Whatever your age or circumstances, it’s always a good idea to plan for your retirement.

FBD Insurance have a handy 10 step guide as to why investing in a pension, no matter what your age, is a good idea.

  1. Save Tax

• On pension contributions

• On any investment growth

• On income in retirement (within limits)

  1. Almost 70%

Your income could drop by almost 70% in retirement as the maximum State Pension (Contributory) is €12,652 a year but the average wage is €38,594 a year.

  1. 30 Years?

You may need an income for up to 30 years or more when you retire. This could amount to as much as a third of your life, so it makes sense to save now.

  1. Age 68

If you do qualify for the State Pension of 12,652 a year, you could be 68 before you receive it as the qualifying age is changing from 65 to 68. The average wage is 38,594 so that’s a potential shortfall of 25,942 after the age of 68.

  1. Start Early

Starting pension contributions early can have a significant impact on your retirement fund.

  1. 40%

Higher rate taxpayers can potentially benefit from up to 40% in tax relief on every €1 saved. A €100 contribution only costs you €60. If you pay tax at the standard rate, you can benefit from 20% tax relief.

  1. Investment

A pension can give you access to a wide range of investment funds which can give your money potential for growth over the longer term.

  1. Maximum €200,000

At retirement, you may be able to take a retirement lump sum, tax free, subject to a limit of €200,000.

  1. Investment Choice

Choose from a wide range of investment funds from global investment specialists.

  1. Start Now

The sooner you start the better. Even if you’re older it’s not too late. You can claim tax relief on a higher percentage of your earnings, so there may still be time to catch up!

Contact FBD Insurance today to find out more about their pension plans as well as Home Insurance & Car Insurance and start planning for your retirement.

Warning: The value of your investment can go down as well as up. Warning: If you invest in this product you may lose some or all of the money that you invest. Warning: If you invest in this product you will not have any access to your money until you retire.

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