The biggest advantage of buying an annuity at retirement is that you are guaranteeing a level of income for the rest of your life. Stock image Q. I’m in my early Sixties and will retire in a few years. I’ve been paying into a work pension (defined contribution) for most of my working life and….read more
Q. We have accumulated about €40,000 in savings, currently sitting in our bank account. We don’t want to leave it there because of the threat of inflation and possible negative interest rates. Yet we don’t want to invest it either because we think we might need it in the next few years. Some of it….read more
Q. My partner and I had planned to go abroad in summer 2020 and work for between one and two years. Covid obviously put an end to that – but we are hoping we can travel early in 2022. We currently have combined savings of €80,000 and are each saving €1,000 per month. We are….read more
Unlike in the 1989 film Back to the Future Part II, starring Thomas F Wilson as young and old Biff, those in retirement will not be able to travel back in time to help their younger selves with money worries. As new rules lower final retirement pot forecasts, Eithne Dunne asks how you can maximise….read more
Is whole-of-life policy worth it? I am a 71-year-old pensioner who was widowed at the age of 47. I took out a whole-of-life policy about 15 years ago. I was recently informed about a significant increase in the monthly premium on this policy. My financial advisor also told me that he would not sell the….read more
“MY granddaughter hopes to come to study in college in Ireland in two years’ time. She was born in Jersey, Channel Islands and has an Irish passport. Is she entitled to free education here?” Nora, Co Galway DUE to the financial crisis of 2007 and 2008, and the resulting increase in emigration from Ireland, a….read more
“I am starting my first graduate job after four years of full-time education. I currently keep my savings in a credit union account. Where is the best place for me to start investing my money to earn a better return? I have considered investing in exchange-traded funds (ETF), but they do not seem to be….read more
“We have two children, aged seven and nine. We have never set up a bank account for them, but their grandad wants to use the small gift exemption to give them money tax-free. He is going to give each of them €3,000 this year and possibly over the next few years. We do not intend….read more
Source: Independant.ie Contributor: Patrick McGettigan, Director at McGettigan Financial Planning Date: June 07 2020 02:30 AM Stock market falls and pension Query: I am due to retire next year. I have a defined contribution plan through work. Most of my pension fund is invested in medium-risk equities and I am worried about the impact which….read more
Source: Independant.ie Contributor: Patrick McGettigan, Director at McGettigan Financial Planning Date: June 07 2020 02:30 AM Cashing in pension in early 40s Query: I have been on reduced pay since the coronavirus crisis kicked off. I have a defined contribution pension through work. I’m wondering if I can take money out of my pension to….read more
