Meet Mary, employee

Mary, in her 30’s, employee, started a pension

I’m Mary and I’m 36. I am only 8 months in this new job role and it has changed so much already. My day has changed from a one hour commute each way to a walk from the kitchen table to my new home office. And this has given me some additional time in the evening to enjoy extra family time.

With less commuting, my trips to the petrol station are now rare events and those expensive lunches have been replaced by the homemade version. I have been surprised to see our bank account getting a bit healthier. My husband Harry and I have taken a fresh look at our finances. One of the big plusses of my new job is the company pension scheme. I joined six months ago and it’s great to know that not only am I saving for our future every month but my employer is contributing the same amount again.

It was fantastic to sit down with a financial advisor to get a better understanding of what I wanted to do and more importantly, what I needed to do. I never really understood pensions properly before, but she really simplified it and took me through a couple of steps starting with a really important one which was to understand what I already had. As this is my fourth job, I had a file with all the communications from previous pension providers but it was an alphabet soup of PRSA’s and PRB’s. I thought they were all pretty small but she was able to illustrate a better picture than I had expected. Because I had taken a few years out when the kids were born, I also had left a few gaps in my pensions.

It also made me focus on what I want from my retirement life. Harry and I want a comfortable retirement when we finish working. So for the first time, we sat down with the advisor and looked at our finances as a whole, including his pension plan and savings. With some agreed goals in mind, our advisor set out a retirement plan to help us get there, that was affordable, realistic and flexible -we can increase it or decrease it as we need to or pause it and re-start when we choose. This really took the fear of over committing for the next 25 years out of the equation.

To find out more about what people in Mary’s situation should do about Pensions, click here to read our Talking Pensions magazine.

To arrange a meeting click here or contact us on 01 511 9202.

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