Search Results for 'Retirement'
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There is a lot of focus on the area of savings for retirement lately. Questions are being asked about the real value in having a pension when we finish working. This is very much an individual choice and one that needs to be addressed in a meaningful way, by all of us at some point. I believe we must plan for our own retirement as no one else will look after us in our non-working years. A pension remains the best way to do this. Here are my top eight reasons why pensions still make sense:
The question may be asked, what is all the fuss about pensions at this time of year? The answer is simple. By making a contribution into your pension before October 31, or November 15 for those who make tax returns online, you will qualify for tax relief on the amount you contribute, thus reducing the net cost to you.
When you move from one job to another, what becomes of your pension benefit? Have you left pension benefits behind you when you left or changed employment?
The Irish National Teachers’ Organisation said government can afford to pay the cost of teachers’ pensions. The union criticised what it called plans by government to walk away from any responsibility for pensions.
Recent analysis by European insurer Aviva has shown that people in Mayo need to save an additional €9,100 a year to live adequately in retirement. Mayo’s annual pensions savings gap, the difference between what is currently being saved and expectations for retirement, stands at €550 million, the equivalent of an average €758 per capita per month of working age or €9,100 a year. These are among the findings of a comprehensive analysis of Ireland’s retirement landscape to date by the company.
Research conducted for AIB by RED C Research shows that 73 per cent of adults without a private pension say they would need to supplement the state pension to maintain their current lifestyle, while 54 per cent of adults who are saving for a private pension have no idea what income this is likely to provide.
With the 65 years of age cut-off point long associated with retirement now being called more into question as people continue to live and work longer, a new definition is now being sought for retirement. According to research presented this week at the Retirement Planning Council of Ireland Conference at the Aviva Stadium in Dublin, four out of 10 people coming up to retirement have now expressed a desire to continue working after they leave their current job, whether for money or as volunteers. RPCI CEO John Higgins has now called for a new way to define the concept of retirement in terms, not just of economic gain, but also for social gain.
Responding to the recent revelation by the Department of Social Protection that almost 3,000 public sector workers are dependent on Family Income Supplement, Sinn Féin Cllr Thérèse Ruane, has warned that Irish society is becoming more polarised and unequal by the day. She also recommends that people check out their eligibility for family income support top-up payments as more than €100,000 remains unclaimed.
According to a new survey, over 40 per cent of people plan to continue working beyond the official age of retirement (currently at 65 years).