O’leary life

The current retirement age for state pensions in Ireland is 66, but it is set to increase gradually to 67 in 2021 and 68 in 2028. You may be able to access your pension before then if you meet certain criteria, such as ill health or early retirement due to your occupation. Private pensions offer varying retirement ages with many accessible from 50 onward.

The amount you should contribute to your pension depends on your individual circumstances and retirement goals. Business owners have separate thresholds for contributions than individuals, an advisor can calculate your maximum contribution in any given year and help you decide what suits your circumstances.

A general guide is to contribute 10% of your annual income to your pension , again, dependent on the age which you start contributions, when you plan to retire and how much income you wish to receive in retirement. There are tax benefits to contributing to a pension, including income tax relief on contributions at your marginal rate (up to 40%) and tax-free growth on investment returns.

There are several types of pensions available in Ireland, including personal pensions, occupational pensions, and public sector pensions. They differ in terms of who can contribute, how contributions are made, and the level of benefits provided.

Yes, it is possible to transfer your pension from one provider to another in Ireland or from the UK to Ireland. However, there may be fees or charges associated with transferring, and you should seek professional advice before doing so.

If your employer goes out of business, your pension may be transferable to a new pension arrangement. If you switch jobs, you may be able to transfer your pension to your new employer's scheme or into a pension in your own name.

Your state pension entitlement is based on your PRSI contributions, and you can check your entitlement on the Department of Social Protection's website. You may also be eligible for other benefits, such as the Household Benefits Package or the Fuel Allowance.

You can choose a pension provider that offers responsible and ethical investment options, such as those that prioritize sustainability, social impact, or corporate governance, often referred to as ESG Investing. You can also review the provider's investment policies and ask about their approach to responsible investing. Your broker can help you compare the ESG funds that match your risk profile and investment goals.

You should be wary of unsolicited phone calls, emails, or texts about pensions, and never give out personal information or transfer money to an unfamiliar account. You can check the credentials of a pension advisor or provider on the Central Bank of Ireland's register of regulated entities.

Your pension may be paid out to your beneficiaries, such as your spouse, civil partner, or dependent children. You may also be able to nominate other heirs or leave a lump sum payment to your estate. The exact rules depend on the type of pension and your individual circumstances.

There have been several changes to Irish pension laws and regulations in recent years, including the introduction of auto-enrolment for employees, the closure of defined benefit schemes in some industries, changes to tax relief limits for high earners, and EU ESG disclosure requirements. You should consult with a professional advisor or keep up to date with industry news to stay informed. Advisors spend their week navigating regulatory changes, investment legislation and market performance.

Life insurance is a policy that pays out a lump sum of money to your beneficiaries in the event of your death. You pay premiums for the policy, and if you pass away during the policy's term, your beneficiaries will receive the pay out. There are different types of life insurance policies, such as term life insurance and whole of life insurance.

The amount of life insurance you need depends on various factors, such as your age, income, debts, and dependents. A general rule of thumb is to have coverage that is at least 10 times your annual income, but it's best to speak with a financial advisor to determine the appropriate amount of coverage for your specific circumstances.

It is possible to get life insurance if you have a pre-existing medical condition, but the cost and coverage may be affected. Some insurers may require a medical examination, while others may exclude coverage for certain conditions.

Mortgage protection insurance is a policy that pays out a lump sum of money to cover your outstanding mortgage balance in the event of your death. It is a type of life insurance that is specifically designed to cover your mortgage. While both types of policies pay out in the event of your death, mortgage protection insurance is designed to cover a specific financial obligation.

Income protection insurance is a policy that provides you with a regular income if you are unable to work due to illness or injury. You pay premiums for the policy, and if you are unable to work due to a covered condition, you will receive a portion of your income for a specified period.

The amount of income protection insurance you need depends on your income and expenses. A general rule of thumb is to have coverage that provides you with at least 50-75% of your gross income, but it's best to speak with a financial advisor to determine the appropriate amount of coverage for your specific circumstances.

Serious illness cover is a policy that pays out a lump sum of money if you are diagnosed with a specified serious illness, such as cancer or heart disease. It is designed to help cover the costs associated with your illness, such as medical expenses and loss of income. Whether or not you need serious illness cover depends on your individual circumstances, such as your age, health, and financial situation.

Serious illness cover pays out a lump sum of money if you are diagnosed with a specified serious illness, while life insurance pays out a lump sum of money to your beneficiaries in the event of your death. While both policies offer financial protection, they are designed to cover different circumstances.

It depends on the type of insurance policy you have. Most life insurance, mortgage protection insurance, and serious illness cover policies do not cover job loss. However, some income protection insurance policies may cover job loss if it is due to illness or injury.

The cost of insurance policies is affected by various factors, such as age, health, lifestyle, occupation, and the level of coverage you require. For example, the older you are, the more you are likely to pay for life insurance.