Why do I need to plan for my retirement?
Approximately one quarter of our time will be spent in retirement, so it is important that we have enough money to enjoy our lives when we have the time to do so.
Unfortunately this is not a reality for many people. Why?
Because they have not invested enough in their future throughout their working lives.
But will the State not provide?
The single rate State contributory pension is currently just €230.30 per week (as at February 2009) so it is worth taking a few minutes now to consider whether you will be able to survive on this level of income when you retire, before it’s too late.
The good news is that you can plan for your retirement and avail of tax breaks while doing so.
What is a Retirement Plan?
A retirement plan is an extremely tax efficient way of saving money which will provide you with an income when you retire.
Why Canada Life?
Canada Life retirement plans are designed so that you can:
- Get tax relief on your contributions (subject to certain limits) and tax-free growth throughout the investment period.
- Get a tax-free lump sum on retirement. The tax-free lump sum is subject to certain limits related to your fund or your final earnings, depending on your individual circumstances.
- Choose between a wide range of funds, covering equities, property, fixed interest and cash. Our Pensions Managed Fund has shown top quartile performance in 2009.*
For full details on the performance of all of our Pension Funds take a look at the Moneymate Fund Performance links on our website - Choose how much you want to contribute and how often - your Financial Advisor will be able to guide you in this regard depending on your own investment strategy and risk profile.
- Invest with a company who have been serving the financial planning needs for clients in Ireland for over 100 years and who have a wealth of experience and knowledge.
- Invest with a company who have strong financial ratings from the international ratings agencies and are currently rated AA by Standard & Poor’s **
Some quick links to start your retirement planning:
For more information on Canada Life’s wide choice of retirement plans take a look at the Pensions section of our website
Another good place to start is the Pensions Board Pensions Calculator – this will help you to estimate the amount of money you would need to contribute in relation to your age and current yearly salary to achieve the level of income you expect in retirement.
If you want to speak to one of our Financial Advisors about your own circumstances and to arrange a free no obligation financial review, please complete the form available here and one of our Advisors will contact you to arrange a meeting.
* Top quartile fund performance from Canada Life / Setanta Pension managed Fund. Source: Mercer Investment Update, July 2009. Top quartile over 1,3,5 and 10-year time periods.
** The financial rating shown for The Canada Life Assurance Company is provided by Standard & Poor’s. Standard & Poor’s is a ratings agency which provides ratings on the financial strength of companies. This information is correct as at 25/09/09.
The Canada Life Assurance Company and Canada Life Assurance (Ireland) Limited is regulated by the Financial Regulator.
