As we step into 2024, it’s time to focus on doing things better than last year. While we can’t assist with getting healthier or fitter, we can definitely guide you in saving money and enhancing your financial resilience. It’s time to capitalise on the changes in the market, your personal circumstances, and available opportunities.
Financial planning is more than just about saving money; it’s about building long-term wealth and adapting to the ever-changing financial landscape. Whether it’s changes in your job, family situation, or income, each brings new needs and opportunities.
Pensions: A Key Focus for 2024
Your pension is crucial, more so with the uncertainties surrounding the State pension. 2024 is a pivotal year for pensions in Ireland, with significant changes expected.
- Auto-Enrolment: The long-awaited auto-enrolment pension scheme is set to launch, offering an opt-out pension to employees without a workplace pension. This is a great start, especially if your employer offers limited benefits. However, for higher-income earners, a personal pension may offer more tax savings and wealth-building opportunities.
- State Pension Flexibility: From 2024, you can defer your State pension up to age 70, increasing its value. Additionally, enhanced provisions are now available for long-term carers.
- Age-Related Contribution Levels: Remember that as you hit significant birthdays, your pension contribution levels increase, allowing for more tax relief.
Health Insurance: Navigating the Minefield
Health insurance plans can be complex, but they are essential. By contacting one of Ireland’s three main providers, you can explore options that may offer better benefits at lower costs. Importantly, taking out health insurance before you turn 35 can lead to lower costs due to government incentives.
Mortgages: Making Smart Choices
Mortgages are often the largest expense for homeowners. However, small improvements in your mortgage terms can lead to significant savings over time. With rising interest rates, it’s crucial to review your mortgage in 2024, especially if your fixed-rate period is ending or if your home’s value has increased.
Investments: Adapting to Market Changes
With continuing high inflation and volatile investment markets, it’s essential to reassess your investment strategy. Whether you’re holding cash or looking to invest more aggressively, now’s the time to review your portfolio for balance, risk tolerance, and long-term objectives.
As part of your budgeting, consider various investment options such as long-term investments or high-yield alternatives like stocks or ETFs. Seeking professional advice and conducting thorough research are key to avoiding the pitfalls of self-managed investments.
Life Insurance: Protecting What Matters
Life insurance is about protecting your income and providing for those who depend on you. Reviewing your existing cover and ensuring it meets your current needs is vital. Small monthly investments in life insurance can offer substantial protection for your loved ones.
Conclusion and Professional Assistance
As we embark on 2024, it’s not just about saving money, but about making informed decisions that enhance your overall financial wellbeing. Roban Financial is here to guide you through these complex decisions, from pensions and investments to insurance and mortgages.
Contact us for personalised advice and start making the most out of your financial situation in 2024 and beyond. Remember, no one cares more about your money than you do – it’s time to take control and make the most of the opportunities this year presents.