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The single rate State Pension (contributory) is currently just €230.30 a week (May 2010). It is essential to take out a pension if you do not want to face a dramatic drop in income when you retire. It also makes sense to start saving for your retirement as the government offers generous tax reliefs (up to certain limits) for people who save into a pension plan.
Irish Life offers a wide range of retirement savings plans depending on your particular circumstances. To find out which pension product is right for you contact us to speak with one of our pension specialists
Why start planning for our Retirement now?
A critical part of any financial planning involves saving for your retirement. The sooner you start saving the better, as the larger the fund you build up, the better the pension you will receive when you retire.
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Jedward vs. O'Driscoll:
The Pension Face-Off
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 -Assume Jedward aged 20 and Brian O'Driscoll aged 30
-Both putting €500/month into a pension and retire at 65
-Assume investment growth of 6%
-Ignoring the tax relief they will receive
 How big a fund will they have at 65?
What will be their monthly pension income?
Jedward:
- Fund of €1.4 million
- Annual pension of €61,000
Brian O'Driscoll:
- Fund of €730,000
- Annual pension of €33,000
Lesson: Start Now! |
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