The government, at least, is trying to encourage us all to save for our retirement by leaving the generous tax breaks in place. It’s now up to each and every one of us to take ownership of our own retirement plan if we want to live above subsistence level in retirement.

So, you’ve decided to take the bull by the horns and want to get a pension plan in place. What is the right plan for you? Here are a few points to consider.

Get advice from a Financial Broker

To get off to the best start, talk to a Financial Broker. Unlike your bank, they offer advice on most of the pension plans available in the Irish market; they won’t force you into the only one available to them. Your Financial Broker will find the best plan for your circumstances and do the thinking for you regarding the following points!

What Type of Pension Plan is Right for You?

Personal pensions, executive pensions, PRSAs, small, self-administered schemes, etc. – pensions are a complex area. It’s important to find the right type of plan. You want to ensure that you can maximise your tax relief, structure your pension benefits in the optimal fashion for you and minimise the charges. Your Financial Broker will look at your situation and help you decide what’s right for you.

Where Should Your Pension Plan Be Invested?

There is a myriad of investment options out there, all seeking your attention. Your investment choices should reflect your time to retirement and, most importantly, your attitude to risk. Are you happy taking on risk, aiming for higher returns over the lifetime of your pension plan while accepting volatile returns along the way? Or do you prefer lower returns with the expectation of a smoother path to retirement? You need to find the right investment solution to meet your needs.

Keep an Eye on the Charges

The charges that apply to your pension plan reduce the size of your pension pot. Your Financial Broker will help you find the most appropriate pension plan with the investment funds you want while analysing the charges to find the best fit for you.

Then there’s the service proposition of providers, online access to information, and a host of other factors to consider. There’s one sure way to reduce the headache – go and talk to your Financial Broker.