It is widely believed that one of the principal reasons for low pension take up in Ireland is confusion around how pensions work. There is some truth in this as there is a lot of legislation regarding pensions but the thing is that the ordinary worker or even self-employed individual doesn’t need to know any more than around 3% of it. Think of it like this;
- A pension is a savings account which you get tax relief on lodgements to
- There are rules around when and how much you can withdraw from it
- During the term of the pension you can invest your money and (hopefully) grow it, and there are enough options for doing that nowadays to cater for all risk appetites
The parts of the process which you should focus on initially are selecting an adviser you trust, communicating to them your situation and what it is you want to achieve, and deciding what level of risk you are prepared to take.
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© Eoghan Gavigan 9 November 2020