Do you have a Financial Plan for your retirement years?
That’s a question we all need to ask ourselves, whether we’re in our 20’s, 30’s, 40’s or nearing retirement age. Essentially we have two choices; do nothing and live on the state pension or act now and start planning for your retirement.
Option 1
DO NOTHING AND RELY ON THE STATE PENSION
If you do nothing, when you get to retirement age you will be dependent upon the Contributory State Pension (if it still exists in the years ahead)
The pension is currently just €230.30 per week which equates to c. €11,975 a year. Although your expenses will have reduced greatly in retirement you will still have bills to pay for day to day expense. Think for a moment, could you survive on €230.30 and maintain a reasonable quality of life?
Option 2
START PLANNING FOR YOUR RETIREMENT TODAY
No matter what age you are it’s important to start thinking and planning for your retirement. The earlier you start the more comfortable your retirement could be. Any delay can have a big impact on your overall lifestyle.
People often say, “I’m still young, I’ll worry about it later”…
Retirement seems a long way off when you’re in your thirties. Whereas paying a mortgage, raising kids and buying a new car all seem very close and urgent. It’s something you can afford to put off, isn’t it?
Well no, the person that will lose most is your future self. The sooner you start, the easier it will be and the less it will cost you in the long run.
If you’ve ever heard anyone say pensions are useless they are simply misinformed and don’t fully understand the mechanics or else they’ve had a bad experience themselves which ultimately relates back to how the funds were invested.
The simple truth is a pension is a long term savings plan with some slight but significant benefits and terms including tax relief.
I don’t want to get bogged down in product speak but what I do want you to focus on getting the most out of your life. This generally doesn’t happen by accident therefore it’s essential to plan.
If you would like to hear the TRUTH about money and ways to prepare so that you can live the life you want without the FEAR of you or your family ever running out of money no matter what happens, please get it touch for a chat. This will be at my expense and no cost to you and afterwards you can decide for yourself if you feel I can help you.
