Pensions can be overwhelming, confusing and even complex. But while pensions can seem overly complicated, they are actually a rich tapestry of multi-layered elements, coming together to make one thing. In fact, they’re a lot like a cake.
Enter Baz Ashmawy and his Mammy, Nancy. They’ve enlisted the help of Bernard Walsh, Head of Pensions and Investments at Bank of Ireland, to demystify pensions and planning for the future. Together they’re going to show you that you shouldn’t be scared of a pension but you absolutely should have one. Throughout the series Bernard, Baz and Nancy will explore the 3 simple steps to a better retirement. Then once you understand those steps, you simply...Bake it ‘til you make it! Enter Baz Ashmawy and his Mammy, Nancy. They’ve enlisted the help of Bernard Walsh, Head of Pensions and Investments at Bank of Ireland, to demystify pensions and planning for the future. Together they’re going to show you that you shouldn’t be scared of a pension but you absolutely should have one. Throughout the series Bernard, Baz and Nancy will explore the 3 simple steps to a better retirement. Then once you understand those steps, you simply...Bake it ‘til you make it!
Episode 1: Know what you have
When it comes to retirement planning knowing what you have now is a great starting point: what money you have coming in, what money is going out, what you have saved and what you owe. In episode 1 Bernard, Baz and Nancy talk about gathering all of the ingredients to get your pension pot started.
Episode 2: Know what you want
Knowing what you want from life when you do retire is key. What kind of lifestyle do you want? Bernard, Baz and Nancy chat about the kind of retirement lifestyle they’d like and what needs to be done to make it a reality.
Episode 3: Know how to get there
Pensions are like baking a cake, some of us like to stick to a recipe while others are more experimental. But you still need a plan of some kind to get the end result you want. We all used piggy banks to save when we were kids. Now that we’re older, we need to use something more suitable for saving for the future – and that’s all a pension is – a long term savings plan but one with great tax breaks. Did you know that if you put €100 into your pension, you can get up to €40* of that back in tax relief and you still have the €100 invested in your pension? However, it’s really important you get some expert advice to help you on your way. And 60 minutes is all it takes to get your pension started. The same time it took Baz, Nancy and Bernard to bake this beauty of a cake!
*Assuming you’re a higher rate tax payer. Revenue limits, terms and conditions apply.
When it comes to planning for the future, there’s no one size fits all. If you want to learn more about building a retirement plan that works for your lifestyle you can arrange a free consultation with one of our wealth advisors today.