There is arguably no better time than the New Year to give yourself a financial health check to allow you to gain or in some cases re-gain greater control over your finances over the next twelve months and beyond.
This is one of the most important aspects of financial planning that often gets overlooked. It is imperative that you take control over your assets whilst this ability is still available to you and is especially critical where young children are involved.
There are a myriad of options with varying degrees of complexity available to plan for your retirement, so therefore it is essential that you seek the advice of a financial professional so that you choose the correct option.
Key points to consider for Retirement Planning
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Currently, deposit interest rates are struggling to match inflation rates, however it is a worthwhile exercise to speak to a financial advisor as to how long term investment (5 -10 years+) can potentially provide a greater return for your lump sum investment.
Unfortunately, risk is inseparable from return as most investments involve some degree of risk, which can be very low in some cases but higher in others. It is therefore essential to ascertain each individual’s appetite for the amount of risk that an individual is willing to take. This is measured by conducting a risk questionnaire to establish the individuals risk profile. Investing over longer periods of time in a diversified portfolio can help control the levels of volatility and risk that are associated with investing in funds and markets. To view more on Investment Advisory Service click here.
It is always prudent to create a contingency fund for emergencies; we suggest a contingency pot worth at least six months’ of expenditure.
If you have any queries or would like to discuss how you can put in place a financial plan to protect you and your family, please contact us on 01 2375500 or email justask@harvestfinancial.ie.
Harvest Financial Services Limited is owned by ILGWM Limited (a subsidiary of Irish Life Group), which is part of the Great-West Lifeco Group of companies.
Harvest Financial Services Limited is regulated by the Central Bank of Ireland. Registered in Ireland No.137567.
Registered Office: Block 3, The Oval, Shelbourne Road, Ballsbridge, Dublin 4. Postcode: D04 T8F2