For most people financial independence means having enough put by so that some day in the future it is no longer necessary to work. This usually coincides with retirement typically between ages 60 and 65 and in many cases will also involve drawing down pension benefits.

Pension benefits may be a combination of state and private pension arrangements. The current state pension is less than 30% of the average industrial wage so it is necessary to supplement this with a private pension in order to maintain a decent standard of living.

Private pension arrangements may be any of the following.

1 Occupational (Employer) Pension Scheme
2 Personal Pension or Personal Retirement Savings Accounts (PRSA)
3 Company Director(s) Scheme
4 Additional Voluntary Contributions (AVC) to Occupational pension scheme.

Products have evolved considerably in the last 10 years enabling client’s to become their own investment managers in “Self- Invested” arrangements or to invest in traditional Insured Schemes.

Professional advice is required to tease out the following aspects.

1 Desired level of retirement income
2 Funding requirements to achieve this
3 Investment preferences should be discussed including client’s attitude to risk.
4 Tax-relief available
5 Retirement options such as tax-free cash, pension and post retirement funds (AMRF &ARF)

Retirement Planning


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