They say a good plan is invaluable, and that's certainly true of your retirement. Before you retire, there are a few things you should consider, such as,
Have I saved enough?
If you're approaching retirement age and you feel your retirement fund may not be as large as you wish there are a few things you may be able to do. You may be able to make an Additional Voluntary Contribution (AVC) to your pension that could help increase your fund amount in a tax efficient way. If you're still worried about your pension, call our Financial Planning Team on 1850 804 164.
What will happen to my partner if I die?
If you die before your retirement your pension fund will be paid to your estate free of income tax, although your estate may have to pay inheritance tax. If you die after you retire your pension may:
- continue to be paid to your partner
- paid to your partner as a lump sum
- paid to your partner as a percentage of your pension payments
Talk to our Financial Planning Team on 1850 804 164 to see which of these options may apply to you.
Should I continue to work?
Many people decide to delay their retirement for a few years, or even decide to work part-time after they retire. Your employment contract may state when you must retire, so you should consult this first before you make any decisions. If you decide to continue working after you retire you can still collect your pension, or you may also be able to defer your pension for a number of years.
How should I receive my pension?
The type of option you choose may depend on your pre-retirement policy conditions. It will also depend on your pension fund amount, your pension type, and your personal preferences.
The information contained herein is based on Zurich Life's understanding of current Revenue practice as at August 2016 and may change in the future.