I’ve posted a number of times recently about pensions as they’re topical this time of year coming up to the income tax deadline.
I recently came across an Irish Independent article that I thought layed it out very well about pensions.
To summarize, it said, if you qualify for the full state pension you get €14,000 a year.
Whatever it is that you want to do in retirement €14,000 a year, likely isn’t going to pay for it – it will cover your basics – even with inflation as it is that could be a stretch.
So, whatever it is in terms of bucket list or comforts or lifestyle or whatever you like to call it in retirement, you pay for that yourself.
You pay for that through private means, a private pension is one of the ways that you can do it and pension funding is over a long period of time – You’ve got to prioritize that it’s something that you do.
As somebody like many who has been paying into a pension for a number of years more often than not, I could do with the money that’s going into the pension but as working in the industry and as part of financial planning I know that I need to put the money in.
If you found this article helpful and would like to learn more about how to protect your finances, feel free to start a conversation or contact me directly at +353 (87) 778 5325☎️