Early retirement plans are the dreams of the young Irish workforce according to a new study by pension trustee firm Independent Trustee Company.

Retirement pension plans for young people appear to be out of sync with the reality of the amont of money being saved and put aside for the final third of their lives. According to an article in the Sunday Business Post (Sunday August 28, 2011) only 8 per cent of 30-something surveyed said they “believe that they’l have to work past 65″ in comparison to 33% of 50-somethings believing they will have to continue working past 65.

According to the Independent Trustee Company quoted in the article “many people would ideally like to stop working at 50, the likelihood was that their retirement age would be closer to 70.”

Good pension advice is that people should start their pension at 25 with an average of €100 per month in order to be able to retire comfortably at 65 and have enough money to both pay bills and enjoy themselves. When considering your pension planning one can get great perspective when you divide your life into three distinct sections

• Childhood 0-25 years (approximately)
• Working Life 25-65/70 years (approximately)
• Retirement 70 years -

Saving money has become the new buzz word  although it is one of the
oldest messages we learnt from our parents when we were growing up.
Nothing has changed, saving is a basic essential ingredient to help
you reach Financial Freedom.

Saving is not simply defined by putting money in a Bank or Credit Union. You can also save by contributing to an  Income  Protection Plan, your Life Insurance, a deposit account or pension plan. All are
different methods of saving, each providing for an
unexpected event  or for a particular stage of life  in the future.

One event may be saving for your retirement. Many of
us expect to live long after we retire and have great hopes of being
able to visit different places and do all the things we dont have
time to do while working. However, you will need an income to
provide this lifestyle, as the current state Pension of €230* a week
will barely be  enough to meet your essential requirements you need to
build a retirement fund while you are earning  to spend
later.

People spend one third of their lives in childhood, going to
school and  learning the skills you will need in the future, the
second third of your life, in adulthood, is spent working, maybe
rearing a family  and helping your children build their futures and
the final third you will spend as a retiree. Therefore it is crucial
that you provide for those retiring days while earning. You deserve a
financially secure retirement.

In the hazy days of the Celtic Tiger many people invested their extra
earnings in buying property, which was intended to replace their
Pension Plans. Agreeably it is  wise to build your petirement plan on
a diversity portfolio of Property, Cash & Equities an over indulgent
in any one area can lead to poor performance and hence poor results.
There are professional companies out there that can help, guide and
advise people on how to build a diverse portfolio, that way the risk
is spread and you will no have ” all your eggs in one basket ”

Planning for your retirement is crucial and strongly encouraged by
our Government, it is the only way of saving that the government will
support you by increasing your fund by the same rate of your tax
liability. If you are a 41% tax payer for every €100 you contribute to
your Pension Plan the  government will give you € 48,back ie 41% tax
relief & 7% PRSI relief.

For FREE Retirement Planning advice contact us at www.podfinancial.ie

According to Emma Kennedy , personal Finance Correspondent with the
Business Post: “Pensions have begun to overtake property as
the principal asset being wrangled over in divorce cases “.

Pension Trustees  ( ITC ) said ” that in at least 30% of divorce cases the
pension pot is now the principal asset.”  Solicitors are witnessing a
substantial increase in the number of Pension Adjustment Orders
recently. according to figures from the ITC the average private
pension is worth €100,000 while public sector pension benefits are
worth £500,000. Meanwhile, falling property prices have pushed many
homeowners into negative equity. It is expected that pension
adjustment orders will continue to increase over the coming years.

Until recently, due to the turmoil in the Financial world solicitors
have been reluctant to consider the pension value during divorce
proceedings, but all this has changed,  the pension fund was seen as
inaccessible  which resulted by individuals having to dig in and use
their personal savings and other assets to survive.

Planning for your retirement is crucial and strongly encouraged by
our Government, it is the only way of saving that the government will
support you by increasing your fund by the same rate of your tax
liability. If you are a 41% tax payer for every €100 you contribute to
your Pension Plan the  government will give you € 48,back ie 41% tax
relief & 7% PRSI relief.

For FREE Retirement Planning advice contact us at http://www.podfinancial.ie/

Half of Irish women do not have a private pension in place, which means that women are facing serious financial poverty when they retire.

Currently 53.2% of women are not covered by a private pension, compared to 43.7% of men without private pension cover, according the 2004 CSO pension coverage survey.

It is more common that women earn less than men, experience a broken career path and are more likely to work part time. Statistics prove that women live longer than men and the life expenctancy of the average woman is projected to rise from 81.1 years to 89 years by 2060. The combination of these factors indentify the great vulnerability of women and their exposure to greater financial hardship.

The current Irish state pension is €203.30 a week.For women not covered by a private pension, once their retire they can expect a significant drop in income. For the average person earning €30,000 each year, unless a private pension is in place, their income will drop. An 80% drop can be expected for persons on €60,000 each year.

In recent years, the Irish Pensions Board and Irish State have worked hard to highlight the importance of Irish women securing their retirement future.

Gay couples have been vindicated in their fight for equal rights this week after the European Court of Justice have ruled in favour of equal pension rights.
According to a report in today’s Sunday Business Post by Kieron Wood, the European Court of Justice has said that couples in civil partnerships are entitled to supplementary retirement pension benefits equal to those received by married pensioners.
The ruling was made after a German man, Jurgen Romer, took a case after his employer of 40 years refused him an increase in his pension in line with those received by married couples. The company said his “marital status did not fulfil the legal criteria”.
The ECJ, is simple terms, outlined that The gender balance within a marriage is irrelevant with regards to pension.
What does this mean for Ireland? Well the inauguration of the Irish Civil Partnership laws was just the first step in a line of legislative changes required to provide an equal and fair society.

POD Financial Services are seeking three professionals to join their team as Financial Sales representatives.

Key requirements of the role include: Building and maintaing strong relationships with clients, internally and externally, through the delivery of high quality financial services; Good communicator, ability to accquire new business and clients; Ability to work on own initiative as well as part of a team; Flexible and adaptable to change; Friendly and enthusiastic personality. Own car.

Knowledge of the financial sector may be an advantage but is not essential. Full training included.

Send your CV and cover letter to info@podfinancial.ie. Make sure to answer the question: why do you believe you would be a good financial advisor?

PREPARING for your wedding can be overwhelming. You’re not long engaged when an avalanche of questions about your big day descends on you. Do you want a big wedding or a small wedding? Will it be summer or winter? Who will be at your wedding party? Where will you have the reception? …..

BUT there is only question that you need to answer straight away, how financially fit are you to host a wedding? Nothing should take from this very special day and there is no reason why you shouldn’t have the day of your dreams but unfortunately, in the end, money talks.

THERE are a key number of things you can put in place to make sure you have all you want on your wedding day, the most important of these is timing. The sooner you put financial plans in place the better your day will be.

Enjoy it. Not having a lot of money doesn’t mean you shouldn’t enjoy organising your wedding. It is a wonderful time so make sure to get as many people involved as possible and take time to realise that this is YOUR day and regardless of budget, you deserve to enjoy every moment of it.

Available cash. Check out what savings you and your partner have that can be invested in the wedding. Next, consider putting a little extra of your salary into your savings for the number of months preceding your wedding. The sooner you can do this the better, as it will mean you have more money to spend.

Long term savings. If you have a long term savings plan which is drawing close to fruition and will yield you some positive return, consider scheduling your big day around the final date of the savings plan. If you don’t plan on getting married for a couple of years after your engagement, it is a very wise decision to open such a plan. For as little as €12.50 per week, after a couple of years, you could have a really good wedding!

Shop around. Make a list of all the venues in your area, or just the ones you are considering, and contact them all to find out an average price and what they are offering as part of the package.

Draw up a to-do list. Name out all the things you need to organise for the day including all the things you need to pay for. Not forgetting the items like chair covers and favors, if you decide to have them.

Prioritise this list. Put the most important things to pay for at the top of the list and those less needed at the bottom.
Budget. Now that you have an idea of what things cost, draw up a reasonable budget. Weigh that against your available cash and then go to your local Credit Union/bank and put in an application for your loan amount. In these tough times, loans are not easily granted so make sure to give yourself plenty of time. Also, make sure to talk to your local Credit Union with a reasonable request and a plan on how you intend repaying the loan.

Save. For the couple of months before the wedding, cut down on the nights out and the celebrations. Cut down on whatever excess everyday spending you can and put everything aside. It will be worth it in the end.

Pay as you go! Set a goal to have as many of your services paid for before the “BIG DAY” Ask the service providers to set up a payment plan for you which will help you to meet all the financial requirements more easily. This could mean that you have all your costs met before you even have a ring on your finger!

Helpful gifts. It’s not uncommon to have many family members and friends to have gone through the wedding scene by the time you’re getting married, so if they offer to buy you a present, let them help with the big day. Have someone get you the candles, another person could make or buy your cake, maybe the two sets of parents could get together and buy the bridal party attire. Maybe you even have a friend who’s handy with the camera and they could save you a fortune on the photographs! People will love an opportunity to be involved in your big day, so let them (and save money at the same time!)

Getting financially fit for your wedding can be stressful but it doesn’t have to be. Put these few simple steps in place and enjoy the months and weeks leading up to one of the best days of your life.

HAVING helped three daughters through weddings (and two sons to go), POD Financial Services has great experience with wedding finance and how to have it all without breaking anyone’s bank.

IN recent years money has become the most popular (and welcome) gift to give the bride and groom, however buying them something that will contribute to their special day could help save them from a massive bill and gives you a unique part to play.

FOR anyone who has been through the wedding scene, you can appreciate that the expense of the day can be stressful, so by offering to pay for something special you can help the couple enjoy their special day.

WE have compiled a list of gifts that you can offer to pay for (or if you’re the bride and groom, ask friends and family who offer). These gifts may be something you have a talent for and instead of buying them, consider making them yourself adding the all important special touch and Vitamin L (Love).

Eight Possible Gifts:
The Candles for the church/ceremony.

The Cake. Maybe you’re talented in this area and would like to offer your expertise to make a special creation for the wonderful couple and their guests.

The Bridal Attire. This is an expensive option but consider that more and more couples are paying for their own wedding, it could be an option for the parents to get together on.

Make up and Hairdressers. Why don’t a couple of friends could get together and buy a number of vouchers that will cover the cost of the makeup and hair do.

Flowers. These are an essential part of the wedding tradition but it could be that you have taken a flower arranging class and can help in this department. Let the bride and groom pay for the flowers and then arrange them for free as your gift!

Church/ceremony music. You may not be Bono but if you’re a budding soloist and can sing or play an instrument, talk to the couple about providing the music for the ceremony. Naturally you will have to let them pick the music they would like but they may be very happy with the offer.
Favors. Maybe you have a small craft business or you have always longed to make something. It would be very special for each guest to get something that was made especially for them, it could also give your business a bit of a boost. Otherwise, talk to the couple and see what financial help you could offer to contribute to this cost.

Photographs. Have you an eye for the beautiful? Photographs mean the world to the bride and groom and for years to come they will help recount their most precious days. How special would it be if you were the person to capture those precious moments (and save the couple a fortune)?

Whatever it is you can do, talk to the bride & groom and get involved in a special way their very special day.

September 6-11, 2010: National Savings Week (Ireland)

This is National Savings Week, so make it count.

My advice is simply: Do something today that will make a difference to your financial well being tomorrow or in the future.

Savings are our golden ticket. They are the means through which we get what we want, whether that’s a holiday, a wedding, a new dress or shirt, a new car! There is no set amount of things you can save for, literally when you put the hard slog in, whatever you buy in the end is yours. You’ve earned it.

There are three different types of savings people should consider this week. Short, M

Savings
Many many years ago when I was a young child in National School Friday morning was dedicated to Savings Day. In those day we used to take a shilling to school every Friday morning and buy a saving stamp. A shilling represents 5p.today. It was a great thrill to have this shilling which had to be earned at home doing household chores during the week.
Generally I would have got one stamp every week but when you had a Birthday or an uncle home from America an extra few shillings would be available and it was a great feeling to be able to go to the teacher and buy maybe 4 stamps. We had great pride in our savings. Many schools are carrying on that same service today, be it Post office / Credit Union saving stamps. Long may it continue as teachers develop a pride in their pupils in saving their money for special surprises.
Those saving stamps were my first introduction to saving money and I’m quite sure the first introduction to hundreds of people all over Ireland. Saving was such an integral part of our growing up. There were saving stamps for everything, green shield stamps, that you redeemed for household goods, ESB stamps that you used to pay off your Electric bill, Stamps to save for your TV Licence and of course most supermarkets are still using stamps to help their customers in paying for their groceries today.
Isn’t it strange that living in a age where Saving stamps are an integral part of our everyday living that we have been so slow to save our money for the “Rainy Day” and many of us got caught out when the Celtic tiger stopped roaring and credit became an item on your wish list. During our life time we need to establish three different strands to our Savings Plan.
• Short Term Savings: these are the monies we need for the more immediate needs, change the car, go on holiday, return to college and so on.
• The Medium Term Savings: which may be for our children third level education, back to college for ourselves, celebrate a special anniversary or may be a family members wedding.
• The Long Term Savings : for our retirement as you will need an income in your Golden Years.
Now it’s time to stash your cash. We’ve all heard this before but it’s more important now than ever thank to Recession fuelled layoffs. If you or your spouse lost your job would you be able to cover all your living expenses for approximately ten months, that’s how long it may take you to get another job. It’s necessary to start building a “ten month” emergency savings plan, this should be one of your main priorities this week.
Credit Card Debt:
Now you need to concentrate on your Credit Card debt. This is most likely the most expensive debt you have at the moment. Once you have your ten month fund built up, continue paying at least the minimum each month off your Credit Card or Cards, but also try to add an extra payment on the card which has the highest interest rate, Once that balance is zero, start tackling the card with the second-highest interest rate. Then move on to the next and the next. Always pay on time, as this makes an impact on your credit rating.
Parents also need to think about starting an Education Plan for their children. Education costs are getting higher year on year, and with the return of College fees it is going to be very difficult to meet the total costs without having some Savings in place. There are a number of very good tailor made plans available for this purpose. Now is the time to start that Education Plan and be confident that you will be able to give your child the very best education available to them when they are ready. For maximum return you need to allow your plan to grow for at least 15 years. Start that fund today.
We also need to consider Saving for Retirement. I know many of you will just think O sure “I need to save for my retirement” when right now it’s a triumph to even pay the bills and keep the roof over your head.

Retirement should be some of the happiest and best times of our lives, yet I get the feeling many of us are so worried we won’t have enough money when the time comes, that we just might kill ourselves with worry long before we get there. Getting yourself in financial shape so you can retire without money woes is certainly within your reach, and it doesn’t require epic levels of sacrifice.
Many people let it too late to start. The earlier you start the better your income in retirement will be. While Money will always come and go, when time goes it is gone for ever, so we can’t afford to waste it!. By “Time” I mean that you need to give your fund time to grow so that you will have the best return.

ANYONE who says they don’t need more money is simply not telling the truth. We all need more money. In these tough economic times, when wages have been cut and jobs have been lost, it is harder to pay all the bills. More money is on all wish (and need) lists.

IT is hard to give a set amount of definitive tips on how to increase the amount of money coming into the house each week but the following ten tips should help get you thinking about all the opportunities you could be missing out on.

Believe in yourself. It may not seem like a money making tip but believing in yourself is one of the most important tools of success. Countless of studies have shown that self confidence one of the key factors of success and when we are confident and believe in ourselves we perform better in both our work and our life.
Trust in yourself. This is an important key step closely linked with tip number one. There are many people who will question you on whether or not your doing the right thing, whether or not you have thought it through. Have enough self belief to trust yourself. If you have decided to take something on and you believe that you have the talent and the work ethic to succeed then, trust yourself. You CAN do it.
Ask for a raise. This might not be possible in every situation and for many people money is an awkward subject but in tune with step 1 and 2, believe in yourself. You are an asset to your company and they are all the better for having you on board. Talk honestly with your supervisor/manager about the possibilities of increasing your salary. Make sure to have your homework done before hand and check out if your contract or employers handbook states whether or not your entitled to a raise in pay.
Identify your talents. If asking for a pay rise yields no profits, turn your attentions to the things you are good at. John Fitzgerald in his TV programme Rising After Redundancy, gave great advice to people, that I continue to endorse. He says you should ask yourself: “What are you really good at?”. We all have different talents. Some of us are good with constructing things, others are good at sewing or baking. More of us are better at computers or cleaning houses. Whatever it is, identifying your talents is a key step to a bigger income.
Offer help one day or a couple of hours a week. With this new talent, think about the opportunities in your community/town that could benefit from your help once a week or even just a couple of hours a week. Maybe there are people who need a little help with house work or minding children, your services could end up being very valuable. Maybe you’re handy about the house, you can fix household appliances, hang shelves or cut lawns? You’re help may be more needed than you think!
Set up an evening class. You may be in a position to teach people. Many people make a new year resolutions in January or decided to do something different for the winter months, you could have a skill other people want to learn. Talk to your local VEC or Education Centre and find out if you can use one of their rooms to offer a valuable course to people. Make sure, however, that you have a good plan worked out first and outline exactly what you are going to teach the course participants.
Become a Sales Rep. Tupperware is back in fashion, among other things. Many companies in Ireland advertise sales jobs weekly on many newspapers. These jobs often require you host in-home sales nights and sell goods. Considering that entertaining-in is the new going-out, these jobs are a great excuse to have the girls over and to meet new people. Having an out-going personality is essential and the commission is often very good.
Car Boot Sale. To you it may be junk, but to others it may be just what they were looking for. Car Boot Sales are a great way to get rid of your surplus ware at home and get paid for it. Details of a car boot sale close to you are often found in your local paper.
Listen to what other people can’t afford and see if you can provide that help for less money. Many small companies could benefit greatly from various services but can’t afford it. Maybe you have the service they need but can offer it after hours for a lot less money. You might be pleasantly surprised by the demand for you!

If you have any steps that you feel are important for other people to consider when trying to increase their revenue, leave a comment below.