The goverment has you covered-ish.

“State Pension & understanding if you feel you will be financially OK in your retirement is our aim of the information below. This will make it easier for you to then understand why the other pensions options available are relevant to your own individual circumstances & how best to plan for the future regarding your ``pension/s`` Once you have decided this & you feel you need to put a pension in place, feel free to contact us & we will be happy to help and advise at no cost to you.

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Financial-logic-financial-advisors-meath-pensions-emploeyee

Financial logic - financial advisors meath pensions 66 retirement age in ireland,

FINANCIAL LOGIC ADVISOR -BROKER IN MEATH

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How much do I get in my state pension?

€243.30 per week.
The minimium full rate insurance contributions needed to qualify is 520.
You must have started paying social insurance before reaching the age of 56.
To qualify you must have a yearly average of at least 48 paid and/or credited full rate contributions from the first year you started insurable employment until you reach 66
Don’t have the above, then you must have a yearly average of at least 10 paid and/or credited full rate contributions from the first year you started insurable employment to the end of the contribution year before you reach 66.

Financial-logic-financial-advisors-meath-pensions-emploeyee

State Pension 1

State Pensions – there are 2 types of state pension. The first one is based on the amount of social insurance contributions a person has paid. It is NOT means tested & you can receive it from the age of 66. This is known as Contributory Pension. As it is not means tested you can also have an income whilst still receiving your pension.

FINANCIAL LOGIC ADVISOR -BROKER IN MEATH

N.B You should apply at least 3 months before reaching the age of retirement which is currently 66.

N.B In 2021 the age to qualify will rise to 67 years of age.

State Pension 2

The second state pension is called a Non – Contributory State Pension & is based on a means test. It’s for people aged 66 or over who do NOT qualify for the Contributory State Pension because they have NOT enough social insurance contributions paid as mentioned above.

N.B You should apply at least 3 months before reaching the age of retirement which is currently 66.

Financial logic - financial advisors meath pensions 66 retirement age in ireland,

State Pension V Retirement Lifestyle.

The state pension maybe enough for some people to live the life they are content with, but for many others this will not be enough to pay for the life you may have planned for when you hang up your boots. If this is you then it’s worth considering having your own pension in place for your retirement. This does not effect your state pension payments but will be an additional payment from your state pension.

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What's the purpose of having a seperate pension.

The purpose of having your own pension is to provide you with a regular payment / income on top of your state pension when you decide to retire meaning that you can have a lot more choices in your retirement

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Let’s look at the different types of pensions which you can consider if you feel the state pension will not be enough to do what you would like to do when you retire.

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The state pension is only one of a number of pensions you need to understand. On our Pensions section within the site, we go into detail regarding the other types of pensions. Our pensions FAQ’S sections is a great place to start.

Oliver
We understand that there is a lot of information you need to consider & we believe in knowledge is power when it comes to choosing the right policy for you & your family.
If you feel you have more questions you need answering, why not check out our Pensions FAQ'S or contact us today.

Oliver

Customer Service