Connect with us

News

Are you saving too much?

Published

on

0236220_M_O_Connor_1000x600.jpg

By Michael O’Connor

Working in the finance space, I get a lot of questions about savings such as am I saving enough, how much do I need to save for retirement, and how can I save more?

And I get it; uncertainty around money can be one of the leading causes of stress.

According to Northwestern Mutual's 2018 Planning & Progress Study, 48% of US adults experienced "high" or "moderate" levels of anxiety around their level of savings.

Increasing your savings can be a sure-fire way to provide the peace of mind necessary to alleviate this stress.

But is there a downside here?

Does our preoccupation with savings inhibit other areas of our lives and at what point does saving money have diminishing rates of utility?

The allure of early retirement cannot be denied; paying your mortgage off a few years early is compelling, but continuously foregoing what you want now in the name of saving for 'the future' may not be as necessary as we think.

Despite the anxiety and focus around saving, the evidence suggests that many individuals seem to be saving too much.

Recent studies from the Investment and Wealth Institute have shown that only one in seven retirees are withdrawing principal from their retirement within a given year. The remaining retirees live off of their investments or even less.

According to a study by United Income, 'The average retired adult who dies in their 60s leaves behind $296k in net wealth, $313k in their 70s, $315k in their 80s, and $238k in their 90s'.

In short, retiree wealth tends to go up, not down, with age.

This suggests that more people should be asking, "Am I saving too much?" rather than "Am I saving enough?"

Stop guessing and make a plan.

Financial planning is not simply about blindly saving as much as possible. Your finances should facilitate your life, not perpetually inhibit it until such time as you have saved an arbitrary amount that you deem adequate enough to allow you do the things you want.

So, where do you start?

Unfortunately, there is no one-size-fits-all answer. It depends on your own personal situation, your income and your lifestyle.

With that said, there are general benchmarks that can be used when assessing your savings levels.

Start saving 6% at age 25 and ramp up savings by one percent each year until reaching an appropriate level, typically around 15%, including any employer contributions.

Savings of between 1 and 1.5 times your current gross wage at age 35 is a solid target to aim for.
Most people looking to retire around the age of 65 should aim for assets totalling between seven and 13-and-a-half times their pre-retirement gross income.

These general numbers won't apply to everyone, and a more robust financial plan is essential, but this should help to get the ball rolling.

A more in-depth financial plan should incorporate future project earnings, inheritance, the progressive compounding of your investments over time and the reduction in your spending rate over time as you move away from your most capital-intensive years.

It is essential that you take the time to figure out what you are truly saving for. Clarity around your exact requirement will ensure you strike the balance between spending in the present and saving smartly for the future.

To learn more about how to get started go to www.theislandinvestor.com.

Advertisement

News

Beaufort’s Paudie Coffey eyes bright future after Glór Tíre final

Published

on

By

Local country music singer Paudie Coffey has expressed his gratitude to the “Kerry Gang” following his appearance in the Grand Final of TG4’s Glór Tíre on Tuesday night.

The 26-year-old Beaufort man was met with a wave of support from fans who travelled to the live broadcast wearing Kerry GAA jerseys and carrying homemade banners featuring his face.

“The Kerry Gang will be one of my favourite memories from all this,” Paudie said following the result. “It was great to see them here, because it just helped me take the final as a normal gig, because these are the people who are normally at my gigs every weekend. When I see them, it basically calms my nerves, and that’s a good thing. I’m very lucky to have them.”


During the live final, Paudie delivered performances of the Kenny Rogers classic ‘The Gambler’ and Isla Grant’s ‘We’ll Meet Again My Friends’.

While the title of Glór Tíre Champion ultimately went to County Down singer Jordan McPolin, the experience has significantly boosted Paudie’s profile on a national level.


Despite the result, the Beaufort singer is confident that his career is only moving forward. “This certainly won’t be the end of the road,” he stated. “With Glór Tíre, I’ve gained huge experience. What we’re trying to build up and what we’re trying to get now are the big gigs.”

Attachments

Continue Reading

News

Kerry Stars help launch of Ablefest 2026

Published

on

By

Excitement is building in Killarney as Ablefest returns on Sunday from 12pm to 4pm at the St Patrick’s Festival Hub at Beech Road Carpark.

Now in its second year, the inclusive festival is set to be bigger, brighter and bursting with even more fun, laughter and community spirit.

Ablefest is all about celebrating inclusion and creating a welcoming space for people of all abilities, along with their families, friends and supporters.

For four fun-filled hours the hub will come alive with music, creativity and plenty of opportunities to dance, play and make memories together.

From toe-tapping tunes to hands-on activities, there will be something for everyone to enjoy.
Among the highlights will be live entertainment, including a headline performance from Jake Carter and his band.

Festivalgoers can also enjoy a Silent Disco, drumming sessions, face painting, puppet shows and sensory-friendly spaces — ensuring that every visitor can join the fun in a way that suits them.

With so much happening, Ablefest promises magical moments around every corner and plenty of reasons to get into the festival groove.

The launch at Killarney Leisure Centre on Thursday was also a wonderful opportunity to shine a spotlight on the Kerry Stars athletes who will represent the county at the Special Olympics Summer Games in Dublin this June.

Luke Scollard from Scartaglen takes part in athletics, therapeutic horse riding and swimming with the Kerry Stars.

At the Summer Games he will compete in the 4K Shot Put and the 200m run, where he’ll be hoping to really throw down the gauntlet and sprint for success.

Joe Buckley from Faha is involved in athletics, basketball and soccer with the club. Joe will be taking to the track and field in Dublin where he will compete in the 100m sprint and mini javelin — proving he’s ready to go the distance and make his mark.

Caoimhe Brosnan from Kilcummin participates in athletics, basketball, soccer and swimming with the Kerry Stars.

At the Summer Games she will compete in the 25m freestyle and 25m backstroke, where she will undoubtedly make a splash for Kerry.


Sophie Twiss from Miltown enjoys therapeutic horse riding and swimming with the Kerry Stars. Sophie will also be competing in swimming at the Summer Games, taking part in two events as she prepares to dive into the action in Dublin.


The launch event highlighted not only the upcoming festival but also the incredible talent, determination and team spirit of the Kerry Stars athletes.

Their achievements perfectly capture the heart of what Ablefest is all about – participation, celebration and making sure everyone has their moment to shine.


As the countdown begins, organisers are encouraging everyone to come along, soak up the atmosphere and join the celebration.

For more information, log onto the St Patrick’s Day Festival website and click on Ablefest. 

Continue Reading

Last News

Sport