Want to start a pension? Don't worry, we can help

Take some simple steps with Moneycube to start funding your retirement

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Whether you want to start a pension, retire early, re-start contributions, or consolidate old pensions, Moneycube's here to help.

We can help you take stock of your current situation, understand your future needs, and create the plan to get there.

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What’s a pension and why do I need one?

A pension is simply a saving fund with your name on it, used to pay for your retirement. Usually, you can’t access your fund until at least the age of 60.
Your money is invested on your behalf by a pension provider. Typically a pension provider will invest your pension into company shares, bonds and property through an investment fund, in order to generate long-term growth.
Because the government really want us to save as much as possible for retirement, there are substantial tax benefits to saving into a pension. For most of us, a pension is quite simply the best investment you can make in Ireland because of the tax savings.
You can typically receive tax relief at your highest rate of income tax on your contributions.
If you’re a standard-rate taxpayer, that means every €100 of net pay you contribute will deliver €125 into your pension pot.
If you’re a higher-rate taxpayer, a contribution of €100 from net pay is worth €167 in your pension.

How much should I pay in when I start a pension?

There’s no one-size-fits-all answer to this one. For most of us, the amount you pay into your pension is a combination of what you can afford today, what other assets you expect to have in retirement, and how long you think you’ll be investing your savings.
As a starting point, take a look at the calculator below to get an idea of what you’ll need.
And remember that tax relief on the money you pay in will propel the value of your pension pot by as much as 67% straightaway.
What’s more, many people’s retirement plans involve several sources of income, including the State pension, pensions from work, other savings and investments, and personal pensions.
Lastly, bear in mind that making the first move is the hardest bit about starting a pension. It’s much more important to make a start – however small – than to put it off altogether. It’s not about looking for a magic bullet. Instead, the aim is to get on track to building up your pension in a gradual way over time.

When should I start, and what’s the next step?

Although it’s almost never too late to start a pension, the earlier you begin paying into a pension, the better.
You’ll get the benefit of investment compounding and tax relief over a period of many years, meaning your investments do the heavy lifting for you, and you ultimately need to contribute less. In fact, a contribution of €100 per month when you’re 30 can have the same impact as around €450 per month when you’re 50.
But if you’re late in starting a pension, there are also lots of ways to make up the ground.
That makes sense – so what’s the next step?
You don’t need to be a financial expert to start a pension. That’s our job. We help you choose the right option to suits your financial needs and risk appetite, supported by a Qualified Financial Advisor. And because building your pension pot is a long-term game, we’ll also be there to advise you over the months and years to come.
If you’d like to open the conversation, just hit the ‘Start now’ button.

 

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Start a pension: further reading

How pensions work

Types of pension

Moneycube’s pension blog

Moneycube intro to pensions with Bonkers.ie