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IT’S been said that many women have weekly pensions that would barely cover the cost of a haircut. With only 47% of women in Ireland having some form of pension outside of the State pension, Vincent Casey Life & Pensions, Killarney, has decided to raise awareness of the issue and has dedicated the week from October 17-24 to specifically address retirement planning for women.

You can never start early enough when it comes to planning for retirement, said Vincent who this year celebrates his 20th year in business. The problem is many people expect the State pension to provide for them in retirement, he notes. “The State contributory pension is currently €233 per week and it is vital that people look to supplement this,” said Vincent. “Currently it is estimated that the annual income needed in retirement is € 18,000 per annum; this is the equivalent of 50% of the average industrial wage.”

Of the 47% of women that have some form of private pension the average pension that they are providing for is just € 2,000 per annum, added Vincent. “Pensions are by far the most tax-efficient method of saving as not alone are you getting tax relief on what you are paying, but the fund as it grows is also exempt from tax until drawdown,” he added. “At retirement you are entitled to get 25% of the fund tax free.”

If you are interested in finding out more about setting up a pension, reviewing an existing pension or finding out about a pension that you paid into previously , call Vincent on 064-6636410 to book an appointment and he will arrange to meet with you during that week.