to 68. The age that you will become entitled to the state pension depends on your age and your eligibility to receive any state pension is based on your PRSI records. Retirement Planning will help you put a plan in place to ensure that you can continue to enjoy the lifestyle that you have come accustomed to in your retirement. This plan will take account of your existing resources including savings, existing pensions, property or even a company which you may own.
A pension is simply a savings plan which allows you to save for your retirement in a tax efficient manner. Saving in a pension can result in a much higher value at retirement compared to saving or investing outside of a pension:
- Contributions to a pension may qualify for income tax relief at your marginal rate. For each €100 contributed to a pension the net cost to you is €60 after tax relief. (This assumes a 40% marginal tax rate and that you have income that pension relief is allowable on).
- Any returns on your pension fund will be added to your fund tax-free. Compare this to a deposit account where DIRT of 41% will be deducted from your interest each year.
- At retirement, you can take a portion of your pension fund Tax-Free
There are a number of different types of pensions and the rules and terminology with a pension which can be mind boggling. Our qualified and experienced advisers will be able to explain your pension and options in a clear way and they will provide you with Independent, Impartial advice.
Lakeview Financial Consultants can offer impartial advice on following types of pensions:
- Personal pensions
- Company pensions
- Pensions from old employers
- Pensions for company directors & self employed
- Group pensions
- Life cover
- Property investments through pensions
- Foreign Pensions