Retirement Planning involves an analysis to ensure that sufficient resources are available to fund the required lifestyle in later years.

The money can come from various sources including the State Pension, Private Pensions, Other Savings, Employment in Retirement and Investment Income.

Obviously, this section includes Pensions which are, in my opinion, the most misunderstood and, indeed, most mis-sold of all financial products.

A Pension is a tax efficient savings plan.

That’s it. No more and no less.

Unfortunately, Pensions are ridiculously complicated in nature and involve endless rules, regulation and legislation.

In the right hands, however, they can be hugely beneficial and enormously add to a person’s financial wellbeing.

In the wrong hands, they are an expensive mistake.

According to the most recent CSO (Central Statistics Office) figures, a 65 year old male in Ireland can expect to live a further 18.3 years, while a 65 year old female is expected to live another 21.0 years.

Decisions made many years before retirement often have the biggest effect when the time comes.