We make our recommendations based on the data you've entered on the previous page, combined with
our decades of experience in the industry.
These recommendations are calculated instantly for you. It's
100% anonymous
unless you decide to submit your data to us and get a free - and Central Bank approved - quote sent
to your email
address.
The suggestions include the following areas, with both general advice and recommendations specifically for you.
We know that these all seem like boring topics. That's why we have this Sprout Plans app. You can do it in your own time.
EARLY AND OFTEN is the rule of thumb with planning for long term goals. Then you can benefit
from the impact of compounding returns.
Remember, under current Irish Revenue Rules, the maximum
pension fund that can avail of tax relief is €2m.
To maintain your current standard of living in retirement (from age 67) we estimate that you should aim for a
minimum retirement pot of .
This assumes a smoothed inflation rate of 2.5% over the period to your retirement, a net drawdown rate of
2.5%, after inflation, in retirement. These assumptions do not allow for any potential social welfare
entitlements.
Based on the current value of your existing pension pot, you should aim for total monthly contributions of
per month.
(Note, this monthly amount is gross of income tax and includes any employer contributions that you may be
entitled to).
This assumes a smoothed investment return of 6% over the period after fees and charges. This output
is an
approximation based on the detail you have input.
We would be delighted to map out in more detail
your
specific requirements – please submit your details for a free plan.
Should you moved on from this world while others are dependent on your earning capacity their quality of life
will be impacted due to loss of household income to pay for their standard of living. It is important to
also consider the need to insure a partner’s life, or someone who your household bubble is dependent on.
For this reason, people take out life cover policies on their lives so that in the event of their
death a
lump sum is made available to their estate to meet these lifestyle costs until they are no longer required.
Any benefit here will be liable to Inheritance Tax in the hands of the beneficiaries subject to
their group
thresholds (as dictated by their relationship to you), some potential exemptions (such as spousal relief)
and the legal structure of the plans.
This is a form of insurance that pays a lump sum should the insured be diagnosed with a specified serious
illness. Unfortunately, such an occurrence is more common that we would like and tends to leave an
individual in
a position where they are unable to work for 2-4 years. This lump sum is tax free in the hands of the person
who
pays the premiums and leaves the insured in a position to focus on getting well rather than worrying about
finances.
Due to the length of time it can generally take to recover from a serious illness we would suggest a level
of
serious illness of between two to four years of expenses. This figure might be reduced by social welfare
entitlements, any existing serious illness policies that you might have and any cover through your
employment
and savings that you might have.
In your circumstances, assuming you have no other serious illness benefits we would suggest that you should have serious illness cover between a minimum of and a maximum of
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