Marine & General

Financial: Retirement Planning

Currently, there are 5 people working for every 1 person in retirement, this will change over the coming years as the workforce gets older. It is predicted that there will only be a ratio of 1:1 for each person in retirement and the state will find it very difficult to sustain pension benefits. Also, the state pension is approximately one third of the national average wage and is designed only to cover your basic living requirements- not to replace your income.

What is a pension plan?

• A pension plan is simply a tax efficient savings plan
• Tax relief is provided at 20%/41% depending on your tax rate

Why should I start a pension?

• To replace lost income
• To gain significant tax saving
• To provide additional security for the future

When should I start a pension?

The earlier that a pension plan is started the better, the delay will effect your fund at retirement. The longer you postpone starting a pension means the more contributions you will have to make in order to cover the shortfall.

What Pension Plan is for me?

There are all different plan types to suit everyone’s need, i.e. PRSA, Company Pension, AVC Plans Personal Pension and Executive Pension

What are the benefits of a pension?

• Tax relief on contributions
• Tax Free Growth within the fund
• Tax Free Cash at retirement

How do I set up a pension?

The experienced team at Marine & General can help you choose a tailored pension plan to suit your needs.

WARNING: The value of your pension fund may fall as well as rise; past performance cannot be relied on as an indication of future performance.

Contact Us For Quotation For confidential & professional advise please contact us