Are you starting to imagine what life after work could look like?
Maybe you’re picturing long, relaxed mornings with a cup of coffee and a book. Perhaps it’s spending more time with family or going on that bucket list holiday. Or, it could simply be having more time to do the things you love most.
Whatever you’re picturing, making the most of your pension now is key to helping you turn those dreams into reality when the time comes.
As you approach life after work, there are 3 key questions to keep in mind:
- What income are you likely to have once you finish working?
- What kind of lifestyle do you picture for yourself?
- What steps can you take today to set yourself up for the best possible future?
Reaching the final few years of your working life is an exciting milestone and it’s the perfect time to take control of your future. If you’re starting to think about what happens next, keep reading! Here you’ll find a list and videos of the 5 Key Things to Know at this crucial stage of your pension journey. These videos have been designed to help you make the most of your pension fund as you get closer to life after work. Click on the videos below to learn more.
As you make exciting plans for life after work, make sure to speak with a qualified Financial Advisor. You can either seek your own independent advice or engage with the Irish Life Advice Team member assigned to your organisation. They will review your current pension status, as well as your goals and ambitions for the future. In turn, you’ll get bespoke advice tailored to your personal circumstances to help you take meaningful actions to make the most of your pension fund.
At this key time, you need to know where and how your money is invested and whether that investment choice is still appropriate for you. Depending on:
- your investment strategy
- risk tolerance
- growth expectations
you may need to take active steps to reduce your investment risk. In doing so, you’ll feel more confident that you’re taking the right steps and safeguarding your pension savings.
As you approach retirement, you’ll need to make a big decision…Which retirement option is right for you?
- Tax-free lump sum
- Purchase an Annuity
- Invest in an Approved Retirement Fund (ARF)
The above options are just some of the options that may be available to you. There’s also taxable lump sums and the State pension too!. As everyone’s pension journey is different, you should always speak to your Irish Life Advice Team Point of Contact or your own independent Financial Advisor to discuss the pros and cons of each of the above options, so you can make the right decision for you.
Irish Life data shows that people who make AVCs are in line for 150% larger pension pots, so the power of AVCs is clear! AVCs are an excellent way to:
- Boost your tax-free lump sum
- Increase your potential retirement income
- Give you greater flexibility around your retirement options.
However, we understand that making AVCs is not something that everyone can necessarily just ‘do’. The most important thing is to do whatever you can to boost your pension savings, as and when you have the scope to do so.
Accordingly to Irish Life research, members who use their Online Member Pension Portal are likely to end up with a 54% larger pension than those who don’t? So, what are you waiting for? Get online now! Members have 24/7 online access to their Pension Portal. Register or log in (www.pensionplanetinteractive.ie) to:
- view your pension status
- check where your funds are invested
- view their performance
- see your projected fund value and so much more!
- Access benefit statements all in one convenient place.
As excitement for life after work continues to grow, make it your priority over the next few weeks to review your pension savings and engage with your Irish Life Advice Team point of contact. Use the above list and videos regarding the 5 Key Things to Know as your guide and you’ll be one step closer to living the best possible life after work!!