2.  Planning for your retirement will give you the
best chance of maximizing your time;
adjusting to this lifestyle change and help you
budget for the type of financial security you
would like during retirement.
 Retirement involves more than just
planningpersonal pensions though its
importance cannot be ignored. As the life
expectancy of people have increased, it has
become important to plan your post
retirement life as much as possible.

3.  Since saving for retirement is a huge
plan, it is necessary to have a clear cut
plan and goals for it.
 A financial planner can help you make
smart choices that can make your
retirement years easy on you.
 Firstly, determine your needs to reach the
goal and then plan a budget taking into
account of your expenses currently.

4.  Your budget will give an idea as to
where your salary is going and give you
insights as to how you should save your
money for your retirement.
 You should also take into account of
your current debts and savings for future
– home, family, children while planning
for your retirement.

5.  A pension is a long-term investment that
you should be saving for at least 20 years
or more.
 The longer is your contribution towards
pension, greater is the benefits you will
reap when the time comes – your post
retirement.

6.  To increase the amount your pension
covers, the Irish Pension Board
introduced the retirement savings
account to help self-employed and
lower-paid employees to reap benefits.
 This way PRSA complemented any State
Retirement Benefits the employees
would have to pay in the years to come.

7.  The contribution towards PRSA can be
made deduction of salary or the employee
can make the contribution using their own
bank account.
 When the PRSA contribution is deducted
from salary, the employee is eligible for tax
benefits.
 On the hand, when the contributions are
from personal bank account, tax relief has
to be applied manually.

8.  Some employees prefer contributing to
executive pensions over PRSA.
 EPP can help you make greater
contributions towards your retirement fund.
Further, they also have greater possibility of
getting your cash tax free after you retire.
 EPP are essentially occupational pension
schemes that can be for a single person or
a group within the pensionable workforce
usually within a company.

9.  For employers, setting up pension plan for
employees is an obligation. However, as this
is also beneficial for the employer, it can
make your employees feel good and
enhance your impression amongst them.
 Group pension plans can help your
employees plan well for their post-
retirement years. Apart from building
company’s reputation, group pension plans
can also help enhance performance at
work.

10.  Business owners and company directors who
wish to hold a stronger control over their
personal investments usually go for self-
administered or self-directed plans.
 Both self-administered plan and self-directed
plans gives full control over investment
decisions. The only difference is that self-
administered is that the pension provider is
not used to provide pension structure.
 These types of pension schemes can provide
opportunities that may not be available
through conventional plans.

11.  Sometimes, when you leave
employment for some reason or were a
part of pension scheme and are thinking
about ways to save the money from your
pension for future, you can buy a
personal retirement bond that can be
accessed after your retirement.
 To enhance your pension amount and
as well as find ways to enhance your tax
benefits, you can opt for additional
voluntary contributions, where you make
additional contribution to your retirement
funds to your already present pension

12.  Manning Financial
 11 Pembroke St ,Cork City
 021 2428185
 info@manning-financial.ie