It’s never too early to start saving for your retirement.

Simply put a Pension is a long term Tax efficient Savings Plan.

Did you ever think what you want to do when retired?
Do you want to be dependent on someone else?
Do you want to enjoy your life when you will have time for it?

Planning for your retirement is absolutely essential – regularly reviewing your pension with O’Leary Financial Management will help to make sure that it will provide you with the required retirement pot to achieve your goals.

We all know that it makes sense to plan for retirement, but it can sometimes be easy to lose sight of the end goal, especially as life tends to get in the way.


Top five reasons to start saving into your pension:

1. Bridging the Gap

The State Pension (Contributory) isn’t likely to be enough to maintain your standard of living. In order to avoid a drop in your income, why not start putting more by now so you can enjoy your retirement to the full.

2. Happier, healthier……living longer!

As people are living longer and longer you may need to consider that your retirement savings will have to go that extra bit further.

3. Tax Benefits – The Real Deal

There is still great income tax relief on retirement savings that you won’t get on ordinary investments or savings. If you do not have a pension, did you know it is the most tax efficient way of saving? For example, if you’re paying income tax at the standard rate @ 20% and pay €50 p/m into a pension, it will only cost €40. Or if you pay income tax at the higher tax rate @40%, by paying €50 will only cost you €30 p/m. (based on income tax rates for 2019).

4. The Early Bird…

The earlier you start saving for your retirement the easier it will be to provide for the life that you want in retirement.

5. Make the most of your age

The closer you get to retirement the more tax savings you can make on retirement contributions.

Remember pension income in retirement is subject to income tax at your highest rate on withdrawal, Universal Social Charge, PRSI (if applicable) and any other charges or levies (“tax”) applicable at that time.