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Retirement Planning and Guidance Monaghan | Eugene O’Doherty Financial Services

Financial Planning for your Retirement

Retirement should be a time in your life where you get to enjoy and explore the many dreams you have had during your working life. It is with this in mind that Eugene O’Doherty Financial Services offers retirement planning for those who wish to get the most from their personal pensions.

As you approach retirement it is vital that you take an in-depth look at your financial situations and put appropriate measures in place to live comfortably for the next 20-30 years. If you have a personal pension plan in place there will be a number of options available to you at the age of 60:

  • Draw a lump sum from your retirement fund (depending on your pension plan, a percentage or the entire amount of this lump sum may be drawn tax free).

The remaining funds can be used to:

  • Purchase an annuity – this will pay you a guaranteed income for the rest of your life.
  • Re-invest the remaining funds in an ARF (Approved Retirement Fund). To invest in an ARF you must be in receipt of a guaranteed personal pension income of at least €12,700 per year for life and have previously invested a minimum of €63,500 of your retirement funds in annuities or an AMRF.
  • Re-invest the remaining funds in an AMRF (Approved Minimum Retirement Fund).
  • Draw down the remaining lump sum. Note that this will be subject to PAYE.

Retirement Planning Monaghan

Making the right decision at this time will have a long-term impact on how financially comfortable you will be for the rest of your life.

We would highly recommend that you seek professional financial advice from a qualified advisor prior to making any retirement planning decisions. Eugene O’Doherty will provide you with impartial advice and expert guidance to ensure you get the very most from your personal pension.

By taking the time to get to know you and your dreams for the future, Eugene will recommend the very best choice for you.

Understanding Annuities:

An annuity is a contract between you and a life insurance company that will pay you a guaranteed income for the rest of your life. In the majority of cases an annuity is purchased from the savings you have accumulated through your personal pension fund. The amount of income you receive from this annuity will be based on a number of factors:

  • Life expectancy
  • Joint or single life – is this annuity covering a couple or a single person?
  • Interest rate levels
  • Age and sex
  • Health status
  • Type of annuity

It is important to note that there are some optional extras that will have an impact on the level of pension income you will receive. Tax is payable on annuity income. Eugene will speak with you to ensure you have a full understanding of the costs associated with annuities.

There are a range of annuity options available on todays market and a number of add-ons that cover individual circumstances.

Retirement Planning Sligo Ireland

Eugene offers retirement planning and guidance services throughout Ireland so whether you are based in Sligo, Monaghan, Kilkenny, Dublin or Galway we would love to hear from you.

Speak with Eugene today about securing your future after retirement and putting in place a guaranteed income. Eugene will talk you through the different options available to you and will make a recommendation based on your unique circumstances.

Call (047) 82000 or email eugene@eodfinancial.ie.

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