Women and pensions, what you should know

Having a plan in place is important to ensure that your standard of living does not fall when you retire.

Its is a statistical fact that women live longer than men, however, they are sadly less likely to have adequate income in retirement. Women often face challenges during their working lives .

Career paths may have to alter or even change course to allow for temporary or permanent leave to take care of children, take care of loved ones or have a career break.

If you take time away from work, this can impact your pension savings

Will your employer still contribute to your pension plan if you are on maternity leave?

If you take extended leave or reduce your working hours have you considered the longer term impact on reducing your pension investment?

By reducing working hours will you have enough contributions to qualify for the State Pension (Contributory) when you retire?

Other pension plans from previous employers, do you know how much they are worth and where they are invested?

 

How do I maximise my funding and catch up?

Putting more money into your pension before retirement can be very tax efficient. For example, if you are over 60 years, you can invest up to 40% of salary/net relevant earnings.

Generous revenue maximum limits apply. As you get closer to retirement age the limits increase, so there is scope. Provided additional investments are affordable.

Revenue limits terms and conditions apply.

Research has proven that those that engage with a professional advisor at least once a year are more financially confident.

  • More savings and investments

  • More likely to have a retirement plan

  • More financially protected in the event of illness, accident, diagnosis of a specified illness or even death

  • More secure and confident about their future

  • Higher annual savings, larger pension funds, wealth growth, adding considerably to your financial well being and helping you achieve your goals.

Source; Ireland (Standard Life report), UK (Unbiased/Standard life report), Australia (KPMG Econtech report) and Canada (CIRAMNO report).