Here is a straightforward guide you can bring to a meeting with a financial adviser, pension adviser or accountant.
Pension & Retirement Income
- What is my projected total retirement income, and how long is it likely to last?
- Should I take the tax-free lump sum, or leave more invested?
- Should I choose an Annuity, an ARF/AMRF, or a hybrid approach?
- What are the pros/cons of retiring earlier or later than 66?
- How will the new State Pension reform (10-year PRSI/40-year PRSI) affect me?
Investment Planning
- Is my current investment risk level appropriate for my age?
- Should I de-risk my pension funds now, or keep growth-oriented options?
- How should I invest outside my pension for accessible income?
Tax Planning
- How will my pension income be taxed under PAYE?
- Am I eligible for:
- Age Tax Credit?
- Tax exemption limits (65+)?
- DIRT exemption?
- How are lump sums taxed after the tax-free portion?
- If I move abroad, how does the double taxation treaty impact my pension?
Social Welfare & Supports
- What payments or allowances am I eligible for along with the State Pension?
- Is my spouse/partner entitled to any pension increases?
- How do part-time earnings affect any benefits?
Healthcare & Insurance
- Should I keep or change my private health insurance?
- How should I prepare financially for possible long-term care needs?
Estate Planning
- Do I need to update my:
- Will?
- Enduring Power of Attorney?
- Beneficiaries?
- Will my children/beneficiaries face inheritance tax, and can it be reduced?
Lifestyle & Cashflow
- What withdrawal rate from my savings/pension is sustainable long-term?
- Should I plan for inflation or rising healthcare costs?
- Am I financially prepared for major future expenses?