As you age, you may start to worry about retirement. Will you have enough money saved up? How will you live once you stop working? These are valid concerns, but they don’t need to cause anxiety.
In this blog post, we will discuss the benefits of pension retirement in Ireland and how it can help ease your fears of getting old. We will also provide tips on how to save for pension retirement and make the most of your golden years!
Why Do People Fear Getting Old?
Gerontophobia, or the fear of aging, is a real phenomenon. It can be caused by many things, including the loss of loved ones, changes in our physical appearance, and the fear of declining health. Whatever the reason, getting old can be scary for some people.
One evident reason why people fear old age because of their inability to work and earn a living. This can be a major source of anxiety for many people. As people grow old, they become more vulnerable to illnesses and diseases that need more financial and emotional support.
For some people, growing old also means losing their independence. They may no longer be able to drive or take care of themselves. This can be a very difficult adjustment for many seniors.
However, there are many benefits to getting older that can help ease your fears.
One of the biggest benefits is that you will have more time to do the things you enjoy. Seniors are often eligible for discounts on travel, entertainment, and other activities. So, even though your income may be reduced, you can still enjoy your life to the fullest.
Another benefit of getting older is that you will have more wisdom and life experience. You can use this knowledge to help others who are going through similar challenges.
Finally, getting older can give you a sense of peace and contentment especially if you have saved enough money for retirement. After years of working hard, you can finally relax and enjoy the benefits of pension retirement. You’ve earned it!
Why Are Pension Retirement Plans Important as You Grow Old?
You are retired from your job but not from living. There is a chance that you have a fresh set of goals for your life post-retirement. However, you might also wish to continue living your life without having to worry about the cost of living.
By planning for your personal retirement, you can determine the steps to reach your goals in life without financial commitment. A Pension Plan is important because it provides a regular income in retirement. This can help to cover your basic living expenses and allow you to enjoy the benefits of pension retirement.
There are many pension plans available, and it’s important to choose what suits your needs. You should consider how much money you need to live on and how long you want to receive payments. You should also think about how you want to receive your pension payments. .
What Are the Available Options for Pension Retirement in Ireland?
If you’re a tax resident and working in Ireland, you’re probably wondering about the benefits of pension retirement and how pension retirement works in Ireland. The good news is that the process is relatively straightforward. The first thing you need to do is speak to a Qualified Financial Advisor who will identify your retirement goals.
Irish State Pension
The Irish government also provides a state pension from age 66. . If you’re eligible, you can receive up to €253 per week. The amount you receive will depend on your age and how much PRSI (Pay-Related Social Insurance) you have paid over the years.
You can apply for the state pension by contacting the Department of Social Protection.
Starting a Pension
You can start saving for your retirement as early as age 18, assuming you have an income from employment. The sooner you start, the better. This is because your money will have more time to grow.
You can make contributions to your pension through your employer or personally if you are self-employed. The government also offers tax relief on these contributions, so it’s worth considering if you’re looking for ways to reduce your tax bill.
Once you reach retirement age, you can start drawing down on your pension. You can choose to take a lump sum and/or an annual pension. The amount you receive will depend on how much money you have saved up.
Why Start a Self-Invested PRSA (SIPRSA)?
With a Self-Invested Pension Security (SIPRSA), you have more control over the way your pension funds are invested. You can pick from a greater variety of investment options which includes bonds, shares, and direct property. It is also possible to make changes to your investment portfolio as your financial circumstances change.
Here are more reasons why SIPRSA is a must-have pension plan in Ireland:
- Flexibility: Self-invested PRSA contracts offer clients the broadest range of investments available.
- Transparency: Fees and charges are clear and there are no entry or exit penalties with PRSA contracts.
- Control: Clients retain investment control of their PRSA investments and are signatory on all of their PRSA transactions.
- Investment Choice: Allowable investments include deposit accounts, foreign currency, stockbroking accounts, property, government bonds, and private equity. You are also not restricted to any provider, so you have one pension contract but can have a number of different investments and providers/structures.
- Taxation: Investment growth and capital appreciation generated in PRSA contracts are exempt from income tax and capital gains tax.
Your fear of getting old can be greatly reduced by preparing for your pension retirement now. It is important to have that peace of mind that you have a plan and are ready for your future. Your financial advisor and NFRM can help you with that by providing the best pension plan for you and giving you all the information you need to make an informed decision.
Why Choose NRFM in Securing a Pension Retirement in Ireland?
There are many reasons to choose NRFM for your pension retirement needs. We have over 30 years of experience helping people plan for their retirement. We offer a wide range of pension plans and can help you find the one that best suits your needs.
Newcourt Retirement Fund Managers Ltd (NRFM) provides a range of Self Invested products including Approved Retirement Funds (ARFs), Personal Retirement Bonds (PRBs), and Personal Retirement Savings Accounts (PRSAs). It is our goal to provide an opportunity for individuals to manage their own pension funds, without the involvement of an insurance company.
When deciding which 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.