Podcasts about personal pension

In this conversation, Kevin discusses the evolving landscape of retirement planning, emphasizing the importance of guaranteed income strategies due to increased life expectancy and market volatility. He highlights the need for individuals to create their own income sources, akin to personal pension plans, and addresses the issue of 'dead money'—funds that are not actively working for retirees. The discussion also covers the significance of having a comprehensive retirement roadmap to avoid financial pitfalls and make informed decisions about big purchases in retirement. Ultimately, Kevin stresses the value of personalized financial planning and the importance of understanding one's financial landscape to ensure a comfortable retirement. Get Your Complimentary Retirement Roadmap Your roadmap will include: A retirement income strategy A test to see how long your money will last A tax-planning strategy See omnystudio.com/listener for privacy information.

Frank & Frankie Guida explore the role of annuities in supplementing retirement income. They explain how annuities can function as a personal pension, providing a reliable income stream, especially for those without traditional pensions. Frank & Frankie explain that by investing a portion of savings into income annuities, retirees can ensure steady income even after the original investment is depleted. They also discuss how certain annuities offer a death benefit, ensuring remaining funds go to beneficiaries. Schedule a complimentary appointment: A Better Way Financial CLICK HERE to register for one of our upcoming Tax-Smart Retirement Planning Dinner Workshops. Read our book! Amazon Best Seller, “The Book on Retirement: A Better Way to Stretch Your Retirement Dollars While Living the Lifestyle of Your Dreams.” Follow us on social media: Facebook | LinkedIn | YouTube See omnystudio.com/listener for privacy information.

Recent studies show that if you retire before 65, there’s a 45% chance of running out of money, largely due to the decline of employer pensions. Mike Canet addresses different income streams and what their potential benefits and pitfalls are, such as annuities, dividends, and preferred stocks. He also highlights things that are just as important to prepare for, including tax planning, fees, and long-term care. Want to begin building your retirement plan? Schedule a call with us here:

 In this episode Kevin discusses the evolution of retirement income sources, emphasizing the shift from traditional pensions to personal pensions. He highlights the importance of guaranteed income in retirement, tax planning strategies to avoid higher tax brackets, and the necessity of early retirement planning. The conversation stresses the significance of proactive financial planning to ensure a secure and enjoyable retirement, especially in the context of increasing life expectancies. Get Your Complimentary Retirement Roadmap Your roadmap will include: A retirement income strategy A test to see how long your money will last A tax-planning strategy Get My PlanSee omnystudio.com/listener for privacy information.

Abe Ashton explains the transition from traditional pensions to 401(k) plans, emphasizing the importance of creating personal pensions for retirement. Abe shares the story of a client navigating retirement planning while managing significant debt, illustrating how a structured approach can lead to financial freedom in retirement.  As the founder of Ashton and Associates, Abe Ashton has more than 20 years of financial planning experience helping thousands of families in Utah, Nevada, and across the country retire with confidence. Abe's mission is to provide client-focused education and solutions to seniors and retirees, that help them achieve the retirement they've worked so hard for. To get more information on Ashton & Associates, or to schedule a consultation call, 435-688-9500 or visit AshtonWealth.comSee omnystudio.com/listener for privacy information.

Today our expert panel talk through everything you need to know to navigate the ever-changing Pension landscape and what you can do take control of your finances and retire early.

Dan Ahmad and Jim Files share valuable insights on their weekly radio show to help you build a successful retirement. Call today to take advantage of a no-obligation retirement consultation and planning session.  Call us now by dialing #250 on your cell phone and say the keyword “MONEY” Let us help your family reach financial freedom! Learn more at PeakFinancialFreedomGroup.com Check-out our YouTube Channel 

They've all but gone by the wayside in the workforce at this point, but there are still ways to create guaranteed streams of income for you and your spouse throughout retirement, regardless of how long that retirement may be.  Dave Ross and Scott Kerschner discuss this and more on this episode of ARHQ. Learn more about America's Retirement Headquarters online.  Follow us on Facebook, YouTube and LinkedIn for even more helpful insights you can use for retirement.See omnystudio.com/listener for privacy information.

Planning for retirement and creating a personal pension are crucial for a secure financial future. In this episode, Abe discusses that having a sound income plan is essential while living out your retirement years. Also, Abe explains how the 60-40 model (60% stocks and 40% bonds) may not be as effective in today's market, and alternative strategies should be considered. Ready to see what developing an income plan for your retirement might look like? Visit TheRetirementKey.com today!See omnystudio.com/listener for privacy information.

There was a huge movement from companies being responsible for you retirement to the workers needing their own retirement accounts. Coach Pete is joined in the studio by Senior Wealth Strategist, Marty Hensley, offering strategies on how you can create the retirement you want! If you have questions about taxes in retirement, or if you want a second opinion on your retirement plan, contact Coach Pete and the team at Capital Financial at (888) 623-8858.See omnystudio.com/listener for privacy information.

Do you have a pension? What are your options when it comes to converting it? Tayvon Jackson shares ideas about how to make your money last when in retirement on this week's show! 

Eduardo Chazan, CEO, CollegiaMeet your customers where they want to be, and the place they are likely to want to be in the future is in the metaverse. FinTechs and established financial services groups need to be considering their future communications strategy now. Eduardo Chazan, CEO of pensions FinTech Collegia, speaks to Robin Amlôt of IBS Intelligence. Collegia is the first pension provider in the UK to be authorised by the FCA to offer a pension that is both a personal and Auto Enrolment pension scheme.

Is paying $0 income tax really a possibility? In 2004, Jean-Pierre Laporte set out to create a better solution for investors that wanted improved asset protection while minimizing taxes. With an impressive academic background at the University of Toronto, Osgoode Hall Law School and the Institut d'Etudes Politiques de Paris, he is often called upon as an expert witness before the House of Commons Standing Committee on Finance, and he has written several seminal articles on pension reform, including an expansion of the Canada Pension Plan. Jean-Pierre, founded INTEGRIS drawing on over a decade of experience as a pension lawyer for several prestigious Toronto firms, including Bennett Jones LLP, Fasken Martineau LLP, Osler and Hoskin & Harcourt LLP. He has dedicated his career to improving pension legislation. Frustrated that the significant benefits of pensions were not readily available to those outside of large companies, Jean-Pierre created the Personal Pension Plan ™ to level the playing field and open up a new world of financial options and increased retirement savings for incorporated professionals. INTEGRIS Pension Management Corporation Offers incorporated business professionals (and C-Suite Executives) the most tax-effective way of saving for the future. INTEGRIS acts as a fiduciary between government and regulated companies in Canada to provide its clients with a high-calibre Personal Pension Plan (PPP®). While INTEGRIS does not invest assets, it designs and implements pension strategies tailored to the individual's needs and maintains the plan's compliant status over a lifetime. The PPP® is the most effective tax-savings solution permitted by Canadian tax legislation and generates the highest levels of wealth in Canada for its clients eclipsing all other savings vehicles such as TFSAs, RESPs, RRSP, and IPPs. How to reach Jean-Pierre Laporte: Website = https://integris-mgt.com/ LinkedIn = https://www.linkedin.com/in/integrismgt Facebook = https://www.facebook.com/integrismgt/ Twitter = @IntegrisMgt YouTube = https://www.youtube.com/channel/UCV3dV55lWhlmqH-KyUCfS0A Receive GTA Off-Market Deals & Passive Small to Mid-Size Apartments Deals Across Canada Right Now! Click Here to Sign Up absolutely FREE: https://pages.watsonestates.ca/ Find Us: www.linktr.ee/WatsonEstates This is not advice, just our analysis of the market. If you enjoyed the video consider subscribing. We always love to hear feedback and comments. Tell us what you think!

We interview Jean-Pierre Laporte, CEO of Integris Pension Management Corp., on advanced techniques in tax planning and pensions. Topics include how to incorporate as a professional, how to set up a personal pension plan, and how to use that pension plan to purchase real estate investments which will then grow in a tax-exempt environment. When purchased through a pension plan, real estate investments grow tax free. Rents paid by tenants are not claimed as income, and if you sell the property, there is no capital gains tax to pay. Learn the critical differences between Personal Pension Plans (PPP) and RSPs. We cover how to avoid paying tax when you transfer assets to your children, how to buy U.S. property through a Canadian personal pension plan, and how to pool pensions together with other incorporated individuals.   You can reach Jean-Pierre ("JP") at:   jp.laporte@integris-mgt.com 1- 844-484-3777 https://integris-mgt.com/   #realestate #pensionplans #tax         

Incorporated business owners are often not aware that they can access higher tax deductions than are available through traditional RRSPs. They can also gain greater security and flexibility. In this episode, we interview Jean-Pierre (JP) LaPorte, a pension lawyer and one of Canada's foremost experts on the subject of Personal Pension Plans.

スクリプトはこちらからどうぞ。 https://ugandhin.com/8709/necessity-of-personal-pension-insurance/

This week is episode 100 of  Financial Pizza. Coach Pete D’Arruda talks about a total retirement plan. Marc Geels has Roth IRA’s on his mind. Alan Kifer talks about how to achieve your own personal pension plan. Brian Quaranta talks about how Covid has changed the way many of us look at retirement. Eric Kearney takes us through the industrial revolution. Steve Sedahl has a Brokers Behaving Badly. Call or text 800-662-6808. Visit FinanicalPizza.com.

We talk to the CEO of INTEGRIS Pension Management Corp., Jean-Pierre Laporte, about saving for retirement in a solution called a “personal pension plan”. Find out more at integris-mgt.com and follow on LinkedIn and Twitter.

Dr. Yatin Chadha hosts Jean-Pierre Laporte (CEO Integris Pension Management Corp) to discuss the personal pension plan (PPP).This is highly relevant and under discussed material for any incorporated professional/small business owner.Discussion points include:Review of basic IPP (individual pension plan) conceptsPPP account structure (3 accounts)- Defined benefit account (DB)- Defined contribution account (DC)- Additional voluntary contribution account (AVC)Age benefit of PPPs (no need to wait until age 40)- ability to contribute to DC and AVC accounts before age 40Additional tax sheltering advantages compared to IPP- RRSP double dip- flexibility in contributions through DC and AVC accounts- ability to make contributions even when DB account is in surplus- benefit/strategy of holding low yielding investments in the DB account (accruing special payments)- benefits of PPP in wealth transfer/estate planningFiduciary oversight with PPPWhy the PPP is under discussed in personal finance

On this episode of Money on Tap, Ben and Seth define the meaning of some really important retirement terms, such as ‘annuity' and ‘pension.' Curious to know how those affect your retirement plans? Tune into this episode to find out how to make your money work best for you, even in the long run towards retirement.

Most folks no longer get a pension from their employers. In today's show Tom talks about how to create your own personal pension using the income tools you do have.

#47 Disclaimer: We are not financial advisors. The content on this podcast and YouTube videos are for educational purposes only and merely cite our own personal opinions.  In order to make the best financial decision that suits your own needs, you must conduct your own research and seek the advice of a licensed financial advisor if necessary.  Know that all investments involve some form of risk and there is no guarantee that you will be successful in making, saving, or investing money; nor is there any guarantee that you won't experience any loss when investing. Always remember to make smart decisions and do your own research! This episode we have Meagan from the financial blog Mrs Moneyhacker originally from Canada but now living in Ireland. We will be discussing investing from the perspective of living in Ireland. Been wanting to do a show about investing within Ireland for a while so my research led me to Meagan's awesome blog that I highly recommend.  1. Give us a little bit of your background, I can see you've moved all the way from rural Quebec to the Emerald Isle and what got you to start your blog Mrs. Money Hacker? 2. What first got you thinking about investing or the potential of financial independence? 3. I come across allot of blogs/podcasts mainly based in the USA about personal finance there are obviously a few in UK but not many about investing in Ireland curious to know how easy it is to invest in Ireland? 4. I note from your blog you follow an indexing ETF approach to investing (like myself) curious to know what you invest in these days? 5. With me being based in the UK and it being a small country I follow the global markets in using The Vanguard All World ETF and If I was to get bonds I would probably use UK Gov bonds/Gilts which would be sterling based potentially the currency I may well be spending in the future. Do you follow a similar approach I know you also have investments back in Canada as well as in Ireland so curious to know? 6. What are the typical investment vehicles available in Ireland that can be utilized? Typically in UK we use ISA's Tax Free Growth, Taxable Share Accounts, Tax deferred DC & DB Workplace Pensions and SIPP’s. 7. One of the things I picked up from your blog is that you don’t always follow what everyone else is doing. An example of this was when you were considering moving to Ireland your family in Canada were unsure it was the right thing to do as everything was going according to the script but it proved with time to be a great idea. You obviously make your own luck? 8. What is it you like so much about Ireland? because I can see you always had a plan to go back since first visiting. 8.1. I actually have an uncle who spent half his life living and working in Winnipeg, Canada and half his life in Ireland growing up there. He was always homesick for Ireland and only in recent years when his sons grew up and started their careers in Canada did he move back to live in Ireland. No place like home! Hey? 9. Along the same lines a common thing that is always recommended by financial gurus and Independent financial advisors is to make the most of your company pension or Self invested Personal Pension for my USA listeners the 401K plan. I am guilty of going along with this advice and I work in the pension industry. Was curious to know your thoughts on pensions? I do have my own doubts about losing control and governments changing rules, moving goal posts and future tax rates. 10. What are your thoughts on property investing? Ireland is a very expensive place to live having family over there or at least family in Kildare and Dublin and having made a few trips over the years I have noticed this. 11. Is there much of a community interested in personal finance in Ireland or within your immediate network? Like your work colleagues or circle of friends? I know Irish like Scottish enjoy having a good time 12. What are your views on consumer debt? Do you think it's OK to invest while still carrying consumer debt or better to wipe debt out first? Most would say mortgage debt is OK but anything like a high interest credit card not worthwhile. 13. Is there any finance books or books in general that you can recommend, ones that you really enjoyed and helped you on your journey? 14. I note from your a recent email you sent me that you like video games my personal favorite is Final Fantasy 7 (The Original) what are some of your fave games of all time? 15. From all your experience in investing what would be your advice to a young 20 Something who is considering starting investing but has no idea where to begin or where to go or who he needs to know? (Funny play on some Smiths Lyrics there) 16. Finally Meagan been an absolute pleasure having you on the show if any of my listeners would like to check out your work on the internet where would be the best place? I will link in the show notes. Be sure to check out Meagan's finance Blog: https://mrsmoneyhacker.com    

Pensions are disappearing. What can you do to make sure that you have adequate monthly income in retirement? Listen to this podcast to learn more about retirement preparation from Sandy Minardi & Sandman Financial.

This week, Ford gives you all the details on annuities and on creating your own personal pension! He also discusses our current market and important current events. Segment 1: Ford gives a market update. [00:00:00] Jay Farner here, CEO of Rocket Mortgage, making the right financial decisions has never been more important. When you turned a [...]

As we look to the future, many business owners are looking at their retirement plans. We have CPP, the Canada Pension Plan. RRSPs, Registered Savings Plans and other investment vehicles. But there is one vehicle available that is not well known and not discussed enough. That is the Personal Pension Plan. It's not for everyone and certain conditions must be present to make it a viable option. To help us with the discussion is David Barnsdale. David is a Certified Financial Planner with The Barnsdale & Hussain Wealth Management Group. He has extensive experience working with Family businesses to help them maximize the wealth generated from the family business and shelter those hard earned dollars from the nasty taxman.

Conservative Party strategist John Mykityshyn joins Marc with the latest on the Conservative party leadership race. Jocelyn Bamford is on hand with the failed economic policies of the federal Liberals and Andrew Lawton talks about Canada's foreign relations problems. Also David Barnsdale is on hand with financial advice to discuss Personal Pension Plans (PPPs) exclusive for business owners and self incorporated professionals. It is an RSP on steroids with many more advantages. Best kept secret to accumulate 50-60% more retirement funds than an RSP

Pensions are disappearing. What can you do to make sure that you have adequate monthly income in retirement? Listen to this podcast to learn more about retirement preparation and creating that lifetime monthly income.

BMW announced they’ll soon freeze pensions for their U.S. workers, including those at the plant in Spartanburg, SC. This trend is happening at several long-time employers, and many folks are being presented with tough choices and buyout options. George shares his experience and advice to help you make the best decision for your family.

Personal Pension - FSFS - 5/4/19

Pensions... we don't hear about them too often anymore. Less than 5% of companies today still offer a traditional corporate pension benefit. While many municipalities and government employees still receive one, most Americans don't.   On this episode Patrick will teach you how to create your own "Personal Pension" and a guaranteed income stream in retirement, so you can achieve peace of mind, no matter how the stock markets are performing.   Here's a few highlights from the show; The four different types of annuity contracts Why variable annuities are a terrible idea How to supplement your Social Security check Filling your income gaps with a guaranteed monthly check   Don't forget to request your FREE copy of Patrick's pdf report "5 Steps to Preparing for a Successful Retirement" by CLICKING HERE   If you're ready to see a demonstration of the income planning Patrick does for his clients simply reserve a FREE "DEMO Call" at www.RLAPlan.com Got Questions? Schedule a FREE strategy call with Patrick TODAY! Visit www.TalkToPatrick.com GO CLAIM YOUR FREE COPY OF PATRICK’S NEW BOOK "Retirement Planning 101" visit www.Retirement101Book.com Connect with Patrick online through all of the social media links below: Facebook: www.facebook.com/RetirementLifestylesAdvisors/ Instagram: www.instagram.com/retirement_lifestyles_advisors/ Twitter: www.twitter.com/thepmcnally You can also find lots of resources at www.RetirementLifestylesAdvisors.com   Disclosures Information presented is believed to be factual and up to date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the host on the date of publication and are subject to change. All information is based on sources deemed to be reliable, but no warranty or guarantee is made as to its accuracy or completeness. Financial calculations are based on various assumptions that may never come to pass. All examples are hypothetical and are for illustrative purposes only. Charts, graphs, and references to market returns do not represent the performance achieved by Retirement Lifestyles Advisory Group or any of its advisory clients. Content should not be construed as personalized investment advice, nor should it be interpreted as an offer to buy or sell any securities mentioned. A professional advisor should be consulted before implementing any of the strategies presented. Past performance may not be indicative of future results. All investment strategies have the potential for profit or loss. Different types of investments involve varying degrees of risk, and there can be no assurance that any specific investment or strategy will be suitable or profitable for an investor. In addition, there can be no assurances that an investor’s portfolio will match or outperform any particular benchmark. Asset allocation and diversification do not assure or guarantee better performance and cannot eliminate the risk of investment losses. The social security, tax, legal, and estate planning information provided is general in nature. It should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Retirement Lifestyles Advisory Group is not affiliated or endorsed by the Social Security Administration of the United States. Case studies are for illustrative purposes only and should not be construed as testimonials. Every investor’s situation is different, and goals may not always be achieved. Retirement Lifestyles Advisory Group is registered as an investment advisor and only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. Registration as an investment advisor does not constitute an endorsement of the firm by securities regulators, nor does it indicate that the advisor has attained a particular level of skill or ability.

Guests:  Kurt Czarnowski and Teri Hirt  Host:  Jim Shoemaker

On this show, we talked the importance of guaranteed income in retirement and using annuities to accomplish that with Matt Carey, the Co-Founder of Blue Print Income. Listen to find out why Matt thinks the Personal Pension could be a good addition to a portfolio. For the Difference Making Tip, scan ahead to 16:00 You can learn more about Matt at BluePrintIncome.com, LinkedIn, and Twitter. Please subscribe to the show however you’re listening, leave a review and share it with someone who appreciates good ideas. You can learn more about the show at GeorgeGrombacher.com, or contact George by clicking here.

If you are a new visitor, welcome! Please do pop over here to find out why we exist, what our purpose is and why we are Ireland's first Financial Planning & Money Podcast. Also, if you have any questions or comments we'd love to hear from you, just drop a message to us here. Apparently Noah's Ark was made of 'cypress wood' and was in the region of 500 feet long. It was said to have been quite a boat, large enough to hold  125,000 sheep if those were his orders! Anyone familiar with the story will know however that he was instructed to bring on only 1 mated pair of every animal that walked along the ground, and his own family. Poor Noah was given only 7 days in which to build this behemoth, and to ultimately save the animal kingdom, before the great flood arrived, no pressure! If we were to relate this to our own financial lives it's fair to say that, unless you yourself are on the cusp of retiring, you have more than 7 days to build your own ark and save yourself from the flood when you stop working!! Let's discover a little more about Approved Retirement Funds (ARFs), and how they might be your ark when your own great retirement flood comes! There is no doubt it can be a really useful tool in your retirement and pension planning here in Ireland. Indeed anyone I have met with Pensions here in Meath has been a big fan of the ARF! If you are a new visitor, welcome! Please do pop over here to find out why we exist, what our purpose is and why we are Ireland's first Financial Planning & Money Podcast. Also, if you have any questions or comments we'd love to hear from you, just drop a message to us here. What is an ARF (Approved Retirement Fund)? Other than sounding similar to an ARK, it too can be a real saviour when you do stop working and your income from employer/business stops! Ultimately an Approved Retirement Fund is a vehicle in which you can park some or all of your pension fund into when you decide to retire. How Do I Get Into An ARF? We outlined in blog 15 & blog 16 exactly how you can get access to an Approved Retirement Fund when you decide to retire. Broadly speaking if you are in a pension which you have set up and contribute to yourself (Personal Pension or PRSA) or are part of a pension through your employer (Occupational Pension Scheme) then you typically will have access to a glorious and lifesaving ARF. Check out blog 15 & 16 for the low-down! How Much Do I Need To Get Into An ARF? Providing you meet the basic income requirement as outlined in Blog 15&16 you can invest funds in an ARF. Imagine you are 35 years of age, with no pension put in place up to this point, you have always felt that pensions were for old people, they are a crock, the charges are outrageous or that you will never retire! Whatever the reason you haven't done one previously. Having listened to the Informed Decisions Financial Planning Podcast you decide that the time is nigh, you don't want to be left out in the flood! For illustration if you were to manage to invest €400 per month into a pension plan for yourself. We will assume you increase this by 3% per year in line with headline inflation rate. So in year 1 you pay €400 per month, in year 2 you will pay €412 per month and so on and so forth! If you were to achieve a net return of 7% per year average growth (you will need to find a pension with low charges and go heavy on equities- staying invested when things get rocky- which they will- see here!). If you were to do that, and to achieve that long term plan, you would have €796,681.27 of a fund when you get to 68! The bones of €800k! Under current rules you could take €200,000 of that tax free for yourself and go nuts! You would have an option to put essentially the remaining 600k into an ARF and access it as you need it. How bad!? You could then take funds from this 600k as you wished! Imagine you took the minimum 4% of this per year, equating to €24,000 per year, which in addition to the State pension would bring your total income to the €36,000 territory. This would mean you pay essentially minuscule tax on your total income....all totally above board and legitimately done.....so if anyone is telling you that pensions are a crock just tell them this! Please check out our full blog here if you would like the show notes! Thanks for listening...You're a Legend! Paddy Delaney  QFA | RPA | APA | Qualified Coach  

Happy New Year! It's Officially 2017, and I genuinely wish you every success in whatever you are aiming for in the coming year. How can I take my Pension? The first part of the answer to this question was launched last week (click here), and this week we tackle the second part to this, getting our money from pensions we have 'through work', most often known as company schemes or occupational pension schemes. So, how do I get my money from my company pension you might ask, we here we go, and yes we are going to 'cakify' it again! Trustees: When you are drawing from a Personal Pension as we saw in Blog# 15 you are tied to the Revenue 'rules' when accessing it at retirement. However in the case of Company Schemes you are most often tied to the 'rules' as set out by the Individuals who generally oversee and manage that particular pension scheme. These Individuals are known as 'Trustees' and more often than not they are experienced in this space, have to compete 'Trustee Training', and are bound to act in accordance with the pension scheme 'mandate' which sets out how it should be managed. So the 'trustees' are acting in the interests of the people who have 'cake in the oven'!   What is a Defined Benefit Pension Scheme & How Do They Work? If you work with a company that is promising to pay you x % of your 'final salary' when you finish, and the x is based on the number of years you have worked with the company at that point then you may well have a Defined Benefit Pension, yeeehaaaa! They are generally a great thing to have as the size of the cake at the end is largely dependent on how long you serve in the scheme instead of how much ingredient you yourself add to it! If you have a DB here is how you can most often access your cake. You can take a slice of cake immediately upon retirement up to a max equivalent to 1.5 times your final annual gross salary. If you have worked between 20-40 years in that scheme you may qualify for that max slice of cake. You do with this what you wish, happy times! You are then drip-fed cake each month until you/your spouse passes away. As noted above the amount of cake which you are drip-fed will depend on the number of years you have been in that pension scheme as an employee. Typically these schemes pay you 1/60th of your final year's salary for every year you have served. So if you were 20 years in the scheme you may expect to get 1/3 of your final salary as your gross income for the rest of your days, separate to any State Pension entitlement. Not too shabby I'm sure you'll agree! These are a dying breed, the cake requires a huge amount of ingredients and the burden can often be too much for employers to bear, they then stop cooking this particular cake and direct employees into the next and often less favourable type of pension cake!   What is a Defined Contribution Pension & How Does It Work? You will know you are in a 'DC' cake if you are told that you need to put ingredients in, your employer may or may not put ingredients in, and that the size of the cake at the end will be subject to how well the cake gets on in the oven, there's no promises made from the employer. In short the only thing defined with a DC scheme is the contribution you are making, hence the name! Unlike the DB above you are not told 'do x years here and you will get x every year when you retire'. In many ways a DC scheme is very similar to a Personal Pension as we heard about in Podcast 16. How Do I Access My Money From a Defined Contribution Company Pension Scheme? Almost everyone in a Defined Contribution Company Pension will have the choice of the following methods to access their funds. Drip-Feed Cake Method: Take up to max of 1.5 times annual final salary immediately and eat that slice as they wish Give the remaining cake to a Life Insurance Company and they will drip feed you a small slice of cake each year until you/your spouse pass away (as taxable income) Your Own Cake Tin Method: Take 25% of the cake at retirement as tax free slice If you have guaranteed €12,700 of cake each year from other source you can do any of the following a) pop the remainder in your own cake tin, and access it as you need it (can be very tax efficient and enable high control over your own cake) b) Give the rest to a Life Company and they will drip-feed you a slice each year c) take it all as a taxable lump sum At retirement if you do not have guaranteed income of €12,700 you must lock away €63k of your cake until you are 75. If there is any left over at this point you can pop this into your own cake tin and eat as you like as per #2 So there you have it, pheewww! There is a lot to how we claim our pension funds. This and the previous blog have been an introduction to it, to informing you as to what the finishing line looks like currently. As always when the time comes for you to put plans in place to give yourself the retirement you want you can refer to these and they should help you on the road to making informed decisions. Thanks for engaging and sharing. Paddy Delaney Join Our Weekly 'Informed Decisioners!'           Recommended Reading: Firestarter Sessions- Danielle LaPorte (Great Read/Listen!) http://www.audible.co.uk/pd/Health-Personal-Development/The-Fire-Starter-Sessions-Audiobook/B007SY96II Actual Book! (Could not find it online on any of the Irish Books Sites) https://www.amazon.co.uk/s/ref=nb_sb_ss_c_2_20?url=search-alias%3Dstripbooks&field-keywords=firestarter+sessions&sprefix=firestarter+sessions%2Caps%2C206&crid=2ZIF7TQPS5V7S

Hey, We are almost at the very end of 2016, much like all the years before it there was lots happening for everyone. If you had plans for the year you probably have reviewed them and identified what you want out of 2017. Or perhaps you didn't have plans, which probably accounts for many of us. Stephen Covey coined the phrase 'begin with the end in mind', meaning we should focus on the end goal of whatever it is were are doing, this will keep us on track, accountable, moving forward, and progressing in the right direction. I'm always conscious of this when we in the this industry tell people they should be preparing an income for themselves in retirement. Irrespective of whether that is through pension, estate planning, alternative assets or indeed sheep (check out blog #13) unless we know what we are aiming for, what the end goal is, it's really difficult for us to engage in anything. That's what this blog is going to address, how do I get my money from my pension in Ireland, when I finally reach that point? Podcast Episode 16 (here) focused on the ages at which we can retire in Ireland, this is going to focus on the 'how'! Pensions are technical, there is no avoiding that fact. Another fact, we almost all love cake! So I've set myself the challenge of helping you understand all this through cake terminology, just to keep you all sweet.....!   Imagine that as we work we are contributing 'ingredients' (money) to our giant 'cake' (pension fund). The more ingredients we put into this cake, the bigger it will get. Provided we keep the 'temperature' & 'cooking time' (risk & volatility) to a manageable level for the size of cake then we should end up with the cake that we had planned for, just as the 'recipe' (your financial plan) had outlined! Simple yes!? Key Point #1: "When I get access to my cake (retire) can't I just take the cake out of the oven and devour it?" Not that simple I'm afraid. There are rules as to how you can eat your cake, just as there were rules as you were adding ingredients and cooking it over all those years. Irrespective of which type of pension (cake) you have there are 4 methods of accessing it, your circumstances at the time of retirement and the type of cake you have will determine which options are open to you. They are: Take a decent slice tax free immediately, and eat it! Hand the cake to an insurance company and they will send you a small portion of the cake each year until you die (can be taxable) Put the cake into the press and take a slice as and when you need it (can be taxable) Put the cake into a sealed container until you get to 75, only having access to a tiny slice each year until reaching that age. There are 2 main types of pensions which the majority are members of, either personal pensions (Personal Pensions and PRSAs), and secondly members of company pension schemes (Occupational Pension Schemes). In this post I will focus on the following; How do I take my money from a Personal Pension or PRSA (Personal Retirement Savings Account)? #1: Congratulate yourself on reaching retirement #2: Take 25% of the cake as a 'tax free slice', and do with it as you please #3: Provided you have enough cake from another source (min €12,700 per annum guaranteed income) you are allowed to put the rest of your cake into the press and take a slice of it as you wish, you control it and the full cake remains in your name. (This is called an ARF). There is a minimum % of cake which you must take each year either 4 or 5 per year, but you can take more if you wish. You pay Income Tax, USC and PRSI (if applicable) on the cake that you take at this point. #4: If you do not have the minimum guaranteed income from other sources you can still do #2 above, but #3 changes for you. Instead of putting it into the press and taking it as you need, the revenue insist that you place just over €63k of it into a sealed container (AMRF) until you are 75. This is a requirement apparently in order to stop you leaving yourself with nothing in later life! After doing that, if you still have cake left over, you can put that amount then into your own press and take it as you want it, as above.   Pardon the pun but this may all seem very spongy, so lets stop trifling around and bring this to the plate! For example, you accumulate a PRSA with €200k value at age 68, happy days, a nice lump of cake you might say! Using #2 you take €50k tax free and do with as you wish. #3, assuming you have the minimum income sorted via State Pension (€12k approx) and another small guaranteed annual income, you can then put the rest of your cake into the press (ARF), manage it and take out (for example) 4% which would give you €6,000 Gross, per annum. If you lived for a long time then the cake could run out, or if you didn't eat all the cake before you passed away then the cake goes into your estate and passes to your beneficiaries. Lets run the same example, but this time you do not have enough cake to allow you do the 'pop it in the press' option. You take the €50k tax free and live it large. You then have to put just over €60k of the remainder and lock it away until 75. You have just under €90k of your cake (less than 50%) which you can 'pop into the press' and take slices as you need. If you were taking the minimum 4% of this it would provide a shade under €3,500 per annum.   So there you go, that is the 'end in mind'. If you 'have a pension' and believe it to be 'enough', consider how much cake you might like to have when you get to that point of your life. If you feel you need to make your cake a bit bigger or smaller then speak to a professional, find out how exactly you will be able to get your hands on your cake, and then you bake it accordingly. Next week we will look into accessing money from Company Pensions, Occupational Schemes and the likes. More cake analogies are in store, I hope you like cake! Thanks for sharing and spreading the 'informed decisions' word, please keep the shares going! Your're a legend, Paddy.  

You can retire or sell your business with your lifestyle intact. Don't settle for the inaccurate and incomplete advice of Financial Entertainers like Dave Ramsey, Suze Orman, or Jim Cramer.  There is a better way!