Meet Mick, self employed

I’m Mick, I’m in my 40’s and self-employed.

I went out on my own as an auctioneer 3 years ago. My business is pretty established now and I’m getting a lot of support locally. The COVID crisis was the first big shock to my business but I have adapted and virtual home tours is becoming quite acceptable to most. The crisis has taught me that I am not “bullet-proof” and that I need a plan for the future.

We bought our own house 5 years ago and we have 2 kids. We have some control on our bills now and this helps us to plan a little better.

Before I went out on my own, I was an employee with a big firm and one of the great perks of the job was the company pension plan. I really miss that now – particularly the ease of watching it go from my payslip every month without me having to do anything. Even better, my employer matched what I was putting in.

Now I need to set up my own pension plan. It has to be right for me and has to be what I can afford at this stage. My Dad explained how the tax relief bit works. If I want to pay €100 into my pension pot, the net cost to me after tax relief can be as little as €60 (assuming I pay tax at the higher rate).

My wife Aine is a schoolteacher so she has been building up a retirement plan for years.

I need to get some advice on what type of plan is right for me – I want someone to simplify it for me and it has to be right for my family too. The big thing is that I know that nobody is going to do this for me and I have to look into it myself.

To find out more about what people in Mick’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.

Useful Tools & Guidance