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Why Sheridan Insurances is the smart choice for Pension Planning
It's never too early or too late to start growing your pension, but the younger you are the better. At Sheridan Insurances we have the expertise to advise on exactly what you need to do to make your retirement as comfortable and enjoyable as possible.
These days you need to plan for a retirement that could last 20 years or more. Making sure that this is something to look forward to is all about providing for your future now with smart pension planning.
Pensions are a very tax efficient way of saving. You get tax relief on your saving at the marginal rate; funds accumulate tax-free until your retirement and then you get a percentage of your fund tax-free at retirement.
What's really important is making sure you are getting the right advice, so if you're not getting tax relief on a contribution you don't put it in!
What does this mean for you?
Impartial Pension Planning
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Free Consultation
Guideline for the percentage of income
Here’s a guideline for the percentage of income you should contribute to your pension fund depending on your age:
20 – 29 = 15%
30 – 39 = 20%
40 – 49 = 25%
50 – 54 = 30%
55 – 59 = 35%
60+ = 40%
However, even if you can’t afford to put aside that much now, it’s better to save something than nothing.
Did you know?
Currently, there are approximately 680,000 pensioners over the age of 66 drawing €253.30 per week through the state pension. For every person who retired five years ago, there were six workers. By 2050, there will only be two workers per retiree, but our pensionable population will have grown to 1.8 million by then.
According to recent research, by the year 2030, the average life expectancy of men will be 85.7 years and 87.6 years for women. Therefore, you need to prepare to live a long time and make sure you have enough money to maintain your lifestyle after you stop working.
The advantage to starting a specific pension account rather than just keeping the money in savings is that a pension attracts specific tax breaks. The three tax breaks available here in Ireland are:
a) Tax relief on the contribution that you make to your pension at your marginal rate of tax (i.e. you won’t be taxed on income you put directly into your pension fund)
b) Tax-free growth in the pension fund
c) The availability of a tax-free lump sum from the pension fund at retirement age of up to 25% of the fund to a maximum of €200,000
