Don’t delay, invest in your future today!
- ENGAGE WITH YOUR FUTURE – decide and plan for the lifestyle you want in retirement and work out how to save for it. The pension calculator at www.pensionsauthority.ie can help you, also speak to a Qualified Financial Advisor.
- UNDERSTAND – what type of pension are you contributing to if you have one. To find out more talk to your work colleagues, employer, trustees, pension provider, financial advisor, family & friends.
- REVIEW – the adequacy of your pension contributions regularly. Check if you are contributing enough to have the income you want in retirement.
- TAX RELIEF – the Government supports you to save for your retirement, by allowing tax relief on your pension contributions at your highest tax rate.
- INFORMATION – if you don’t receive the relevant pension information, contact those looking after your pension.
- ASK QUESTIONS – until you understand the pension information being given.
- KEEP AN UP TO DATE PENSION FILE – with the information supplied by your pension arrangement.
- CHARGES – you should always ask for an explanation of charges on your pension fund.
- INVESTMENT RISK – it is important to understand how your pension savings are being invested, the type of investment strategy, and the level of risk involved.
- APPROACHING RETIRMENT – it is important to review any investment decision taken 10-15 years before retirement. On retirement, you may be given a number of different options. You should research your options well in advance and speak to your trustees, employer, colleagues or financial advisor.
- STANDARDISATION OF STATE PENSION AGE – since January 1, 2014, a standard State Pension age of 66 years has been introduced for everyone. The State pension age will increase to 67 in 2021 and 68 in 2028.
