The
graph above assumes that your pension fund will grow at 8.25%
each
year, having deducted all charges. This is
not a forecast as funds can grow at a faster or slower rate,
resulting
in higher or lower benefits than those illustrated.
On retirement the pension fund will but a yearly income-the
graph assumes that €100 of the fund you have built
up will buy a yearly pension of €11.60
at retirement, starting at age 65 for the
rest of your life. We assume
that contributions into the pension plan
and inflation both increase at 5% each year. We
can ensure you have more than €147.30
per week to survive on when you retire. That's
what you'll be left with if you depend solely on the state
for your pension at retirement.
( €147.30
is the maximum weekly state benefit for a single person at
retirement ). So, what's the solution? A pension plan will replace part
of your income for the rest of your life at retirement...but
good pension plans don't come cheap, and the longer you leave
it the more expensive it becomes. If you would like some further information about pensions,
call 1850 700 777.
Click here to find out about SHIP - Shared Home Investment
Plan
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