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Pensions
At MyWealthManagement, we provide expert advice, making pension and retirement planning simple and tailored to your unique needs. We go beyond, by regularly engaging with you to ensure your plan adapts to life changes and to verify ongoing suitability. We aim to provide flexibility to our clients to ensure they can save and fund for retirement at their own pace. All of our plans allow clients the facility to increase, decrease, pause or restart contributions as required. Early engagement with a financial planner in this area is key – it’s not just about choosing a pension plan; it’s about building a robust income for your future to ensure that you are financially secure throughout retirement.
By starting early, you benefit from the power of compounding, ensuring your retirement pot grows steadily over time. Our team navigates the options from leading providers, helping you define and structure the best plan for a financially secure tomorrow.
When you retire, your goal may be to enjoy a similar lifestyle to the one you have at present. Unfortunately, unless you put a pension in place now, your income when you stop working could fall by more than 65%. For the majority of adults in employment, the contributory State pension is currently €14,470 a year from age 66 onwards (or €277 per week), but the median full-time salary in Ireland is much larger at €41,824. That could mean a potential fall in income of €27,354 a year, from the day you retire, if you are earning at least the median full-time salary today.
How will you bridge that drop in income? We would recommend that you should start saving for your retirement as soon as possible to help reduce the impact this drop in earnings may have on your standard of living in retirement.
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Did You Know…
1 in 3
Irish workers set to rely on State pension, with no other income plans for retirement
€400m
is the estimated value of unclaimed pension benefits in Ireland
70%
is the potential drop in income for those solely reliant on State pension
Personal Pension
It’s never too early to start a pension. There are many tax efficient reasons to do so. You can start small at the outset of your career and increase your contributions over time. We help you choose what’s right for you from all of the options available. The Irish government is currently offering generous tax relief to pension savers. As a higher rate tax payer (i.e. earning more than €42,000) for every €100 contributed you will get 40% tax relief meaning this contribution will only cost you €60 in real terms.
If you are currently earning less than €42,000, you will still qualify for very generous tax relief of 20% on each contribution meaning with every €100 contributed it will only cost you €80 in real terms.
In addition to the tax relief on each contribution, pensions also qualify for tax free investment growth until retirement – the power of this cannot be overstated. Furthermore, at retirement you can access a large portion of the funds as a completely tax free lump sum. See some of the options below which we can assist you with:
– Personal Pension
– PRSA Pension
– Retirement Bond
To get started on your Personal Financial Review, please click here.
Master Trust Pensions
Are you a Small Business owner or working in a leadership role within a Small Business? Then a Master Trust pension plan should be an important part of your employment benefits. A Master Trust is simply a defined contribution company pension scheme set up under trust. We work to optimise the pension contributions made by the company on your behalf and we also work with you, independent of the SMEs performance, to provide for and structure your pension fund into the future.
Master trust and executive pension arrangements are an excellent tool to extract wealth tax efficiently from a business and company contributions to the scheme can be used to reduce your corporation tax.
To get started on your Business Financial Review, please click here.
Self-administered Pension
An increasingly popular pension type for those that wish to be hands-on in direct management and investment market speculation.
Often clients who are interested in purchasing property through their pension will consider this approach.
You control your investments across your portfolio and the arrangement can be used to facilitate the purchase of properties which may not be possible through a standard pension scheme.
To get started on your Personal Financial Review, please click here.
Retirement
As you come closer to your retirement, it’s important to plan for your new phase of life, whether that includes travel and adventure or spending more precious time with family at home.
Your pension fund should be maximised to support your lifestyle of choice and designed to last for at least 20 years or more so, when it comes to the time, you also need to consider the different options for the release of your funds to suit your needs. You can choose to take a tax-free lump sum and may have the option to use the balance for a:
– Pension income for life (Annuity)
– ARF – Approved Retirement Fund
– Taxable lump sum
Our experienced advisors will help you navigate the complexities of retirement planning, ensuring you have a solid roadmap to achieve your desired lifestyle after you stop working and that you are availing of all the valuable tax benefits while still at work.
To get started on your Personal Financial Review, please click here.