Approaching Retirement

Approaching retirement involves crucial steps to ensure financial preparedness. Explore options like downsizing and delaying retirement to align with your lifestyle and financial goals.

Getting a quote is the first step in your journey! Answer a few questions and wait for one of our Advisors to contact you!

When can I retire?

If you set up a retirement plan while self-employed or with an employer who didn’t contribute to your pension, you have a Personal Pension. The value and regulations of this pension will determine your retirement benefits.

If you were employed and participated in a pension scheme where your employer made contributions, you have a Company Pension. This could be a Defined Contribution (DC) pension, a Defined Benefit (DB) pension, or an Executive Pension Plan. If you choose to boost your company pension by making additional voluntary contributions, you have an Additional Voluntary Contribution (AVC) pension.

Alternatively, you may have a Personal Retirement Savings Account (PRSA), which is available to various individuals including employees, self-employed individuals, homemakers, the unemployed, and others. If you left an employer and transferred your pension fund to an independent pension account, you have a Retirement Bond.

What are the steps to get ready for retirement?

1. Reassess your Goals

Take time to review and refine your retirement goals. Consider the lifestyle you desire during retirement and adjust your financial plan accordingly. Set new savings targets based on your anticipated income needs.

2. Boost contributions 

As you approach retirement age, ensure your pension contributions are sufficient for a financially secure retirement. Consider increasing contributions, including Additional Voluntary Contributions (AVCs), to maximize savings potential and take advantage of potential tax benefits.

3. Review Investments

Adjust your investment strategy as retirement nears. Shift towards more conservative investments to protect your savings from market volatility and ensure a stable income during retirement. Seek advice from a financial advisor to optimize your portfolio.

4. Track down old Pensions

Don’t overlook old pension accounts from past employment. Conduct pension tracing to locate forgotten accounts, potentially consolidating them to boost your retirement savings and simplify your financial situation.

5. Create a Mortgage Strategy

Consider strategies such as refinancing for lower rates, paying off the mortgage, or redirecting funds towards pension contributions. Choose the approach that aligns with your financial goals and circumstances to reduce post-retirement expenses and enhance financial security.

6. Consider Downsizing

Downsizing your home presents financial advantages, including proceeds from selling your current property, lower housing costs, reduced utility expenses, and decreased maintenance burdens, enabling you to redirect funds towards retirement savings and potentially minimize retirement expenses.

Google Reviews

LowQuotes.ie
4.9
Based on 1412 reviews
Caitlin C.
Caitlin C.
Colin was helpful, friendly, knowledgeable and professional. He made the process of applying for life insurance which I've been avoiding for months, a very simple, painless experience. I highly recommend asking for Colin if you're seeking similar cover.
Response from the owner: Hey Caitlin,We’re delighted to hear about your positive experience with Colin. It’s great to know he was able to explain everything clearly and make the process of applying for life insurance simple and stress-free. That’s exactly the kind of service we aim to provide!Thanks so much for your kind words and for recommending us—if you need anything else down the line, don’t hesitate to reach out.Best Regards,LowQuotes Team
Charlena M.
Charlena M.
Colin was lovely to work with. Made the process very easy
Response from the owner: Hey Charlena,We’re delighted to hear about your positive experience with Colin. It’s great to know he made the process easy and enjoyable for you. That’s exactly what we strive for at LowQuotes!Thanks for taking the time to leave a review—if you ever need anything else, we’re just a call away.Best Regards,LowQuotes Team
Kirstie F.
Kirstie F.
There’s truly not enough words to describe how positive our experience was with Aoife. Getting into the discussion of life insurance, mortgage protection etc can be so daunting as a young couple, but having someone like Aoife talk us through and explain everything so throughly made that experience so much easier and comfortable. Her knowledge on these areas for someone of her age especially is outstanding and while covering sensitive subjects or situations she could not have been more reassuring or comforting. If I could give a 100 stars I would!
Response from the owner: Hey Kirstie,We’re absolutely thrilled to hear about your experience with Aoife. Navigating life insurance and mortgage protection can definitely feel overwhelming, especially as a young couple, so we’re delighted she was able to make the process clear, comfortable, and reassuring for you both.Aoife is a real asset to our team, and your kind words mean a lot—we’ll be sure to pass them on! If you ever need anything in the future, we’re always here to help.Best Regards,LowQuotes Team
Jekaterina M.
Jekaterina M.
Absolutely amazing to have such a professional person as Aoiphe!!!!Fantastic job!!!
Response from the owner: Hey Jekaterina,We’re so pleased to hear about your experience with Aoife! She truly is a fantastic part of our team, and it’s great to know her professionalism made such a positive impression.Thanks so much for the lovely review—if we can help with anything else, just let us know.Best Regards,LowQuotes Team
nicole B.
nicole B.
We had a fantastic experience working with Neil. From the very beginning he was incredibly helpful, patient, and knowledgeable. All the information out there was very overwhelming, but Neil took the time to walk us through every step of the process, explaining all the details in a way that was easy to understand.What truly stood out was his genuine care and commitment to finding the best coverage for our needs and answered all our questions promptly and made sure we felt confident and informed before making any decisions. Neil's professionalism and friendly approach made the whole experience smooth and stress-free.We’re delighted with the service and would highly recommend Low Quotes to anyone looking for trustworthy advice and insurance and a reasonable price.
Response from the owner: Hey Nicole,We’re thrilled to hear about your fantastic experience with Neil! It’s great to know he was helpful, patient, and made everything easier to understand during what can often feel like an overwhelming process.Neil’s commitment to finding the best coverage and ensuring you felt confident and informed is exactly what we strive for at LowQuotes. We’re so glad he could provide that level of care and professionalism.Thanks so much for the lovely recommendation—if you ever need anything in the future, we’re just a message away.Best Regards,LowQuotes Team
Sean M.
Sean M.
Could not recommend enough!!Neil, who we dealt with made the whole process so simple and easy to understand.
Response from the owner: Hey Sean,We’re delighted to hear about your positive experience with Neil. It’s great to know he was able to explain everything clearly and make the process simple and stress-free. We aim to make everything as smooth and understandable as possible, so your feedback means a lot to us!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
Luke
Luke
Craig was great to deal with throughout the process
Response from the owner: Hey Luke,We’re delighted to hear about your positive experience with Craig. It’s great to know he made the process smooth and easy for you. We always aim to provide a straightforward and helpful service, so your feedback is very much appreciated!If you have any questions down the line or need further assistance, don’t hesitate to reach out.Best Regards,LowQuotes Team
Allan H.
Allan H.
The service from Aoife at Lowquotes was exceptional and very thoroughI was kept informed at all times during the telephone application regarding progress and all the relevant financial facts. The entire process was made very easy and stress free - thank you so very muchBest wishesAllan HarrisGP West Cork
Response from the owner: Hey Allan,We’re so pleased to hear about your exceptional experience with Aoife. It’s great to know she kept you informed throughout the process and made everything easy and stress-free. Providing clear, thorough support is exactly what we aim for, so your kind words mean a lot.Thanks again for taking the time to share your feedback—wishing you all the best!Best Regards,LowQuotes Team
N
N
5 starsBernadine Day, you are always eager to help. Your service is impeccable!You were recommended by a friend and you didn’t fail. You delivered,above my expectations .Thank you Bernadine,Thank you LowQuotes.-Adetutu
Response from the owner: Hey Adetutu,We’re so glad to hear about your 5-star experience with Bernadine! It’s fantastic to know she exceeded your expectations and delivered such impeccable service. We’re proud to have her on the team, and we’ll be sure to pass along your kind words.Thank you for the lovely feedback and for trusting LowQuotes—we’re always here if you need anything!Best Regards,LowQuotes Team
Darlene D.
Darlene D.
Cormac was a huge help in getting our policies set up. Very knowledgeable and friendly. We would absolutely recommend Low Quotes.
Response from the owner: Hey Darlene,We’re delighted to hear about your positive experience with Cormac. It’s great to know he was able to explain everything clearly and help get your policies set up smoothly. We aim to make the process as simple and supportive as possible, so your kind words mean a lot!If you ever have any questions or need assistance down the line, don’t hesitate to reach out.Best Regards,LowQuotes Team
Demi M.
Demi M.
Signed up for life insurance with Craig and it was a super easy process. Craig was very knowledgeable and helpful throughout. He was more than happy to answer any additional questions we had. Would definitely recommend LowQuotes as we got the best price with them!
Response from the owner: Hey Demi,We’re delighted to hear about your positive experience with Craig. It’s great to know he was able to explain everything clearly and secure a great deal for your life insurance. We aim to make the process as smooth and understandable as possible, so your feedback means a lot to us! If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team.
Vamsi C.
Vamsi C.
Colin Bailey is very professional in customer handling and he explained the total process in a very smooth and easy way for our understanding. Highly recommend this service.
Response from the owner: Hey Vamsi,We’re delighted to hear about your positive experience with Colin Bailey. It’s great to know he was able to explain everything clearly and guide you through the process with ease. We aim to make the journey as smooth and understandable as possible, so your feedback really means a lot!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
katie O.
katie O.
I would like to thank Ross kirwan for helping me sort out the right life insurance policy for myself and my husbandHe was very patient, great to deal with throughout . He couldn't be anymore helpfulHe also kept in touch with us throughout the whole process
Response from the owner: Hey Katie,We’re delighted to hear about your positive experience with Ross Kirwan. It’s great to know he was patient, helpful, and guided you and your husband through the whole process with care. We aim to make things as smooth and clear as possible, so your feedback means a lot!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
william C.
william C.
I would like to thank Ross kirwan for helping me sort out the right life insurance policy for myself and my wifeHe was patient and kept in touch with us throughout the whole process
Response from the owner: Hey William,We’re delighted to hear about your positive experience with Ross. It’s great to know he was patient and supportive in helping you and your wife find the right life insurance policy. We aim to make the process as smooth and understandable as possible, so your feedback means a lot to us!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
Sinead Egan (Sinead E.
Sinead Egan (Sinead E.
Had a really positive experience dealing with Niamh for my life insurance policy over the last few weeks.She was extremely professional, informative, prompt and efficient and is a wonderful asset to low quotes!Thanks Niamh for answering my never ending questions with ease and helping me understand everything in full!I will definitely be recommending her to others!
Response from the owner: Hey Sinead,We’re delighted to hear about your positive experience with Niamh. It’s great to know she was professional, informative, and made the process so clear and easy for you. We truly appreciate your kind words and recommendation — it means a lot!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
Harshini P.
Harshini P.
We’d like to extend our sincere thanks to Ross for his outstanding support in helping us get sorted with our Mortgage Protection. His persistence in following up with multiple insurance providers and dedication to finding us a product that fits our needs is truly appreciated. His proactive communication and commitment to delivering a smooth experience made the entire process hassle-free. Thank you once again for your excellent service
Response from the owner: Hey Harshini,We’re delighted to hear about your positive experience with Ross. It’s great to know he was proactive, persistent, and made the process of setting up your Mortgage Protection smooth and hassle-free. We really appreciate your kind words and are glad we could assist you in finding the right cover.If you have any further questions or need support down the line, don’t hesitate to reach out.Best Regards,LowQuotes Team
Jade L.
Jade L.
I contacted for a quote for life cover as I now have a son. Neil called me today and was so lovely. Very professional and sufficient. The price was low and in my budget! It doesn't have to cost a fortune to cover yourself. I now have peace of mind for my baby if anything did happen. Neil is an asset to your company.Kind regards,Jade
Response from the owner: Hey Jade,We’re delighted to hear about your positive experience with Neil. It’s great to know he provided such professional and friendly support while helping you secure affordable life cover. Your peace of mind is exactly what we aim for, especially when protecting what matters most.Thanks so much for your kind words — we’ll be sure to pass them on to Neil!Best Regards,LowQuotes Team
Pramod C
Pramod C
I had a great experience with LowQuotes.ie. Aoife was incredibly helpful throughout the entire process — she took the time to explain everything clearly, answered all my questions patiently, and helped me find the best quote that suited my needs. Her professionalism and friendly approach made the whole process smooth and stress-free. Highly recommend both LowQuotes.ie and Aoife for anyone looking for great service and value.
Response from the owner: Hey Pramod,We’re delighted to hear about your positive experience with Aoife. It’s great to know she was able to explain everything clearly, answer all your questions, and help you find the best quote to suit your needs. We always aim to make the process as smooth and stress-free as possible, so your kind words mean a lot!If you have any further questions or need assistance in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team
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Start a Retirement Planning today and secure the future of your dreams!

Planning for retirement is a significant milestone. Whether you’re just starting to think about retirement or are already well into your retirement journey, this guide will help you make informed decisions and create a retirement plan that aligns with your financial goals. And it’s totally FREE! Don’t wait, download now!

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After you download your guide, one of our expert Financial Advisors will be in touch shortly to provide you with guidance and further relevant information to build you a customised retirement plan.

Start your journey today. Take the first step to achieve all your financial goals.

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What are my options at retirement?

You will have various options when you retire, and, subject to specific guidelines from Revenue, you can potentially combine these options. The range of choices accessible to you upon retirement is contingent upon the type of pension you hold. There are four main options available to you:

  1. Take a tax-free retirement lump sum (subject to a lifetime limit of €200,000)
  2. Take a taxed retirement lump sum
  3. Invest in an Approved Retirement Fund (ARF)
  4. Buy an Annuity

How the tax-free lump sum work

First €200,000

Tax Free Lump Sum

Next €300,000

Subject to standard rate income tax

Any other Lump Sums

Subject to higher rate income tax

What is an ARF?

An Approved Retirement Fund is a personal investment account into which an individual can (in certain circumstances) transfer part of their retirement fund, instead of using those funds to buy an annuity or take it as a taxable lump sum. The balance of an ARF on death is paid to the holder’s estate.

The ARF owner can withdraw funds from the ARF whenever required. There is no maximum rate of draw down from an ARF. An individual can withdraw the full balance in an ARF at any time.

Any withdrawal made during the lifetime of the ARF holder is subject to income tax under PAYE, USC and Class S PRSI (if under 66)

ARF Offers:

  1. Tax-free investment returns.
  2. Option of lower annual taxable withdrawals.
  3. Ability to pass the balance of the ARF to a spouse’s ARF without any immediate tax charge.

What is Annuity?

An annuity is a single premium insurance policy where, in return for a lump sum payment, the selected life insurance company guarantees to pay a specified level of regular income for entire life of the individual insured by the policy.

A single life annuity ceases on the death of that individual, apart from outstanding payments under the guarantee period (if applicable).

An annuity can provide a continuing payment of part or all of the annuity to a nominated person, typically a spouse, following the individual’s death; this is called a joint life annuity or an annuity with a reversion, i.e. part or all of the annuity ‘reverts’ to another individual following the death of the individual who took out the annuity.

E.g. James is now 65 years old and a RAC fund of €200,000. Taking €50,000 lump sum, purchasing an annuity for €150,000. This guarantees €6000 for the rest of his life, with a guarantee of 5 years. If James dies 3 years later, €6000 per year will be paid to James’ estate for two years. Or pay the outstanding to his estate.

Would you like to speak to an advisor?

Our award winning team is always here to help you.

Your Questions Answered

We’re living longer than previous generations. Upon retirement, on average we will have 20-30 years of retirement. A pension plan will make sure you’re financially sound for these years. Whether you wish to travel, retire to the country, or spend time with your children & grandchildren.

The amount you will receive per month entirely depends on how much you’re willing to pay per month, the length of time you’ve been making contributions, the type of pension plan and its investment return. You can also choose to receive a lump sum upon retirement or not.

As of today, the State Contributory Pension is about €240 per week. For most people, during their 20-30 years of retirement, this simply isn’t enough. When you pay into a pension plan, you will receive both the state pension (If available to you) and your Pension Plan.

Tax relief reduces the actual cost of your pension. You do not have to pay tax on money that you put into a personal pension (This falls within the limits set out below). This is calculated at the highest rate of tax you pay (Currently 20% / 40%)

Example:
Monthly contribution = €100
Tax Relief (40%) = €40
Cost to you = €60

Warning: Past performance is not a reliable guide to future performance.      

Warning: The value of your investment may go down and up.      

Warning: If you invest in this product, you will not have any access to your money until you retire.   

Warning: If you invest in this product, you may lose some or all of your investment.     

Warning: This product may be affected by changes in currency exchange rates. 

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Here at LowQuotes, we want to ensure that our clients receive the highest standards of service.  If you have a passion for connecting with people and aspire to thrive in a culture built on trust, integrity, dedication, and excellence, this could be the perfect fit. 

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Coronavirus Covid 19 Information

We would like to assure our customers that although this Worldwide Pandemic has struck our Nation hard, we are still here for our new and existing customers. All phone calls and emails will be dealt with accordingly.

In the unfortunate circumstance that a customer contracts COVID-19 and dies, our life policies would pay out in line with our usual claims philosophy.

All Consultations will be held by Phone or Online via Computer/Smart Device to remove face-to-face interactions and keeping in line with social distancing guidelines recommended by the Government.

We at Lowquotes.ie hope you, your family and your loved ones stay safe & healthy in this time.