Start a pension plan. It's never too late to do the right thing.
Starting a Pension Plan is likely to be one of the smartest moves you'll ever make. In many ways it's a no brainer. Take a moment or two to imagine a life after retirement where your only source of income is the State Pension.
The average industrial wage was €40,283* in 2019. The State Pension in 2020 for an individual was €12,956*.
A pension is a tax efficient savings plan to help close the gap between earned and retirement income. Contributions attract tax relief at your marginal rate, currently 40% and the underlying investment funds are allowed to grow tax free. No DIRT or Capital Gains Tax. Company or Executive Pension schemes are even more tax efficient and are routinely used to extract wealth from companies.
It's better to start a pension when you're young but it's never too late to do the right thing. * Central Statistics Office 2019/2020
Arrange a Pension Review
No matter what stage of life you're at, a pension review makes sense.
Retirement Planning | Make the Right Choices in Retirement
A Retirement Planning Review will help you fully understand all the options available to you once you retire.
The choices you make at retirement will determine the type of lifestyle you will enjoy. Everyone's personal circumstances differ and pension legislation can be quite complicated, so it's easy to make a costly mistake.
Set aside some time to review your options with a professional Retirement Planning Advisor and you more likely to make the right choices.