With increased longevity, pensions are an essential part of financial planning. It is important that everyone is aware of their pension outlook early enough to be able to make plans and relevant adjustments. Pensions can get quite complicated and many people are not fully aware of what their benefits will look like at retirement. There are four potential sources of pension income for Irish residents.
- Irish State Pension
- Occupational pensions (Defined Benefit/ Defined Contribution)
- Private pensions/PRSAs
- Foreign Pensions
- Investment income
A standard process in IPS Financial Advice is that we review and evaluate your full pension portfolio and provide you advice on any possible adjustments which may increase your prospects at retirement.