About to Retire? Secure Your Financial Future
Congratulations on reaching the milestone of retirement! Now, it’s time to explore your post-retirement pension options to ensure you maximize your income and secure your financial future.
Why CK Financial Solutions?
Over 20 Years Experience
Fully Regulated Advice
Transparent Fee Structures
Free Financial Review
Your Post-Retirement Pension Options.
Approved Retirement Fund (ARF)
Approved retirement funds (ARFs) are retirement contracts in which you can invest all or part of your pension fund and from which you can then draw an income as you see fit. They are available to:
Proprietary (5%) directors (who are members of an approved company pension scheme)
Other members using their
AVC
funds
PRSA and personal pension holders
The finance act 2006 introduced an imputed distribution on ARF assets with effect from 31 December 2007. This was then amended in the 2011 Finance Bill. This means that if no funds are drawn down during the year, the ARF holder will be assumed to have drawn down 4% of the fund, with income tax payable. This applies to all ARFs set up after April 2000 where the ARF holder is 60 years of age or older. Any actual distributions from the ARF during the year will be deducted from the imputed distribution for that year. The Finance Bill 2012 introduced imputed distribution on vested PRSA’s and introduced a 6% imputed distribution rate for ARF’s and vested PRSA’s of €2,000,000 or more in value.
A self-directed ARF gives you complete control of your pension investment decisions. The main benefit however is that on death, the value of your fund can be passed on to your estate unlike with annuities, where the contract expires.
PRSA Personal Retirement Savings Account
Planning properly at retirement is vital and all options should be considered including the option of breaking your pension into a number of PRSA’s ahead of retirement and then retiring out each PRSA at different intervals throughout your retirement. This can help secure the maximum fund to be passed to your estate on your death if you have not yet used the fund yourself.
Who Should Consider Post - retirement Planning?
Post-retirement planning is essential for anyone approaching retirement age or already retired. Specifically:
Individuals
Approaching
Retirement Age
Those nearing retirement age should consider post-retirement planning to ensure they have adequate income and financial security once they stop working.
retirees
Even after retirement, individuals should continue post-retirement planning to manage their finances, optimize their pension options, and ensure their financial well-being in the later stages of life.
Business
Owners and
Entrepreneurs
Business owners and entrepreneurs should consider post-retirement planning to secure their business interests, plan for succession, and ensure a smooth transition into retirement.
Investers &
Savers
Investors and savers should plan for post-retirement to optimize their investment portfolio, maximize returns, and ensure a steady income stream during retirement.
Families and
Dependents
Families and dependents of retirees should also be involved in post-retirement planning to understand their financial situation, plan for potential inheritances, and ensure financial stability for future generations.
High Net Worth Individuals
High net worth individuals should engage in post-retirement planning to protect and grow their assets, minimize tax liabilities, and plan for wealth transfer to heirs or charitable causes.
Those Seeking Financial Independence
Individuals seeking financial independence or early retirement should consider post-retirement planning to sustain their lifestyle and financial security throughout their retirement years.
Overall, post-retirement planning is essential for anyone concerned about their financial well-being during retirement and beyond. It helps individuals and families navigate the complexities of retirement, manage risks, and achieve their long-term financial goals.
Why Plan Post Retirement?
At CK Financial Solutions we specialise in offering creative financial solutions tailored to the specific needs of successful companies and individuals.
financial security
Post-retirement planning helps ensure a stable and secure financial future by optimising income sources, managing expenses, and safeguarding against unexpected financial challenges.
Lifestyle maintenance
Proper planning allows retirees to maintain their desired lifestyle during retirement, ensuring they have the resources to enjoy activities, travel, and pursue hobbies without financial constraints.
healthcare coverage
Planning for healthcare expenses, including long-term care and medical emergencies, ensures retirees have adequate coverage and financial resources to address healthcare needs without depleting their savings.
Legacy planning
Post-retirement planning allows individuals to plan for the distribution of their assets and estates, ensuring their wishes are carried out and providing for future generations or charitable causes.
Tax Optimisation
Strategic planning helps retirees minimize tax liabilities by optimising retirement account withdrawals, taking advantage of tax-efficient investment strategies, and planning for tax-efficient wealth transfer.
Inflation Protection
Planning for inflation ensures retirees' income and assets retain their purchasing power over time, allowing them to maintain their standard of living despite rising costs.
Risk Management
Effective planning helps retirees manage various risks, including investment risk, longevity risk, and healthcare risk, by diversifying investments, purchasing insurance, and implementing risk mitigation strategies.
Peace of Mind
By having a comprehensive plan in place, retirees gain peace of mind knowing they have a roadmap for their financial future, allowing them to focus on enjoying retirement and spending time with loved ones.
Adaptability
Post-retirement planning allows retirees to adapt to changing circumstances, such as market fluctuations, health issues, or unexpected expenses, by having contingency plans and flexibility built into their financial strategy.
Empowerment
Taking control of your financial future through post-retirement planning empowers retirees to make informed decisions, take proactive steps to achieve their goals, and navigate life's transitions with confidence.
4 Steps to Reviewing Your Post Retirement Options.
STEP 1
Initial Consultation
Start your journey with an Initial Consultation where we’ll assess your retirement goals, financial situation, and concerns to tailor a plan that suits you best.
STEP 2
Market Exploration and Infrastructure Setup
Benefit from our swift action as we explore the market and set up the best infrastructure tailored to your post-retirement needs, ensuring optimal deals are in place.
STEP 3
Follow-up Meeting
Engage in a second meeting to comprehensively review our findings and receive personalised recommendations that align with your retirement objectives and financial situation.
STEP 4
Annual Intermittent Reviews
Stay ahead of the curve with yearly intermittent reviews. Our proactive approach ensures your post-retirement plan remains optimised, adapting to changing circumstances and market conditions.
Ready to Secure Your Retirement Future?
Don’t leave your retirement to chance. Book your Post-Retirement Planning Review with us today and take proactive steps to secure your financial future.