Planning for Retirement - Start a Pension
We would all like to stop work at some point. We also wish to have an income to allow us to stop. The current state contributory pension is a little over â‚¬230 per week for a single person. Based on this figure, a single person earning â‚¬40,000 would experience a 70% drop in income on retirement.
We are all living longer so we will be retired for longer. As a result, the funds we require to support a comfortable lifestyle need to be bigger to last for what we all hope is an extended period.
Saving for retirement will be a great financial decision. When you start a pension you provide yourself with a platform to save regularly, for a long time, receive tax-relief on your contributions and the funds grow tax-free.
Used properly, it is a fantastic vehicle to tax-efficiently transfer funds from your business to an asset that you own personally. Whether you are employed, a company director or self-employed we can advise you on the options available to you.