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.

LowQuotes.ie
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Noel K.
Noel K.
Recently got mortgage protection from Aoife at lowquotes, she got us a great deal, was extremely helpful, explained everything clearly and answered all our questions no bother at all, I would highly recommend her
Ciara Mc D.
Ciara Mc D.
dealt with Cormac for my life insurance he was fantastic answered all my questions and helped me secure the best deal for my family and I. I would highly recommend him and this company they do all the hard work for you and get you fantastic deals at a fraction of the price.
Adrian M.
Adrian M.
Really happy with the service and help from Rebecca. She was so helpful. Would definitely recommend LowQuotes and Rebecca to anyone looking for life assurance.
Yassine B.
Yassine B.
I recently dealt with it, and I’m very happy with the experience. The process was smooth, professional, and clearly explained from start to finish.A special mention to Colin, the Financial Advisor, he was absolutely fantastic. Colin took the time to go through all the options with me, explained everything in a simple and honest way, and made sure I understood what was best for my situation. His professionalism, patience, and genuine care made the whole process easy and stress-free.
Derek L.
Derek L.
Everything went smoothly and efficiently. Aoife was kind and patient, taking the time to walk me through everything.
Sinead
Sinead
Excellent service and Rebecca was very helpful
Emma Mc E.
Emma Mc E.
Excellent service very professional and super friendly highly recommend Alan goes over and beyond for his customers
Tracy D.
Tracy D.
Fast and easy process
Ita F.
Ita F.
Would highly recommend. Rebecca put us at so much ease and was prompt in getting back to us with any questions we had.
Kumar D.
Kumar D.
Great service, LowQuotes Team is super supportive and special mention to Cormac Logue helping me with entire product explanation and which helped to go for correct/suitable product as per our current requirement.
Adrian T.
Adrian T.
I had a great experience with LowQuotes, and I’d like to give special thanks to Cormac Logue for making the mortgage protection process smooth and stress-free.His professionalism, responsiveness, and efficiency really stood out. Everything was handled quickly and clearly — I couldn’t have asked for better support.Highly recommend!
Roxanne S.
Roxanne S.
Great service, quick response, was very helpful in picking health insurance
Aisling M.
Aisling M.
Bernadine was consistently supportive throughout the whole journey applying for our mortgage. Even when it got stressful for us, Bernadine kept us grounded and on track.
Victor A.
Victor A.
I had an excellent experience with Low.ie. Maik who helped me was phenomenal, incredibly patient, friendly, and very helpful throughout the entire process. Maik took the time to explain everything clearly and made sure my wife and I got the best possible offer for life and illness insurance ⭐️ ⭐️ ⭐️ ⭐️ ⭐️.
Claire M.
Claire M.
Cormac was brilliant — friendly, patient, and really knew his stuff. Made sorting my life and assurance policy so much easier. Highly recommend!
Conor
Conor
Low quotes were fierce helpfully in sorting out a policy, the agent I dealt with Alan was thorough and helpfully would recommend
Brian H.
Brian H.
Cormac who I dealt with was so helpful, friendly and if he didnt know the answer he went off and found out and actaully rang me back, which is very unusal from any customer swrvice in this day and age. All very effcient and everything was explained very clearly
Helena D.
Helena D.
Very helpful explained everything really well
Sarah D.
Sarah D.
Seamus is one in a million, he went way above and beyond to help us we struggled with getting mortgage protection and he put both of us at ease every time we got anxious his bubbley personality, humour and honesty made our journey a joy ,thank you again Seamus your amazing at your job 🎉🙏
Geraldine M.
Geraldine M.
Thanks Aoife for taking the time and advice of best policy to take out
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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.

Start a Retirement Planning today to have 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!

Your journey towards financial freedom starts here!

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.

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.

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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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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.

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