Category: Retirement Planning

Mindfulness - Photo by Esther Wilhelmsson via Unsplash

The “M” Word in Retirement

The most important factor to living a happy retirement starts with the letter “M.” And it’s not “Money.” Yet at the commencement of all our retirement planning courses the money factor sits large on the minds of attendees. In fact, as we prepare for starting the course I have more than once been approached by the first comer into the lecture room and asked “Are you the Pensions Man?”

You shouldn’t ignore money. It is important. It may be the one thing that preserves the “living” part of “living a contented retirement.” But it is not the most important thing to think about when planning for a life in retirement. While money helps pay for many important matters, the idea …

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Emotional Preparation for Retirement Life: Identity Issues

Perhaps no other stage of life triggers such intense feelings of excitement and liberation, on the one hand, but, on the other, fear and anxiety. Retirement for many entails a leap of faith after decades of routine. You’re not simply at work Friday, doing your job, and retired Monday, dancing for joy. Retirement is a major transition that unfolds over many years, as we move from the life we know, into the life we will get to know.

Most people don’t realise that psychological and emotional readiness is as important as all the concerns about financial issues in retirement. I have personally witnessed attendees on arrival for a course to ask me “are you the pension’s man”; in other words: …

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Reform of the State Pension

A Roadmap for Pensions Reform 2018 – 2023: Reform of the State Pension

In Autumn 2018, the Department of Social Protection launched the Roadmap for Pensions Reform which contained 6 main strands of which Strands 1 is the most important for those nearing retirement age.

Adequacy

The reform sets a proposed target for payment of the State Pension to a level at approximately 34/35% of average earnings. It is proposed to link further increases to changes in the Consumer Price Index and to wage levels in order to ensure that the value of the State Pension is maintained.

Sustainability

The State Pension is premised on the principle of social rather than personal insurance and operates on a Pay as You …

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Why bother having an Enduring Power of Attorney?

What is an Enduring Power of Attorney?

Having an Enduring Power of Attorney (EDU) in place is becoming more important now that we are all living longer and as a consequence the incidences of dementia and/or Alzheimer’s Disease is becoming more common. Both spouses and/or single people should have an EDU.

How to make an EDU

Get to a Solicitor. Ask the Solicitor what fees may attach to this service. The Solicitor will then take you through the four step process.

Step 1: You are asked to nominate a person to whom you wish to give the EDU and the Solicitor will then take you through a list of powers which you wish to evolve to the nominee.

Step 2: …

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Importance of Making and Updating Our Wills

Surveys show that most of us are less than careful when it comes to ensuring that we take care of those who will be left behind when we pass on to the next life.

Many people are reluctant to make a Will. If you fail to make a Will then your descendants will pay a large share of your estate in surplus tax as a result of you dying intestate and settling your financial affairs will take a lot longer. A Will helps identify your resources and ensures that your property passes to the people of your choice and helps avoid family issues..When you have made your Will you should review it approximately every five to seven years.

How to …

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Why Employers Should Provide Retirement Planning for Employees?

Work practices in developed countries have changed significantly in the past two decades, with many workers now changing jobs every 7 to 10 years. As regards the current cohort of the population in the 50 plus age sector, the average working life of these individuals whom we now meet on our retirement courses ranges from 42 to 50 years of working life-service. In many cases this involves at least 2/3 of this time or an average of 30 years will be provided as working service by most employees.

The question for employers here is whether they have a social and moral obligation to repay that loyalty to their organisation by helping those approaching retirement to prepare for such an important …

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What Retirees Should Know About State Entitlements

The key information sources are though leaflets which are available on-line from www.welfare.ie or at Social Protection Offices or Citizens Information Offices.

The second most important research that any employee should conduct is to seek out their Social Contributions Record to ascertain the precise details of contributions which they have been making throughout their working life.

Social Insurance Record

Your record begins when …

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