ARE YOU READY TO START SAVING?
With all the talk of a new SSIA style incentive scheme being introduced today – this is a great opportunity to review your savings goals.
Saving is an important cornerstone of all financial plans – saving is a good thing.
Much of the media talk is about the splurge when investors received their SSIA money. However, many of us used our SSIA money as a platform for children’s education, job change, setting up business, new property or investment. Many continued to save!
Looking back at the key attraction of the SSIA money scheme introduced by Charlie McCreevy was the Government ‘bonus’ of €1 from the Exchequer for every €4 saved away by savers. Those saving the maximum sum of €254 each month had an SSIA worth about €20,000 after five years. Some of the equity-based SSIAs were worth €26,000 or more by the time they matured.
Make sure that you are up to date with the current opportunities – saving, pension and other different tax based investments.
We have lots of different savings and investment options, depending on how you wish to save – and what you’re aiming for.
- Set your goals – what are your life goals short and longer term? Our plans always start with ensuring that you have enough emergency cash.
- Plan your budget – what can you afford?
- Do the maths – how much will it cost to get to your target? See tables below.
- Talk to Nelson Life and select a suitable product
Regular monthly investment of €400.00 per month, over 5 years – growth rate 4.00% per annum.
|Potential fund €26,558 (please see risks below)|
|Total potential value of your investment after 5 years gross of product charges and tax. Your investment could be worth less than you have paid in.|
Different investment growth rates (5 years);
|Growth rate (€)||Contribution (€)||Growth (€)||Total potential savings (€)|
‘What if’ Scenarios (5 years);
|Monthly (€)||Contribution (€)||Growth (€)||Total potential savings (€)|
WARNING: Past performance is not a reliable guide to future performance.
WARNING: The value of your investment may go down as well as up.
WARNING: You may lose some or all of the money you invest.
WARNING: These funds may be affected by changes in currency exchange rates.
WARNING: If you invest into this product you will not have access until you retire.
WARNING: The above content does not constitute investment advice, as it does not take into account the investment objectives, knowledge and experience of financial situation of any particular person. Prospective investors are advised to make their own assessment of the information contained herein and to obtain professional advice suitable to their own individual circumstances.
WARNING: The information contained in this document is based on our understanding of current tax legislation and the current Revenue Commissioners interpretation thereof and is subject to change including retrospectively without notice. This is intended as a general guide only and is not a substitute for professional tax, legal and investment advice.
If you have a financial planning or product question please contact us :
This article was written by Rory Nelson, founder of Nelson Life.
In 2005 set up www.ssiamoney.ie – a portal to assist SSIA holders identify local financial advisors who offered unbiased advice. He is celebrating 20 years in financial planning this year.
Professional qualifications include; UCD Specialist Diploma in Wealth Management, Pension Trustee Practitioner PTP, UCD Professional Certificate in Stockbroking,UCD Professional Certificate in Asset Management (SIA), QFA FLIA, Pensions Diploma, Mortgage Advice Diploma, CFP module – Tax & Estate Planning and has a degree in BA Accounting & Finance. He has regularly participated in national financial press.
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