It is very important that each person plans for his or her financial future in retirement. The world is becoming an expensive place and people are living longer and many choose to retire before age 65, when they are still active both mentally and physically, so you see there is much to ponder in the planning for retirement. Nowadays with increased life expectancy you can be planning for anything up to 30 years post retirement!

The sooner you start planning for what will happen in the future,
the sooner you will be on your way to making it happen.

You will also need to consider the tax implications in drafting your will and ensuring that your estate can pass to the next generation as tax efficiently as possible. Failing to plan here can have very expensive consequences.

Mannion Lochrin & Co are here to help you in deciphering the many choices you will have to make along with giving you practical advice as to how to proceed. So if you want that nest egg for the children, that yacht in the bay, the overseas holidays or whatever you want when you retire then our advice is to commence planning today. It’s never early and it’s never too late.

WHAT ARE THE OPTIONS?

So what do you need to be thinking about? Responsibility for providing an income in retirement is shared between the State, employers and individuals. Three pillars of retirement provision can be identified:-

  • State pensions provided under the social insurance and social assistance systems;
  • Occupational pensions provided through employer sponsored pension schemes in both the public and private sector, or personal pensions (including PRSAs) designed for the self-employed and those in non-pensionable employments;
  • Private savings and wealth.
    A pension is still one of the most tax efficient ways to replace earnings at retirement so as to maintain one’s standard of living during retirement and to provide an adequate future income for dependants. So pensions and retirement planning go hand in hand.
STATE PENSION PROVISION
OCCUPATIONAL/PRIVATE PENSION PLANS
PRIVATE SAVINGS & WEALTH
PROPERTY
INVESTMENTS
BUSINESS

 

ESTATE PLANNING…WHY BOTHER?

One area of financial planning that is often overlooked is the area of planning for one’s estate. Tax is payable on certain assets distributed after your death but with astute planning this burden can be significantly reduced and often eliminated with the appropriate planning and action. Mannion Lochrin & Co Ltd do understand the needs of parents to manage their retirement and to plan for their estate distribution so advice in this area, particularly in relation to the tax aspects is crucial

Mistakes in this area are hard to rectify and remember you won’t be around to help!

WHAT HAPPENS IF THERE IS NO WILL?
WHAT ARE THE TAX IMPLICATIONS OF INHERITANCE PLANNING?
ENDURING POWER OF ATTORNEY
WHAT SHOULD YOU DO?

 

Contact our office to review your needs and to allow us to help you plan one of the most important decisions of your life and to manage the tax implications if your decisions..