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 1360 reviews
Niall O H.
Niall O H.
Aoife Morgan was excellent and was so helpful. Thank You.
Response from the owner: Hey Niall,We’re delighted to hear about your positive experience with Aoife Morgan. It’s great to know she was so helpful and made everything clear for you. We aim to make the process as smooth and supportive 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.
Shauna M.
Shauna M.
Myself and my husband had the pleasure of working with Ross when we were altering our life insurance policies. He was very flexible with our schedules when offering us a call back and was very open and honest in his advising of the best policy to suit us. There was no question left unanswered and we feel a sense of relief knowing we are all set up. He was the absolute dream to work with and he’s definitely an asset to LowQuotes. Somebody give that man a raise!
Response from the owner: Hey Shauna,We’re delighted to hear about your positive experience with Ross. It’s great to know he was flexible, honest, and thorough in helping you and your husband with your life insurance policies. We’re so glad you felt supported and confident throughout the process—that peace of mind is exactly what we aim for! We’ll be sure to pass along your lovely words to Ross (and your raise suggestion too!).If you ever need anything else, don’t hesitate to reach out.Best Regards,LowQuotes Team.
Denise A.
Denise A.
Aoife Morgan was a pleasure to deal with in LowaQuotes.ie. She was extremely efficient and dealt with our queries in a timely fashion.
Response from the owner: Hey Denise,We’re delighted to hear about your positive experience with Aoife Morgan. It’s great to know she was efficient and responsive in handling your queries. 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.
OON 1.
OON 1.
I had the pleasure of Dealing with Neil and what a gentleman he is and so patient with all my questions. He didn’t make me feel like I was annoying although I probably was ! 🙈 his knowledge and advice was much appreciated and will definitely be recommending to family and friends. 🌻
Response from the owner: Hey OON 1981,We’re delighted to hear about your positive experience with Neil. It’s great to know he was patient, knowledgeable, and made you feel comfortable throughout the process. We aim to make things as clear and stress-free as possible, so your kind words mean a lot! Thanks for the recommendation—if you or your loved ones ever need anything, we’re just a message away.Best Regards,LowQuotes Team
colin R.
colin R.
We can't thank Tiernan enough he has gone above and beyond for us. He made the process so quick and easy for us even through the most stressful parts. He is very quick with communication and if there are any issues or problems he is fixing it immediately. So glad to have worked with him and have passed his details to many colleagues at work.
Response from the owner: Hey Colin,We’re delighted to hear about your positive experience with Tiernan. It’s great to know he went above and beyond to make the process quick and easy, even during the stressful parts. We really appreciate the trust you’ve shown in recommending him to your colleagues—it means a lot! If you ever need anything else, don’t hesitate to reach out.Best Regards,LowQuotes Team.
Bilal A.
Bilal A.
Aoife Morgan thank you for all the special service you give. It's nice to know that you care, I got a better price and better service for my insurance needs, I enjoyed dealing with you on my insurance.
Response from the owner: Hey Bilal,We’re delighted to hear about your positive experience with Aoife Morgan. It’s great to know she was able to offer you better value and service for your insurance needs. We always aim to make the process as smooth and personal as possible, so your kind words mean a lot! If you ever need assistance again, we’re here to help.Best Regards,LowQuotes Team.
susan T.
susan T.
Rachel Fennin was very nice, and very helpful in helping me choose my plan ...overall excellent customer service 👏
Response from the owner: Hey Susan,We’re delighted to hear about your positive experience with Rachel Fennin. It’s great to know she was helpful and guided you through choosing the right plan. We’re all about delivering excellent customer service, so your feedback means a lot! If you have any questions down the line, feel free to reach out.Best Regards,LowQuotes Team.
Sinead O B.
Sinead O B.
Shaun was extremely good at going through my options and helping me pick a plan that suits my family. I will definitely be reassuring my other policies with LowQuotes
Response from the owner: Hey Sinead,We’re delighted to hear about your positive experience with Shaun. It’s great to know he guided you through your options and helped you choose a plan that suits your family. Thanks so much for your continued trust—we’re glad to support you with your other policies too!Best Regards,LowQuotes Team.
Dean M.
Dean M.
Sinead and I recently got our mortgage through Lowquotes.ie, and to say we are grateful is an understatement. Bernadine was just amazing from start to finish and left no stone unturned. She was with us every step of the way and made sure we were well-informed, helping us with all the paperwork that was needed and guiding us in the right direction whenever necessary. It was a pleasure dealing with Bernadine and Lowquotes, a company that is the best in the business. Thank you.I would recommend using Lowquotes.ie for your mortgage or any insurance queries.
Response from the owner: Hey Dean,We’re delighted to hear about your positive experience with Bernadine. It’s great to know she was able to guide you and Sinead through the entire mortgage process and provide the support you needed every step of the way. We aim to make everything as smooth and stress-free as possible, so your kind words truly mean a lot!If you ever need assistance with anything else – from mortgages to protection or insurance – we’re just a message away.Best Regards,LowQuotes Team
Rabiat M.
Rabiat M.
Bernadine turned what once felt impossible into a beautiful reality. Her expertise, dedication, and passion for her work truly set her apart. It’s clear she genuinely loves what she does, and it reflects in every step she took with us. Thanks to her unwavering support and professionalism, we now have a place we can proudly call home. She didn’t just help us find a house, she helped us begin a new chapter.
Response from the owner: Hey Rabiat,We’re delighted to hear about your wonderful experience with Bernadine. It’s amazing to know that her dedication and support helped turn things around and made the journey to your new home such a positive one. We’re so glad she could be part of this important chapter in your life. Your kind words mean a lot to us! If you ever need anything else in the future, don’t hesitate to reach out.Best Regards,LowQuotes Team.
Megan C.
Megan C.
Highly recommend Low Quotes Conor and Courtney could not have been more helpful in supporting myself and my partner to get life insurance for our mortgage. They went above and beyond to get it over the line in a very timely manner to ensure we could close on our original date!!
Response from the owner: Hey Megan,We’re delighted to hear about your positive experience with Conor and Courtney. It’s great to know they were able to support you and your partner through the life insurance process and go above and beyond to ensure everything was sorted in time for your mortgage closing. We aim to make the journey as smooth and stress-free 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.
Kallamm M.
Kallamm M.
I could not recommend Ross enough for the help and professionalism he demonstrated when helping my partner and I get life cover. He explained each step in great detail and was really easy to get on with. Ross was able to suit any calls into my schedule which was a big help.
Response from the owner: Hey Kallamm,We’re delighted to hear about your positive experience with Ross. It’s great to know he was able to explain everything clearly and work around your schedule to help you and your partner secure life cover. 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.
Patrick V.
Patrick V.
Couldn’t recommend Niamh enough, she was beyond helpful in my first home purchase. Couldn’t have done it without her help. Communication was spot on and everything was done quickly with great clarity.
Response from the owner: Hey Patrick,We’re delighted to hear about your positive experience with Niamh. It’s great to know she was able to support you through your first home purchase and make everything clear and stress-free. 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
Steve O
Steve O
Policy options very clearly explained.I was going with a different company until our call.Great serviceThank you Shaun
Response from the owner: Hey Steve,We’re delighted to hear about your positive experience with Shaun. It’s great to know he was able to clearly explain the policy options and help you feel confident in choosing us. 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
Lisa M.
Lisa M.
Ross really took his time to accommodated my busy schedule while getting me the best deal possible. It was really appreciated.
Response from the owner: Hey Lisa,We’re delighted to hear about your positive experience with Ross. It’s great to know he was able to accommodate your busy schedule and secure the best deal for you. 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
Mohmmed D.
Mohmmed D.
Excellent service specially Cormac has been amazing, highly recommended.
Response from the owner: Hey Mohmmed,We’re delighted to hear about your positive experience with Cormac. It’s great to know he’s been amazing throughout the process and that you’d highly recommend our service. We aim to make everything as smooth and clear as possible, so your feedback truly 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
Laura W.
Laura W.
I cannot recommend Low Quotes highly enough. In particular Niamh. Niamh was with me from start to finish on my mortgage/insurance journey and the service I received from Niamh was simply exceptional. Her dedication, support and professionalism shown to me throughout my journey was just amazing. Niamh took the time to understand my needs and getting me the best deals on the market and for that I will be forever grateful. Her knowledge and expertise of the industry is fantastic. Niamh is an amazing asset to Low Quotes.
Response from the owner: Hey Laura,We’re absolutely delighted to hear about your experience with Niamh! It’s fantastic to know she was able to support you throughout your mortgage and insurance journey and provide such a high level of care and professionalism.Niamh is indeed a huge asset to our team, and we’ll make sure your kind words are passed on to her. We’re so glad she could help you secure the best deals and make the process smooth and stress-free.If you ever need anything else or have questions down the line, we’re only a message away. Thanks again for the glowing recommendation!Best regards,LowQuotes Team
Vignesh C.
Vignesh C.
Friendly customer service and would recommend for sure.
Response from the owner: Hey Vignesh,Thanks a million for the great review! We’re delighted to hear you had a positive experience with our customer service. We always aim to make things as smooth and friendly as possible, so your recommendation means a lot to us. If you ever need anything else, don’t hesitate to reach out.Best Regards,LowQuotes Team
Andrew L.
Andrew L.
I dealt with a very professional and informative person Shaneen any questions that needed answering were answered and explained in a very detailed and also simple way ! Between the first phone call I felt that Shaneen was there to help me out with ever need and the best policy availableThank you once again ShaneenHighly recommended 10/10
Response from the owner: Hey Andrew,We’re delighted to hear about your positive experience with Shaneen! It’s great to know she was able to answer all your questions clearly and guide you toward the best policy. We’re all about making things as straightforward and helpful as possible, so your kind words mean a lot.If you ever need anything else, don’t hesitate to reach out.Best Regards,LowQuotes Team
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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.

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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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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.