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If you haven’t started a pension, theres no better time than now to start contributing towards your future. Take advantage of tax relief on your contributions, saving you more money in your retirement pot. At True Wealth, we understand the importance of effective retirement planning and take pride in guiding our clients through each step of the process. From the initial consultation to signing the paperwork, our dedicated team of financial advisors will be with you every step of the way.

The Ultimate Retirement Planning Guide.

Planning for retirement is one of the most significant steps towards planning for your future. Whether you’re just starting to think about retirement or are already well into your retirement journey, this guide aims to help you make informed decisions and create a retirement plan that aligns with your unique financial goals and expectations.

After you download your guide, one of our expert pension advisors will be in touch shortly to provide you with guidance and further relevant information.

 

Getting a quote is the first step in your journey! Answer a few quick questions and one of our Advisors will contact you with your quote.

What to expect from a Pension consultation?

While pensions might appear intricate, they stand out as one of the most tax-friendly long-term investments you can create for yourself. During our discovery consultation, we provide you with a quote, and you’ll have the chance to have a one-on-one conversation with your dedicated financial advisor. Your advisor will invest the time to grasp your unique situation and expectations, setting a solid groundwork for your retirement strategy.

Crafting a custom retirement plan involves a comprehensive fact-finding process.

This entails collecting data about your current financial position, your comfort level with risk, your preferred investment options, and the timeline for your retirement. 

Our team will present you with a range of pension options tailored to your specific needs. We will explain the advantages and disadvantages of each, ensuring you have a clear understanding of your choices.

Understanding your risk tolerance is fundamental to investing. A quick questionnaire will determine the level of risk most suitable for you. This information will guide the development of an investment that aligns with your preferences and goals. Based on your risk rating and long-term objectives, we will recommend investment strategies that maximise your retirement savings and minimizing charges. 

Whether you prefer a conservative approach, an aggressive strategy, or something in between, our goal is to create a diversified investment portfolio that suits your needs.

Once you are satisfied with your retirement plan, it’s time to sign the necessary paperwork to put your retirement plan into action. Our team will walk you through all documentation online, ensuring that you understand each aspect of your pension arrangement.

Your current financial situation

In a one-to-one conversation with an Advisor, they will ask questions such as your annual salary, monthly expenses (bills, rent, credit card), mortgage and/or savings and investments, setting a solid groundwork for a retirement strategy and craft a plan. 

Where and when do you want to be

We assess your comfort level with risk, preferred investment options and when you want to retire. We’ll discuss your goals so that our Advisors can find the best plan that will suit your unique requirements.

Your personalised Plan

Following your meeting, you’ll receive a personalised plan with the most suitable pension options. There is no obligation to sign or accept immediately. Take your time to review the plan at your own pace, ensuring you make informed decisions aligned with your financial goals.

Book a pension planning appointment

Use a pension calculator

A pension calculator is a tool that can assist you in determining the appropriate amount to allocate to your pension. Additionally, it will illustrate the potential tax relief you could qualify for on your contributions. You may quickly determine the suggested retirement savings you should start saving for by entering your personal information and defining your retirement goals.

pensioncalculator

Frequently Asked Questions (FAQ)

Why is it important to have a pension?

Although the State Pension provides retirees with important financial support, it might not be sufficient to maintain your standard of living or cover all your financial needs during retirement as seen above. Consider your bills and expenses you might have during retirement and weigh whether relying solely on the State Pension, which stands at €277.30 per week as of January 2024, will be enough for your financial security while keeping in mind that you might also like to have a nice standard of living during retirement. Private pensions bridge the gap between state pensions and financial needs, protect against inflation, and provide peace of mind. They also enable legacy planning, ensuring financial support for loved ones.

Explore our article about the main reasons to get a Private Pension in Ireland and answer all your questions while getting valuable insights. 

9 Reasons to have a Private Pension in Ireland.

One of the most compelling reasons to have a private pension is the power of compound growth. Over time, your contributions and investment returns can grow significantly. This is because of compound interest, where each period you earn interest from your original deposit combined with the previous interest you’ve made. Starting to save early and consistently contributing to your pension can result in substantial wealth accumulation by the time you retire.

Occupational Pension

Provided by your employer, an occupational pension scheme allows you to save for retirement through contributions from both you and your employer. Occupational pensions bring several advantages to employees and employers alike. They offer tax-efficient retirement savings for employees while accelerating pension growth through employer contributions, rather than just relying on the employee’s own contributions. This essentially provides free money for your retirement fund. There are two types of Occupational Pension:

A Defined Benefit (DB) pension outlines the precise retirement benefit an individual will receive. This determination considers variables like an employee’s years of service and salary, which in turn determines the predetermined pension amount and/or lump sum that will be disbursed upon retirement.

For Defined Contribution (DC) pensions, the amounts available for benefits at retirement or leaving service depend on the value of the investment fund accumulated for the member, and there is no guarantee of any minimum benefit. Most funded occupational pension schemes and all personal pensions are defined contributions.

Personal Pension

A personal pension, also known as a private pension, is a retirement savings plan you set up independently. You have control over your contributions and investment choices. Personal pensions are individual savings contracts created to deliver retirement benefits. These pensions include various options, such as a Personal Retirement Savings Account (PRSA), and Personal Retirement Bonds.

A PRSA (Personal Retirement Savings Account) is a privately owned pension plan that offers flexibility in saving for retirement. With a PRSA, you have the freedom to make contributions at your convenience and can also choose to discontinue contributions whenever you wish. Anyone can join a PRSA, regardless of their employment status. Whether you are self-employed or employed by a company, you can establish and maintain a PRSA.

A Personal Retirement Bond (PRB) is an individual policy established by pension scheme trustees to secure retirement benefits for a former member of the scheme. Essentially, if you leave a pension scheme, you have the option to transfer your pension benefits by having the fund’s value invested in a bond. If you are considering leaving your current employer, especially if you are a member of the group pension plan, a Personal Retirement Bond (PRB) can be an excellent choice. A PRB is also a suitable option if you opt to leave a company pension scheme for various reasons or if the scheme is in the process of winding down.

Explore our article on PRB, where we address all your questions and provide valuable insights into its importance.

What is a Personal Retirement Bond?

Business Owners

Employees (PAYE)

If you still have any questions, please make an enquiry or call us for free.

Freephone (1800) 808-808

Contact us to maximise your retirement potential

Let us guide you towards a brighter financial future

Unlock your full retirement potential and reach your financial milestones with a tax-efficient pension review guided by our experienced and qualified Financial Advisors. Schedule your consultation today with our award-winning team and set the course for a well-planned financial future enriched by expert Financial Advice.

Make informed decisions. Explore our related additional material and stay up-to-date.

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