“The Final Countdown” 24 months and counting

Since the full implementation of the IORP II directive in April 2021, the 127,000 one member arrangements (OMA) that existed beforehand, have started to wind up. The majority of OMAs, which commenced after April 2021 have wound up. In the next 24 months it is estimated
that over 10 billion euros worth of pension assets will change contracts ahead of the 21st April 2026 deadline. This poses many challenges, and opportunities for both providers and financial advisors.

Click here to read the full Techbites article!

Newcourt Newsletter – Finance Act 2022 and how it affects Pensions!

New Year, New Finance Act changes that you need to know about!

It’s 2023 and the Pension team in Newcourt want to share the latest updates from the Finance Act 2022. There’s loads of PRSA changes that will affect your clients, so take a moment and read our handy newsletter below. You can contact Newcourt Pensions Ireland at +353 (0)1 8280091 or via our website.

Click for our latest Newsletter!

10 Emotional Signs You Need to Retire How To Know When It's Time

10 Emotional Signs You Need to Retire: How To Know When It’s Time

It’s not always easy to know when it’s time to retire. For many workers in their retirement age, there are certain emotional signs that can indicate that it’s best for them to stop hustling. In this blog post, we will discuss 10 of the most common emotional signs that workers experience when they’re ready to retire. If you’re experiencing any of these signs, it may be time for you to consider retirement!

What is retirement?

Retirement is the process of withdrawing from the workforce and ceasing to work. For many people, retirement marks the end of their professional careers. It can also be seen as a time to transition into a new phase of life, where leisure activities and personal interests take precedence over work.

What are the 10 emotional signs you need to retire?

Emotional signs tell you when it’s time for a change. They can be subtle or overt, but they all point to the same thing: it’s time for something new. Workers in their retirement age feel:

Feeling burned out from work

Burned out means feeling exhausted and overwhelmed by your work. If you’re constantly stressed about work, or if you dread going to your job each day, it’s a sign that you may be ready to retire.

Dreading work more and more each day

If you find that you’re dreading work more and more each day, it’s a sign that something is wrong. Workers in their retirement age often function like robots because they’ve lost touch with their why.

Feeling like you’re not making a difference at your job

Making a difference and feeling motivated by your work are closely related. Workers in their retirement age often feel like, at their age, they can’t make a difference anymore. They feel ignored as compared to newbies who are always trying to make an impact.

Feeling like your job is taking a toll on your health

As you age, your health becomes more and more important. Workers in their retirement age often find that their job is taking a toll on their health, both mental and physical. Unlike younger employees, senior workers can’t afford to take their health for granted.

Feeling trapped by your job

After so many years of working, workers in their retirement age can’t help but feel trapped by their job. They wanted more freedom to do what they want, but their job has become a ball and chain.

Having difficulty dealing with change at work

Workers in their retirement age often find it difficult to deal with change at work. They’re set in their ways and find it hard to adapt to new methods or technologies. Unlike younger workers, who are used to change, workers in their retirement age can find it stressful and overwhelming.

Feeling like you’re not appreciated at work

Workers in their retirement age often feel like they’re not appreciated at work. They feel like their years of experience and knowledge are being ignored, and that new workers are being given all the attention.

Longing for more free time

Workers in their retirement age often find themselves longing for more free time. They want to be able to travel, spend time with family and friends, and pursue hobbies, but their job always seems to get in the way.

Feeling anxious about the future of your job security

Workers in their retirement age are often anxious about the future of their job security. They’ve seen many workers lose their jobs due to downsizing or outsourcing, and they don’t want to be next.

Feeling like retirement is a far-off goal

Workers in their retirement age can often feel like retirement is a far-off goal. They’ve been working for so long that it feels like they’ll never be able to retire. This can be a difficult emotion to deal with, and one that’s hard to shake.

If you’re feeling like retirement is a far-off goal, it’s important to take some time to assess your situation. Are you on track to retire when you want? If not, it may be time to start making some changes.

Making the decision to retire is a big one. If you can relate to any of these emotional signs, it may be time to start thinking about retirement. It’s important to consult with a financial advisor to ensure that you’re making the best decision for your future. 

What is a retirement pension?

Pensions are regular payments made through an employer to employees during their retirement years.

Retirement funds for pensioners are crucial for those in retirement as they offer the income needed to help pay for living expenses. Retirement can be costly to cover healthcare costs and housing. Pensions can help alleviate financial strain during this phase.

There are many aspects to consider when selecting the best pension retirement plan. People in retirement need to consider how much they’ll need to survive in retirement and the age when they’d prefer to take their retirement. It is also important to consider the risk of investing and whether they feel confident about it.

What are the retirement options for workers?

Workers in their retirement age have a few different options when it comes to retirement. They can choose to receive a government pension, private pension, or the state’s PRSA scheme.

State Pension

It is a retirement pension provided by the state to those who reached the state pension age which is currently 66 years old. To be eligible for state pensions, the workers in their retirement years must have paid social insurance contributions for several years.

Occupational Pension

The occupational pension also referred to as a company or employer pension plan is provided by your employer. These pension plans provide regular income after retirement. Certain plans also provide lump sums when you retire.

There is no legal requirement that employers provide pension plans for their employees. The majority of big employers in Ireland have retirement plans for their employees. However, smaller companies don’t.

Personal Pensions

You can save money for private pension plans run by an investment or life insurance company such as Newcourt Pensioneer Trustees Limited.

The two most widely used private pensions are Personal Retirement Savings Account (PRSA) and Retirement Annuity Contract (RAC).

These pension plans are usually funded by contributions from individuals, however, employers can contribute to these accounts. They are available through financial services firms such as insurance companies, banks, or financial consultants. 

Are You Prepared for Retirement?

Workers in their retirement age need to think about a few things before they retire. They need to consider their financial situation, health insurance, and housing options. They should make sure to have a solid plan in place before they retire. By planning early, they can ensure that they’re prepared for all of the challenges that retirement brings.

When deciding which retirement pension plan is right for you, it is important to seek professional financial advice from a Qualified Financial Advisor to ensure that you are making the best decision for your individual needs.

Newcourt Retirement Fund Managers Ltd (NRFM) offers various self-invested products, including Personal Retirement Savings Accounts (PRSAs), Approved Retirement Funds (ARFs) along with Personal Retirement Bonds (PRBs). We strive to provide customers with the ability to manage their pension savings without the intervention of an insurance provider.

 

How to Fill the Void After Leaving Your Career Behind with Pension Retirement

How to Fill the Void After Leaving Your Career Behind with Pension Retirement

As we go about the day-to-day grind of earning to work for a living, it’s easy to frequently think of retirement as blissful, stress-free rest. It’s true that getting a bit of rest and recreation is definitely essential, but there’s a limit to how much sleeping, pottering around the house and watching daytime TV one can do. If there is no plan for what life will be like the following retirement, many retirees are left feeling unfulfilled and uneasy, wishing for something more, but aren’t sure what it could be.

That is why it is important to consider your goals and aspirations for this next phase of your life.

Why is it Important to Fill the Void After Leaving Your Career Behind?

Retirement can be a significant shock to the system if you’re not prepared for it. The important thing is to find new activities and roles that can take the place of your former professional life. This will help you stay active, mentally sharp, and socially engaged. It can also prevent feelings of loneliness, isolation, and depression.

Here are some ideas of how you can fill the void after leaving your career behind:

Hit the Books to Find Meaning for Life After Retirement

If you listen to podcasts and read interviews with millionaires and visionaries some of the most frequent suggestions you’ll hear is to go through the book. The advice is as effective to pursue a passion for your career as it does to find your purpose to live your future following retirement.

The libraries and bookstores have a wide selection of books which include the following:

The Art of Happiness by Dalai Lama: This book is the foundation of positive psychology.

Gratitude by Oliver Sacks: The book chronicles the renowned author’s thoughts, dreams regrets, hopes, and most importantly, the emotions of joy, love, and gratitude, even though he battled cancer which took his life at the age of 82.

The Five Minute Journal: A Happier You in 5 Minutes a Day by Intelligent Change: Using the research of positivity psychology in order to increase the quality of life, The Five Minute Journal concentrates your attention on the positive aspects of your life. Increase your mental well-being and experience a better quality of life each day.

Try a Mindfulness App

Mindfulness apps are available everywhere. The concept behind many of these is that they assist you to be conscious of how you’re experiencing and learn how to manage your thoughts, which can lead to more happiness and meaning in your life.

Headspace: Get started with their calm, one-minute breathing practice to determine if this might be something you’d like to do.

Calm: Meditation with a voice as well as a variety of calming background sound effects.

Stop, Breath, and Think This app checks on how you’re experiencing and suggests a meditation according to your mood.

365 Gratitude: 365 Gratitude is an app based on science that can help you develop an attitude of gratitude in only 5 minutes per day. It is a crucial element of feeling and finding significance.

Meet With a Life Coach

The retirement counselor can help you see retirement not as a way to end but as an opportunity to enter the next exciting stage of your life. You might have thought about your retirement financial plan and even decided where you’d like to go, however, what will you do in the coming 20, 30, and 40?

  • Prepare yourself for some challenging questions about death and life regrets, regrets, or forgotten dreams.
  • They could bring you into part-time employment, humanitarian initiatives, entrepreneurial endeavors, or even creative pursuits that you’ve never considered previously.
  • A retirement coach can guide you through intangibles, such as creating a new social network and identifying the value of your time.

Take Care of Your Finances

In 1943 psychology professor Abraham Maslow theorized that the most essential human requirements are physiological (air and water, food, clothing, shelter, and air) and security (personal and financial security and overall well-being). These essential requirements must be fulfilled before one can concentrate on higher-level and secondary desires like belonging, love, esteem, and self-actualization.

It’s just logical. If you’re in the middle of worrying about how much you’ll be able to spend to pay for food and shelter when you retire, your time and energy are spent taking care of those necessities before you think about achieving all your potential.

Being in danger of losing our basic needs could happen very quickly during our later years of retirement if we don’t have enough savings or income to cover the basic requirements for food, transport, shelter, and healthcare among others. 

Think about how you can meet those fundamental needs in retirement, with enough left for higher-level requirements. After you’ve addressed those issues, your mind can consider more important questions like establishing friendships beyond your professional networks, maximizing your potential as an individual, and assisting others reach their goals.

How to Take Control of Your Pension Retirement

There are some essential things you can take care of to control your retirement savings and make sure you’re in the right direction for the best retirement possible.

Make sure you’re contributing enough for the maximum match from your employer. It’s free money, so it’s worth utilizing when your employer provides it. Your PRSA can be a great starting point for your retirement. You are in control of how you want your PRSA retirement fund to be invested and you can change your investment options at any point.

Also, speak to a financial adviser regarding other options to save money for retirement. They can provide valuable suggestions and tips on how you can best plan for your future.

With these suggestions, you can be in control of your pension retirement and make sure that you’re in the right direction for an enjoyable retirement. The earlier you get started with your retirement plan, the more relaxing your retirement will be.

Establish Your Pension Retirement Fund with NRFM

Predicting what could occur soon is impossible, but you can ensure your financial stability by taking care of your planning. It is essential to choose your retirement investments wisely to safeguard your funds. It is necessary to go to reliable retirement plan companies with high ratings and clearly describe ways pension retirement will provide you with security in your finances.

NRFM is among the very few firms that offer a comprehensive choice of self-invested retirement plans. NRFM guarantees its clients that they’re current with the most current pension law and gives customers a range of choices for investing.

Newcourt Retirement Fund Managers Limited (NRFM), together with Newcourt Pensioneer Trustees Limited, is an expert in self-invested retirement plans.

Our pension retirement products let you be flexible and have a choice in your retirement savings. Our knowledgeable team of administrators will ensure that you are always informed about your retirement savings and available to answer any queries.

When deciding which retirement pension plan is right for you, it is important to seek professional financial advice from a Qualified Financial Advisor to ensure that you are making the best decision for your individual needs.

 

10 Emotional Signs You Need to Retire How To Know When It's Time (1)

What Retirement Life Looks Like: Here’s How to Enjoy It

It is a known fact that workers in their retirement age are looking forward to enjoying their retirement life. They have worked hard for years and now it is time to relax and take things easy. However, some people may not know how to enjoy retirement life. In this blog post, we will discuss some of the best ways to enjoy your retirement years!

What is retirement like for workers in their retirement age?

Are you ever unsure of what your future holds? Most of us want to live a rich, happy, healthy, and fulfilling retirement. We want it sooner than we think, with an increasing average life expectancy. It’s no secret that many people end up with very little or no retirement savings and struggle to find a purpose after they retire. Others don’t retire at all, but it doesn’t have to be like this.

You can make your retirement as pleasant as you wish with the right retirement planning. These are great tips for living a happy retirement.

Tips for a happy and fulfilling retirement life for workers in their retirement age

For you to have a happy and fulfilling retirement life, you can work on the following tips:

Find Your Purpose

If your entire life was centered around your job, it may be difficult to find a new purpose and move on. Your lack of purpose can eventually lead to boredom and even depression. 

You don’t have to stop living just because you are retired. What do you want to do with your life after you quit working? It could be your chance for true happiness. You can either return to the activities you loved as a child or learn a new skill. There are many options.

Stay healthy

Retirement planning is great, but it’s equally important to take good care of your body. You should eat regularly, especially if you used to snack at work. Use your spare time to discover healthy cooking options. It’s easier to stay positive when you feel good.

Make time for exercise and keep your heart pumping. It is recommended to do at least 30 minutes of moderate exercise per day. It helps you lose weight and lower your risk of developing health problems like heart disease.

Do Meditation and Gratitude Journal

In the past decade, meditation has grown in popularity. Mindfulness can improve your quality of life. Meditation can reduce anxiety and stress and improve sleep patterns. 

It’s also amazing what happens when we consistently and deliberately practice gratitude. One of the fastest and most effective ways to rewire our brains to be happier and more productive is by keeping a gratitude journal.

Establish relationships with people and pets

It doesn’t matter if it’s old school friends or colleagues, it’s important to keep in touch with them regularly. You don’t have to give up on the people you love. Plan and make arrangements to visit or meet them once in a while.

Your retirement life will allow you to have more time for your pet. Research shows that having a pet in your home is a great way to improve your mental health. A pet can make you feel less lonely if you are always alone at home.

Give back to the community

Helping others is a great way to find your purpose after retirement. It’s amazing to spend your spare time serving others. There are many ways that you can help those who are less well off. You can also donate or participate in charity drives.

Start by looking for local charities or community associations. Not only does it make a difference in the community, but you can also help others. You can also feel a deep sense of fulfilment by helping others.

Straighten Out Your Finances

Set your finances in order if you are planning to retire earlier. You want your retirement funds to last longer and be sufficient for your expenses. You should consider the rising cost of health care and increased costs for long-term care that often come with old age.

Set your financial goals first. Next, determine what benefits you are eligible for – such as state benefits e.g. health and dental care.

Live Within Your Budget

It is up to you how you spend your hard-earned cash, but you should be cautious about spending too much. You could end up with nothing, even if your retirement savings are huge. 

Budgeting is important. Don’t forget that you won’t get a paycheck every month to correct your financial mistakes. To maximize your retirement benefits and make sure you have a successful retirement, consult an independent financial advisor. 

What is a Pension Retirement Fund?

Since they can provide income to help with living expenses, pension retirement funds are essential for workers in their retirement age. Many people will continue to pay for day-to-day living expenses and healthcare, which makes retirement expensive. Pension retirement can ease your financial burden.

When choosing a pension retirement plan, there are many things you should consider. Workers in their retirement age should think about how much they will need to survive during the age at which they want to retire. They must also assess the risk of investing and determine if they are comfortable with it.

What are the Retirement Options for Workers in their Retirement Age?

In Ireland, there are three types of pensions that workers can choose from when they retire.

State Pension

This is a pension that the government pays to retirees who reach the age of the state pension which is currently 66 years. Workers must have made social insurance contributions for a specified number of years to be eligible for the state pension.

Occupational Pension

Your employer may provide an occupational pension. These retirement pension plans provide a steady income after retirement. Some schemes offer lump sums as well.

Employers are not required to offer employees workplace pension plans. Large employers have retirement plans for their employees in Ireland, but smaller ones may not.

There may be a variety of occupational retirement pension plans available to workers when they reach retirement age.

  • Contributory and non-contributory by your employer
  • Defined benefit, defined contribution, or a combination of both

Retirement plans for workers can include elements that offer both defined benefits and contribution schemes. These are called hybrid schemes and are usually in companies with a large workforce. This means that you can project a certain income for a defined-benefit program, but the rest could be different as it is subject to the rules of defined contributions.

Personal Pensions

The well-known personal pension plans are the Personal Retirement Savings Account (PRSA) and Retirement Annuity Contract (RAC).

These pension plans for workers in their retirement age are typically funded by individual contributions, although employers may contribute towards these accounts.

If your employer provides the PRSA instead of the traditional retirement pension plan,  contributions will be deducted from your wages and paid to the PRSA provider. The employer can make contributions to PRSA  but is not required to do so.

Are You Prepared for Retirement?

Now that you know how to enjoy your retirement life, it’s time to start preparing for it. If you haven’t started saving for retirement, now is the time. The sooner you start, the better.

You should also have a retirement plan. This will help ensure that you are on track to reach your financial goals. A retirement plan will also give you a sense of security and peace of mind.

When deciding which retirement pension plan is right for you, it is important to seek professional financial advice from a Qualified Financial Advisor to ensure that you are making the best decision for your individual needs.

How Pension Retirement Will Benefit Your Loved Ones

How Pension Retirement Will Benefit Your Loved Ones

When you retire, one of the most important things to consider is what will happen to your pension. Many retirees choose to take their pension lump sum, which can be a great option for those who are healthy and have a solid financial plan in place. However, there are also many benefits to choosing pension retirement payouts that go beyond just yourself. Here we will take a look at how pension retirement will benefit your loved ones too!

What is a Pension?

A pension is a retirement savings plan that allows you to set aside money while you are working so that you will have funds to live on when you retire. There are many different types of pension retirement plans, but they all typically have the same basic structure. You contribute a portion of your income to the pension retirement plan, and then when you retire, you receive pension payments that are based on how much you have contributed and how long you have been in the plan. Pensions are an important financial planning tool for retirees.

Why is It Important to Start Saving for Retirement?

When you retire, you will no longer have a regular income coming in. This means that you will need to rely on your retirement savings to cover your living expenses. If you do not have enough saved, you may find yourself struggling to make ends meet.

Saving for retirement is important because it gives you the ability to live comfortably after you stop working. Retirement savings can provide you with an income that can cover your basic living expenses, such as housing, food, and utilities. It can also give you the ability to travel, enjoy hobbies, and live a stress-free life.

There are many reasons to consider why starting saving for retirement is vital.

  1. You’ve got more time to save money.

One of the benefits of planning your retirement early is that you will have ample time to save. It means that you can save less every day instead of seeking to build up a massive amount of money in a short time. In time the amount will increase, and you’ll be in a position to enjoy a great retirement.

  1. You can profit from compound interest.

Another reason why it’s crucial to begin saving money for retirement earlier is to profit from compound interest. That means the savings you make will accrue interest in addition to the interest it already earned. This will help your savings increase even faster.

  1. You can lower your stress levels.

One of the most difficult issues retirees have to face is the lower income. However, by putting aside money to start saving for retirement, it can ease their stress. It is because certain investments have the opportunity to grow, which means that your earnings will be greater than they could be.

  1. You can avoid debt.

Another problem that retirees often face is the issue of debt. It is difficult to handle an income that isn’t as high, but it is avoidable by starting saving for retirement. This is because you have ample time to build an investment cushion that helps you pay for your retirement expenses.

  1. You can help your loved ones.

One of the reasons to start saving for retirement is that you will be able to ensure a significant inheritance to your family members. That means they’ll be able to enjoy some of the funds you’ve saved and ensure that your needs will be taken into consideration in your old age.

What Are the Benefits of Having a Reliable Pension Retirement?

A pension retirement can offer a stable and reliable income during your retirement years. It can also help you keep up with the rising cost of living, which can be difficult on a fixed income. Additionally, a pension retirement can provide peace of mind knowing that you have a source of income if you outlive your savings.

When it comes to pension retirement options in Ireland, there are many benefits that can help your loved ones. Pension retirement can offer a stable and reliable income, help with the rising cost of living, and provide peace of mind in knowing that you have a source of income if you outlive your savings. Pensions are often overlooked when it comes to retirement planning, but they can be a valuable tool in ensuring a comfortable retirement.

What Are the Best Pension Retirement Options in Ireland?

There are a number of pension retirement options in Ireland that can offer you a comfortable retirement. One option is the Irish State Pension, which is a government-funded pension retirement that provides a basic income for eligible retirees.

Another option is private pension schemes, which are typically offered by employers and can provide additional income on top of the State Pension. There are also a number of personal pension schemes available, which allow you to save for retirement in a tax-efficient way. These includes:

  1. Personal Retirement Savings Account (PRSA)

A Personal Retirement Savings Account (PRSA) is an investment in a long-term pension savings account open to anyone less than 75 years old. It was designed principally to be a pre-retirement tool that allows individuals to save money for their retirements in a flexible way. Tax relief is offered for personal contributions subject to income and age limitations based on income. Employers must offer the option of a deduction from their payroll for the payment contribution of employees to PRSA. Employers may also contribute to the PRSA but are not legally required to contribute. Read more about PRSA here

  1. Personal Retirement Bond (PRB)

The Personal Retirement Bond (PRB) is an individual premium pension retirement contract created by a former member of an occupational pension scheme sponsored by the employer to benefit them upon exiting the scheme. The amount they receive after leaving the pension retirement fund is held in the PRB under their name. It becomes an individual or personal contract between the person who holds the bond and the pension company. In the event of retirement, the holder of the bond can draw the profits of the PRB to fund the retirement benefits they have earned.

Newcourt Retirement Fund Managers Ltd (NRFM) offers a range of Self Invested products including Personal Retirement Savings Accounts (PRSAs), Approved Retirement Funds (ARFs), and Personal Retirement Bonds (PRBs). We aim to give customers control of their pension retirement savings without the involvement of an insurance company.

When deciding which pension retirement options in Ireland are right for you, it is important to seek professional financial advice from a Qualified Financial Advisor to ensure that you are making the best decision for your individual needs.

How Pension Retirement Will Help Your Loved Ones

Years from now, your loved ones will be happy to know that you have prepared for your pension retirement. It will give them peace knowing that they don’t have to think of all of your financial needs while they are living their own lives. You will spare your family the burden of thinking about your hospitalization and your personal needs. You can even make them happy even after you’re gone since they will also benefit from your pension retirement.

Pension retirement is a great way to help your loved ones while you’re living your remaining years and even after you’re gone. Be sure to talk to your financial advisor about pension retirement options in Ireland that are right for you.

Overcoming Financial Retirement Fear Tips for Planning Your Future

Overcoming Financial Retirement Fear: Tips for Planning Your Future

Do you feel like you’re stuck in a financial retirement fear loop? You’re not alone. For many people, the thought of retirement brings up feelings of uncertainty and insecurity. But it’s important to remember that with a little bit of financial retirement planning, you can overcome your fears and create a bright future for yourself. In this blog post, we will discuss some tips on how to overcome financial retirement fear and create a plan that works for you!

What is Retirement Fear?

The fear of retiring is real. Many people experience it, and it’s more frightening than the fear of dying or being sick. Like other anxieties and fears, most of it is caused by fear of uncertainty. The future is unknown, and when we think about our finances in retirement, it can be scary to imagine not having a regular paycheck coming in. While the process of retiring could be a reward for years of work, it also can cause anxiety, stress, and depression.

If you have these financial retirement fear, you’re not alone. Indeed, those are the concerns that plague many retired people. We don’t know for sure how the next few years will unfold does not mean that you should be in doubt regarding your future retirement. The best method to get rid of the anxiety is to tackle them directly by taking a proactive approach and taking the time to plan.

The good thing is you don’t need to tackle your fears and anxiety on your own. A Qualified Financial advisor can assist you to solve these issues with confidence and get over some of the most commonly-asked financial concerns about retirement. In this article, we will address these worries and offer suggestions for the most effective strategies to minimize stress before retirement.

Common Retirement Financial Fears and Financial Retirement Planning Tips

Financial Retirement Fear #1: Running out of money

Retirement-seekers are worried about outliving their savings in retirement even more than they do when they die. We’re now living for longer periods than ever before, and the increasing cost of healthcare and inflation makes this fear more plausible. This argument is especially valid because many retired people will outlive the savings they’ve made by eight to ten years, assuming that they can live until the age of 85.

Financial Retirement Planning Tip #1: Have a solid financial plan

Begin with a solid financial plan that is based on your retirement goals. Your financial advisor can assist you in creating an ongoing plan for your finances that evolves depending on your needs. Your financial advisor will ensure you’re heading in the right direction to attain retirement security.

Your expert retirement advisor will assist you in creating a spending plan, determining your desires and needs, creating an income strategy, and preparing in advance for Social Security, market ups and downs, inflation, healthcare costs, long-term health insurance, and taxes.

Financial Retirement Fear #2: Unanticipated health event

As people age, they tend to encounter more health-related issues. This is why it’s common for retired people to be concerned about the possibility that an unexpected health problem could cost them their savings. Furthermore, almost 7 in 10 individuals will likely require some form of long-term-care services during their lifetime, which can be a significant expense. However, financial retirement planning for these occurrences can provide assurance.

Financial Retirement Planning Tip #2: PRSA

We suggest that people who aren’t yet retired contribute as much as they can to their employer’s retirement plan, for example, the Personal Retirement Savings Account (PRSA). It’s a long-term personal pension plan that functions similar to an investment account, specifically designed to allow you to save for retirement with a variety of options. This will allow you to establish a significant savings base to cover your health care expenses when you retire.

If you’re in your 50s, you may want to consider the possibility of long-term care insurance that can cover the costs of nursing homes or home treatment, for instance. It’s important to prepare ahead for any unexpected health issues you could encounter during retirement.

Financial Retirement Fear #3: Inflation

Inflation poses a threat to retirees because it reduces their purchasing power when prices rise in time. To put it in another manner, a euro today will be worth more than €1 tomorrow.

Financial Retirement Planning Tip #3: Invest in the annuity

An Annuity is a type of life insurance policy that guarantees an amount that is fixed over a specific time. Annuities are usually employed as a means of generating income when you retire. When you buy an annuity, you pay a lump sum of cash to an insurance provider. In exchange, the insurance company will be willing to give you a set amount each month for the remainder of your existence.
Annuities are the best choice for those who wish to shield themselves from the fluctuation of the stock market and an income that is secure during their retirement.

The volatility of the stock market and economic cycles will not affect your earnings. Your earnings can be adjusted according to the inflation rate every year. You’ll have the assurance that your funds are safe.
Annuities can mitigate the possibility of not having enough money when you retire and enable your portfolio to remain invested in long-term growth investments with the potential to beat inflation.

Financial Retirement Fear #4: Being forced to retire early

The majority of people are planning to stay in the workforce until their 60s and 70s as they are passionate about their job, the feeling of fulfillment it brings, or they feel they don’t have enough money to retire. But, a growing number of people have decided to quit work involuntarily because of illnesses or caring for a family member or losing their jobs.

Financial Retirement Planning Tip #4: Seek a financial advisor

If you’re retiring earlier than anticipated, it may affect your benefits like any pension payouts or matching contributions you may receive from the company you work for.

A financial advisor can assist you in exploring your options and designing plans that you can modify depending on the need to figure out how you can achieve your goals, despite unexpected incidents and situations. A well-thought-out, a well-structured financial plan can reduce the anxiety people have when considering their financial situation and retirement.

Financial Retirement Planning with NRFM

The four financial retirement fears mentioned above have the same theme: anxiety about the unknowable. We at Newcourt Retirement Fund Managers Limited (NRFM) believe that retirement shouldn’t be a nightmare or complicated. You’ve put in the effort to save and earn your money for years now is the chance to relax and enjoy it.

When deciding which retirement pension plan is right for you, it is important to seek professional financial advice from a Qualified Financial Advisor to ensure that you are making the best decision for your individual needs.

Minister Humphreys officially opens new office of Newcourt Retirement Fund Managers Ltd/Newcourt Pensioneer Trustees Ltd in Cavan

Minister for Social Protection, Heather Humphreys TD, has today (Monday July 11th) officially opened the new office of Newcourt Retirement Fund Managers Ltd/Newcourt Pensioneer Trustees Ltd in Cavan.

Newcourt Retirement Fund Managers Ltd/ Newcourt Pensioneer Trustees Ltd (Newcourt) specialise in Pension Administration Services including Independent Corporate Trusteeship and Self Invested Pensions.

The company currently employs over 50 people with offices in Dublin and now Cavan.

The firm hopes to continue to grow its base in Cavan, employing up to 10 staff in Cavan by the end of 2022 and growing that number up to 30 over the next few years.

At today’s opening, Minister Humphreys congratulated the company of their success to date, saying that their decision to choose Cavan as the location for their second office is a particular boost for the County.

Minister Humphreys said:

“This is a really good news announcement for Cavan and indeed the entire region.

“I want to congratulate the entire team at Newcourt for their vision and ambition.

“I understand that over the coming years, you hope to grow your business here from a staff of 6 to up to 30.

“You’re a business too that I know believes in hiring locally – you really are a big asset to this county and I’m so pleased that you have chosen Cavan as the location for your second office.”

Also speaking today, Managing Director of Newcourt Retirement Fund Managers Ltd, Gerard Keane stated:

It is great to be here today to open our new Office in Cavan. This is a very exciting time for Newcourt as we continue to grow our business through organic growth and several recent acquisitions. In the last two years we have taken over several trustee business’s including Munster Pensioneer Trustees Ltd, IFS Trustees Ltd, JLT QFM Services (Mercer) self-directed business and most recently, Signature Trustees Services Ltd.

This has resulted in the need to expand our office space and having looked at many locations we decided on Cavan Town, due to the availability of a well-educated workforce and a number of our own staff wishing to relocate to the area. Martina Kelleher has been with the business from the start and now heads up the Cavan Office having decided to relocate home, outside Cavan Town. The people recruited to date have proven we have made the right decision in opening here.

Newcourt continue to provide pension administration services to the financial advisor community and their clients. Newcourt don’t produce, promote, or advise on any investments. In terms of the scale of the business, Newcourt have several thousand clients and are currently administering circa €2 billion in pension assets for these clients.

Gerard also discussed the recent changes in the pension landscape bringing both challenges and opportunities for Newcourt. He believes that the addition of the Cavan office allows Newcourt the opportunity to grow and continue to provide quality services to their financial advisors and their clients.

Who are Newcourt?

Newcourt Pensioneer Trustees Limited (Newcourt) was established in 1989. Newcourt is approved as a Pensioneer Trustee by the Office of the Revenue Commissioners providing Corporate and Pensioneer Trustee Services. The Company is also an approved Registered Administrator with the Pensions Authority. Newcourt Retirement Fund Managers Limited (NRFM) is an associate Company, which commenced trading in 2007. It is approved under the Markets in Financial Instruments Directive (MiFID II) and acts as a Qualifying Fund Manager for Approved Retirement Funds. NRFM also has an approved Personal Retirement Bond (PRB) contract and is an approved Personal Retirement Savings Account (PRSA) provider. Newcourt are one of a small number of providers in the market to offer the full suite of self invested pension structures.

Newcourt use their 30 years of experience working with financial advisors to give their clients control of their retirement benefits and allow them, with their advisors, to choose where and with whom they invest their pension funds.

“We believe in long term relationships, so when you sign up with Newcourt, you get the benefits of working with our highly skilled and qualified staff, while also benefiting from one of the most technically qualified teams in the marketplace. Our aim is to administer clients’ pension contracts and facilitate clients’ investment choices within the framework of the legislation and Revenue guidelines.”

“What makes Newcourt unique is we don’t produce, promote, or advise on any investments.

Further information is available from your financial advisor or on www.nrfm.ie or www.newcourttrustees.ie.

 

Pension for Workers in Their Retirement Age Newcourt Pensions Ireland (700 × 500 px)

Pension for Workers in Their Retirement Age: Newcourt Pensions Ireland

With people living longer, workers need to start planning for their retirement years as early as possible. One of the biggest concerns for workers in their retirement age is whether they will have enough money to live on.
In this blog post, we will discuss the importance of pension retirement funds and how they can help ease the concerns of workers in their retirement age.

What is a Pension Retirement Fund?

Pension retirement funds are important for workers in their retirement age because they provide a source of income that can help cover living costs. Retirement can be expensive, with many people having to pay for healthcare and housing. A pension can help to ease the financial burden during this time.

There are several things to consider when choosing a pension retirement fund. Workers in their retirement age should consider how much money they will need to live on during their retirement years and the age at which they would like to retire. They should also consider the investment risk and whether they are comfortable with it.

What Are the Different Types of Pensions Available to Workers in Their Retirement Age in Ireland?

There are  three main types of pensions available to workers in their retirement age in Ireland:

  1. State Pension

This is a retirement pension that is paid by the government to people who have reached the state pension age. The state pension age is currently 66 years old. To qualify for the state pension, workers in their retirement age must have paid social insurance contributions for a certain number of years.

  1. Occupational Pension

Occupational pension, also known as employer or company pension plans, is provided by your company. These retirement pension schemes offer a regular income following retirement. Certain schemes also provide an amount in lump sums at the time you take your retirement.

There is no legal requirement for employers to offer workplace pension plans for their employees. The majority of large employers in Ireland have retirement pension plans for employees, however, smaller employers don’t.

Each pension scheme is governed by its own rules. Retirement Pension plans are usually governed with the help of the Pensions Authority. Members of schemes are entitled to certain privileges, such as access to information on their pension.

Occupational retirement pension schemes available for workers in their retirement age may be:

    1. Non-contributory or contributory

In the contributory scheme, both the employer and you contribute to the scheme. In non-contributory, your employer is the only one who contributes.

    1. Unfunded or funded

The majority of occupational schemes are funded by contributions to a specific fund, while the benefit is repaid from that fund. The most evident difference is the retirement pension scheme for public service employees in which there is no fund, and the benefits are paid from the current funds of the government.

    1. Defined benefit, defined contribution, or a combination of both

If you are enrolled in a fixed contribution plan, the retirement pension contributions you pay are fixed, while the retirement pension benefits you receive are contingent on the contributions you made.

If you are in a defined benefit plan then your final pension benefit is calculated based on your final salary and length of service.  Basically your employer is under-writing your retirement pension.

Pension plans for workers in their retirement age can provide elements that are both defined benefits as well as contribution schemes. They are referred to by the term hybrid schemes. It means you can forecast a certain amount of income for a defined-benefit plan, however, the rest of it could differ as it is subject to the rules of defined contribution.

3. Personal Pensions

There are many reasons not to have an occupational pension plan or be able to do this (for instance, if you are self-employed or your company does not have a scheme). In such cases, you could save for retirement options for workers by selecting another type of retirement pension plan. These are referred to as personal or private pension plans. They are managed by life insurance or investment firm like Newcourt Pensioneer Trustees Limited.

The two most popular personal pension plans are the Personal Retirement Savings Account (PRSA) and Retirement Annuity Contract (RAC).

They are pension plans for workers in their retirement age typically funded by individual contributions, although employers may contribute towards these accounts. They can be accessed through financial service firms like banks, insurance companies, and financial advisors. These plans also offer a tax-free lump sum with certain limits and the option of a pension or other benefit at retirement.

If your employer provides the PRSA instead of the traditional retirement pension plan, you will subtract contributions from your wages and pay these to the PRSA provider. The employer can make contributions to PRSA but is not required to.

If you are in receipt of income from 2 different employments then you may be eligible to join your employers pension scheme and take out a Personal Pension or PRSA for your 2nd income.

How Do You Know Which Retirement Pension is Right for You and Your Needs?

There are options for the pension planning of workers in their retirement age. It can be difficult to know which is right for you with all the retirement options for workers available. It is important to take the time to understand all the different options to make an informed decision about what is best for your future.

Both occupational pension schemes and personal pension plans may give benefits in the event of death before retirement or upon death during retirement.

The three plans are tax-approved by Revenue. The advantages of having approval include:

    • You will be eligible for tax relief for your contributions.
    • You are not taxed on the employer’s contribution if you have any. 
    • Your investments grow tax-free and
    • The lump-sum you can take in retirement is tax-free, up to a certain amount.

Revenue imposes limitations on the relief that is available for contributions as well as benefits. The limits are sufficient for the majority of people to receive the benefits of a decent retirement pension.

In considering the best retirement pension for workers in their retirement age, the most important choices you have to take are:

    • What retirement pension plan is available to me?
    • What kind of retirement pension plan is most appropriate?
    • What should I save?

What Should You Do if You’re Nearing Retirement Age and Don’t Have a Retirement Pension Yet?

If you’re an employee but don’t have access to an occupational pension plan or if you want to improve your benefits, the earlier you begin saving for retirement, the more benefits you will get.

It is important to note that if your employer is not able to offer access to an employer-sponsored retirement pension scheme within the first six months after signing up for the service, you will need to access a Standard PRSA. It means that your employer has to provide an option for payroll deduction to at least one Standard PRSA Ireland provider.

The common question for workers in their retirement age is, “Are you prepared for retirement?” You are ultimately responsible for your personal retirement plan especially if you are one of those workers in their retirement age. It’s your responsibility to plant the seeds which will bear the fruit of a peaceful retirement in the years to come.

When deciding which retirement pension plan is right for you, it is important to seek professional financial advice from a Qualified Financial Advisor to ensure that you are making the best decision for your individual needs.

How Pension Retirement Gives You Financial Stability

How Pension Retirement Gives You Financial Stability | Start Securing Your Retirement With Newcourt

It’s no secret how pension retirement gives you financial stability. When you’re no longer tied to the workforce, you can finally relax and enjoy your golden years! In this blog post, we will discuss how pension retirement gives you financial stability for the future.

How Pension Retirement Gives You Financial Stability

Planning your pension retirement fund will ensure your retirement is secure and comfortable.

It is essential to calculate the potential expenses and find likely sources of income. Therefore, you need to create investment plans and take care of the associated risks involved. This may seem overwhelming. Additionally, many people are uneasy about adjusting their current life to save money for their future. 

However, the earlier you start, the easier it will be to begin your financial independence.

Prepare for unexpected expenses

Unfortunately, the aging process brings with it a variety of health issues. The medical costs are often high. The cost of good health care can become expensive at the time you retire. Yet, illnesses can come without warning.

Furthermore, life may be unpredictable and throw curveballs at you at the time you least expect it, resulting in unbelievable costs.

Therefore, it is best to be prepared for expenses while you’re strong and earning. Some retirement plans permit you to draw or withdraw portions of your savings in times of need. So when the time comes, you’ll not have difficulties when it comes to expenses. This is another way how pension retirement gives you financial stability.

It’s Never Too Late to Start Saving!

If you are already saving money, whether it’s for retirement or another target, don’t stop! Saving is an enjoyable habit. If you’re not making savings now, it’s time to begin. Begin small if you need to, and then try to increase your savings every month. 

The earlier you begin saving, the longer your savings will increase. Consider saving for retirement as an absolute priority. Make a personal retirement plan, stick to that, and focus on your goals.

Here’s how to get started saving for your personal retirement:

Start by Contributing to Your PRSA account.

A Personal Retirement Savings Account (PRSA) is an investment contract designed to save for the long run with tax-free tax reliefs accessible to all who are younger than 75. It was designed to function as a pre-retirement tool that allows people to invest their retirement savings flexibly.

PRSA Pension is retirement savings account that you can make use of when you retire at any time between 60 and 75. You’re entitled to a lump amount of 25% (with the first €200,000 tax-free, with the subsequent €300,000 being taxed following the current tax rate of the standard at 20%).

Your PRSA value is contingent on the amount both you and your company contribute and the length of time you keep the funds in the bank account. The earlier you begin saving, the more time your savings will increase.

It is possible to contribute voluntary funds to supplement your PRSA at any time. These are referred to as Additional Voluntary Contributions (AVCs).

You might also be able to use your AVCs to purchase an annuity. This is an insurance policy that will pay you a monthly income throughout the rest of your life.

If you’re not satisfied, you can choose of choosing one of the following options:

How to Take Control of My Pension

There are a few key things you can do to take control of your pension and ensure you’re on track for a comfortable retirement.

First, make sure you’re contributing enough to get the maximum employer match. This is essentially free money, so it’s worth taking advantage of if your employer offers it. Your PRSA is a good start for personal retirement. You have control over how your PRSA pension is invested, and you can switch investment options at any time.

Finally, talk to a financial advisor about other ways to save for retirement. They can offer helpful advice and guidance on how to best prepare for your future.

By following these tips, you can take control of your pension and ensure you’re on track for a comfortable retirement. Don’t wait until it’s too late to start planning – the sooner you begin, the better off you’ll be.

Choosing Your Partner for Pension Retirement Stability

You don’t know what might happen in the near future. However, you can manage your financial stability through careful planning. You must choose your retirement investments carefully to protect your money. You should only choose trustworthy retirement plan providers that have good ratings and will clearly explain how pension retirement gives you financial stability.

NRFM is among the few companies that provide a complete selection of self-invested retirement choices. NRFM assures its customers that they are current with the latest pension laws and offers customers different investment options.

Newcourt Retirement Fund Managers Limited (NRFM), with its subsidiary Newcourt Pensioneer Trustees Limited, is a specialist in self-invested retirement plans.

Our products allow you to have flexibility and choice for your retirement investment. Our knowledgeable team of administrators will ensure that you are always informed about your retirement savings and available to answer any queries.

When deciding which retirement pension plan is right for you, it is important to seek professional financial advice from a Qualified Financial Advisor to ensure that you are making the best decision for your individual needs.