At Retirement

Retiring is one of the biggest transitions in your financial life and more often than not people don’t fully understand.

At Retirement

The time is finally approaching where you will transition from the working world into retirement. It can be a time of great excitement but also clouded with trepidation. Retiring is one of the biggest transitions in your financial life and more often than not people don’t fully understand.

Up until now your focus has been on saving your earnings and pension funding. Now, when you retire it’s time to make the most of your savings and your Pension to create the most efficient plan for you to live off, and help maximize the lifestyle you have planned.

If you have already made the transition and are retired, but you still feel unsure as to where your money is, or how to adjust to your new way of financially living, we’re here to talk you through your current circumstances and offer any guidance you need.

Frequently Asked Questions:

FAQ: When should I start a pension?
Answer: The earlier, the better. Starting a pension in your 20s or 30s allows more time for your money to grow due to compound interest. However, it’s never too late—contributing to a pension even in your 40s or 50s can still provide significant benefits for retirement.

FAQ: How much should I contribute to my pension?
Answer: There’s no one-size-fits-all answer—it depends on factors like your age, income, retirement goals, whether you have an employer pension, and if you’re self-employed or a company owner. However, the key message is: start as soon as you can. The earlier you begin, the more time your money has to grow through compound interest. Even small contributions now can make a big difference over time. If you’re unsure how much to contribute, a financial adviser can help you tailor a plan that suits your situation and goals.

FAQ: What happens to my pension if I change jobs?
Answer: If you change jobs, you typically have several options:
1. Leave the pension with your former employer.
2. Transfer it to your new employer’s pension scheme.
3. Move it to a personal retirement bond (PRB).
4. Transfer it into a private pension (e.g., a PRSA).

It’s important to review your options with a financial adviser to avoid unnecessary fees or losses.