It could be the deposit for a first home, for your children’s education, to start-up in business or just for a rainy day. There are plenty of reasons why you might want to start saving in a serious way, and a multitude of ways of growing your money to achieve your goal. Choosing which is the right investment plan for you will depend on three factors:
- The level of risk you are comfortable with
- How long you plan to save for
- The way you want to save.
Whatever your dreams for retirement you should, at the very least, have the reassurance of knowing that there’ll be something left over every month once the bills are covered. The State pension will provide a basic income, currently around €12,000 a year, provided you qualify. Beyond that, your standard of life will depend entirely on how much money can you put aside from today. Pension options include Personal Retirement Saving Accounts (PRSAs) and Personal Pension Plans. And as an intermediary for all the major pension providers in Ireland, Prendergast Maguire Financial Services Ltd can find the one that best suits your circumstances. A personal pension is still the most tax-efficient way of saving for the future, and you can use our Pensions Calculator below to get an idea of how much you should be putting away for the day you retire.