If you haven’t already started a pension, now is the time to take action. Whether you’re in your 20s, 30s, or 40s, you can and should be planning for your retirement, and setting up a pension is one of the best ways to do that. The State pension in Ireland is €248.30 per week or €12,912 per year and currently, the qualifying age is 66, and due to rise in the coming years. So if you don’t want to rely solely on the State pension to fund your retirement, the single most positive financial move you can make is to take control of your pension now.
If you do, on the other hand, already have a pension, or multiple pension pots, be sure that you review how they are performing, and whether or not you need to make any tweaks in order to get the most out of your pension fund. Transferring multiple pension pots into a Private Retirement Bond (PRB) can be a wise move, as when you leave an employee pension scheme, you typically lose the benefits as a deferred member. Whereas when all of your pension pots are under one roof, you can regain control of how they are managed and invested, meaning that the long-term return can be much greater.
Read our No-Nonsense Guide to Transferring Your Pension here