Archive for the 'Retirement' Category

Taxation at Retirement

After spending decades working, have now retired and you are drawing down your pension. During all those years working, your employer always looked after your income tax. You got a payslip each month with the gross payment, a load of deductions and the net pay in the bottom right corner. This always equalled the money […]

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Is that all you want to live on in retirement?

When I work with people on planning for their retirement, a key question I ask is “How much do you want to live on in retirement?”. This is a really hard question to answer, especially if you are in your 20’s or 30’s. Afterall, what will the 60+ year old me enjoy doing in over […]

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How to avoid the AMRF

At retirement, if you choose to invest in an ARF, there is the restriction of the Approved Minimum Retirement Fund (AMRF), where you have to put the first €63,500 of your retirement fund into a policy where you can only draw access 4% of it each year until you are age 75, at which stage […]

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Is retirement a thing of the past?

My initial meeting with clients is to find out about them. Where they are now and where they want to get to. Of course, one of the questions is when they want to retire. More and more frequently, they are telling me that they don’t think they will ever retire. It is not because they don’t […]

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ARF available to defined benefit scheme transfers

Last Wednesday was a day full of excitement. Ireland beat Italy in the Euros to get out of our group and through to the round of 16. Earlier, an announcement was made by the Minister for Finance that got all of us who work in personal finance all excited. The ARF option is being made available […]

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Irish retirees should have complete pension freedom

Last week, we had the headlines No pension freedom for Irish retirees in The Irish Times and the most sensationalist headline Fears pensions will be cashed in for Ferraris in the Independent. Both articles said that members of the Irish Association of Pension Funds (IAPF) didn’t think that it was a good idea if people cashed in the […]

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4 key understandings before you invest

My car broke down last week. So I phoned my mechanic, Ian, in Green Auto Service who told me to drop it in and he would have a look at it. Now, I have zero interests in cars and how they work, so when Ian started telling me what had gone wrong and what he did […]

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Time to get rid of the AMRF

I had a meeting last week with a non national who wanted to know her options at retirement before she made her pension investment. As she is unlikely to stay in Ireland when she retired, she wanted control over her retirement fund. ‘No problem’, I said, ‘You can take complete control of your fund in […]

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When should I start planning for retirement?

Retirement is a huge event in someone’s life. For 40 odd years, you have been going to work, meeting and working with the same people. Then it all comes to an end. For those who plan, they will start a great new chapter in their lives where they start doing all those things they always wanted […]

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Are pensions overly complicated?

A report issued last week for the Journal of Aging & Social Policy found that 66% of over 50’s didn’t know either how their pension pot would be paid at retirement or the amount of their benefits. This is a frightening statistic for a demographic that should be thinking about life after work. You have to […]

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