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Are you saving too much?

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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.

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Listowel festival honours Gneeveguilla seanchaí Éamon Kelly

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Listowel festival honours Gneeveguilla seanchaí Éamon Kelly


The Listowel International Storytelling Festival returns from September 17 to 20, featuring four days of traditional music, poetry, and international performances.


This year’s theme, “Past Voices, Future Stories,” honours the legacy of Ireland’s traditional storytellers while providing a platform for new artists. A major highlight of the four-day gathering is a special tribute to legendary Gneeveguilla seanchaí, actor, and playwright Éamon Kelly, marking the 25th anniversary of his passing.
Born in Sliabh Luachra in 1914, Kelly left school at 14 to work as an apprentice carpenter before pursuing a career in acting and storytelling. He joined the Radio Éireann Players in 1952 and performed extensively with both the Gate and Abbey theatres in Dublin. In 1966, he earned a Tony Award nomination for his role in Brian Friel’s play Philadelphia, Here I Come!.
The festival tribute features an archival exhibition documenting his career, alongside a celebratory concert with storytellers Nuala Hayes, Frances Kennedy, Daisy Kearney, and Danny Larkin, performing with Sliabh Luachra musicians Bryan O’Leary and Aidan Connolly. A dedicated panel discussion, chaired by theatre historian Dr Fiona Brennan, will feature Kelly’s son, Eoin Kelly, discussing his father’s life and artistic contributions.
International storytellers and performers from the USA, the UK, Morocco, Japan, the Czech Republic, Germany, and Belgium will join leading Irish artists across the weekend. The line-up includes a Culture Night showcase featuring the Listowel Community Youth Choir, local school visits, storytelling workshops, and a jazz performance by Karen Underwood celebrating the music of Nina Simone.
Executive Director of the Kerry Writers’ Museum Cara Trant highlighted the importance of remembering the Gneeveguilla native.
“We are particularly proud to celebrate Éamon Kelly during this year’s festival,” Ms Trant said. “His remarkable legacy reminds us of the power of a voice, a story, and an audience gathered together. Through this programme, we honour the storytellers who came before us while creating space for new voices to be heard.”
The full festival schedule and ticket details are available directly through the Kerry Writers’ Museum in Listowel.

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Autism Friendly Killarney launches seasonal event series

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Autism Friendly Killarney launches seasonal event series


Autism Friendly Killarney has announced a new series of free social events and activities taking place across the town from September through December.


The initiative sees the community committee team up with local Champion Organisations to offer inclusive, adapted sessions for children, teenagers, and adults.
Funding from Kerry County Council through the Community Support Fund supports the upcoming autumn and winter programme.
The series begins on Saturday, September 19, with an outdoor rock climbing day in the Gap of Dunloe organised alongside Roam Wild. The session offers dedicated teen and adult climbing slots designed to build confidence in a supportive setting.
In October, West End House will host a three-week series of inclusive classes on October 7, 14, and 21. Separate hourly sessions will run for teenagers aged 13 to 17, children aged 9 to 12, and adults aged 18 and over, with capacity capped at 10 participants per group.
The programme continues in November with creative art sessions at The Art House, before joining the wider Christmas in Killarney celebrations in December.
During the festive season, Autism Friendly Killarney will provide sensory and quiet spaces at the annual Christmas parades to assist attendees who find large crowds and noise challenging.
Organisers confirmed that further community partnerships are currently being planned for early next year.
Booking details for all events are managed directly through the individual partner venues, with places allocated on a first-come basis. Further information on upcoming sessions is available via the Autism Friendly Killarney website and social media channels.

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