While you’re working, you probably don’t think too much about your retirement – except maybe how nice it would be to enjoy all that free time! But unless you plan for your retirement during your working years, you may not be able to enjoy a comfortable lifestyle in retirement.
To enjoy a comfortable retirement you will need to save some of your income during your working years. And, the sooner you start, the better chance you have of meeting your goal.
If you are saving for retirement through your company pension plan, it’s important to make sure that you’re saving enough to provide you with lifestyle that you want in retirement. Employees in a company pension plan can boost their pension savings to provide a greater income in retirement through Additional Voluntary Contributions (AVCs).
If you don’t have access to a company pension plan then one of the best ways to save for your retirement is by taking out a Personal Retirement Savings Account (PRSA) with New Ireland. A PRSA is a cost efficient pension plan that anyone can take out to build up a fund for retirement. You can also claim tax relief (up to 40%*) on the contributions you make to your PRSA.
*40% assumes a higher rate taxpayer. It is important to note that tax relief is not automatically guaranteed; you must apply to and satisfy Revenue requirements. Revenue limits, terms and conditions apply.