The Facts Only 59.8 % of the adult Irish workforce between 45-54 years of age, currently have private pension coverage.
A man retiring at 65 now can expect to live to 83 and a woman retiring at 65 can expect to live to 87! It takes a long time to save for retirement and the earlier a person starts to contribute to a pension, the better.
While your retirement may seem like a long way off, starting a pension now can make a big difference later on (not to mention the tax benefits in putting your money into a pension). Whatever stage you are at in your life there are some simple steps you can take to start saving for the retirement you want.
Nowadays, more and more people are becoming aware of the need to start contributing to a pension plan as early as possible for three very good reasons:
- The earlier you start the greater will be your pension fund at retirement.
- Income Tax relief on your contributions kicks in immediately you start – so, you pay less Income Tax while, at the same time, building up your pension fund.
- For this reason, successive governments continue to grant generous TAX RELIEF on pension contributions in order to encourage the working population to provide for retirement.
Let us assist in selecting the right Pension Plan for you. If you need some help in understanding your pension options and planning for your retirement call Hennelly Finance on 091 586500.