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When should you start with insurance?

When should you start - Irish Pensions
Author: Rochelle Martinez

Although the global economic picture is bleak, the fact still remains that many people are not giving necessary weight to their financial future. This is clearly reflected in figures relating specifically to the Irish pensions industry, which shows that a large proportion of the working population are failing to save enough money to ensure they have a financially secure retirement.

You may not realise it, but most people who retire at 65 can now expect to live in retirement for another 20 year. A pension is the easiest and most tax-efficient way to save for your retirement. Pension holders receive tax relief on contributions made into their pension (subject to revenue limits and the pension holder’s circumstances). No other investment offers the same level of tax benefits and despite this, people are still not interested, what is the reason?

Much of the working population may simply be putting off starting a pension; they probably believe that their retirement is so far off that they do not need to worry about financing it just yet. It is recommended that you should begin contributing to a pension sooner rather than later.

The younger you start contributing to a pension, the less you will need to invest on a monthly/annual basis in order to meet your target retirement income. If you begin contributing later in life, your monthly/annual contributions will need to be greater to meet your projected retirement needs.

For example, if you wanted to have an income of roughly €12,000 per annum, and you start your pension at 20, you will need to pay less per month/year, than if you fail to start a pension until your 40’s.

When it comes to saving for financial security in your retirement years, you can never start too young, in fact, the earlier you begin the better your chances of securing financial stability and the easier the financial demands will be during your working years.

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When should you start with insurance?

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