What is a Pension?
A pension plan is a simple tax efficient way of saving regularly for your retirement. There are different types of pensions depending on your personal circumstances. At Finance Solutions we work with our customers to help them put a personal plan in place to help them achieve their goals.
Why take a pension?
The state pension is currently €230.30 per week, without any additional pension savings in place you could experience a significant drop in your income when you retire. For example, someone earning a salary of €40,000 when they retire will experience a 70% drop in income, if they are solely dependent on the state pension. The contributions that you make to your pension plan, qualify for tax relief, up to certain limits set by the Revenue Commissioners. This tax relief makes investing in a pension a very attractive savings option.
Try out personalised pension calculator to get an idea on how much you should be saving in order to achieve the pension you desire. To find out more about how to put a plan in place contact us today and we can provide you with a full financial review of your situation.