Pensions Clare, Pensions Ennis, Co. Clare Ireland Retirement Planning & Pensions

Retirement Planning & Pensions

	So how much should I save now for my retirement? This depends on a number of factors, such as: Your age now When you’d like to retire What kind of lifestyle you’d like to have in retirement Any pension arrangements you already have in place (from previous or current employers) How much you can afford (bearing in mind that current tax relief can effectively cut the cost of your monthly savings by almost half)*
* Assuming higher rate taxpayer 41%. It is important to note that tax relief is not automatically granted; you must apply to and satisfy Revenue requirements. Revenue terms and conditions apply.
	The Half-Your-Age Rule Generally, you should be saving about half of your current age as a percentage of your income. In other words, if you’re 30 years old, you should be saving 15% of your annual income. For someone earning €40,000 that’s about €500 a month but could actually only cost you €295 after tax relief*. If this seems like a lot now, don’t put it off until another day. You can start small and gradually increase your savings when you can afford to. Every little bit adds up, especially when you consider it has a good chance to grow, for 30 years or more.

	Did You Know : Depending on your particular pension product you can usually start and stop pension contributions in line with your affordability. Don’t be afraid to start a pension because it seems like a life long commitment. If your financial circumstances should subsequently change you can talk to your broker about adjusting or suspending your pension contributions accordingly.

	Last Chance For PRSI & Health Levy Relief … This year is the last chance for employees who make additional voluntary contributions to their pension to claim tax relief and additional PRSI and Health Levy relief on their pension savings – a total of up to 49%*. So the actual cost of their pension savings is almost cut in half! Payments must be made before the self-assessment tax deadline of 31st October this year and backdated against unused relief for 2010.†
* Assuming higher rate taxpayer 41%. It is important to note that tax relief is not automatically granted; you must apply to and satisfy Revenue requirements. Revenue terms and conditions apply. † Payments cannot be made through payroll deduction.
	Last Chance For PRSI & Health Levy Relief … This year is the last chance for employees who make additional voluntary contributions to their pension to claim tax relief and additional PRSI and Health Levy relief on their pension savings – a total of up to 49%*. So the actual cost of their pension savings is almost cut in half! Payments must be made before the self-assessment tax deadline of 31st October this year and backdated against unused relief for 2010.†