“We Have Pensions But Not Peace of Mind”: Irish People Still Anxious About Retirement Despite Good Habits

Dublin, Ireland – 7 May 2025   While the majority of working adults in Ireland have some form of pension in place, a deeper look reveals a very different picture, one that’s quietly worrying.   The askpaul.ie 2025 National Pension Survey of over 900 Irish working adults shows that behind the numbers, most people feel unprepared, unsure, and under pressure about their future.   The good news? Pension participation is strong: 84% of people say they have a workplace or personal pension in place.   But the hard truth? 71% believe they’re not saving enough to actually live well in retirement. And 96% don’t feel confident about their financial future.

Retirement Dreams vs. Financial Reality

For most people, retirement isn’t just about stopping work. It’s about finally living life, travelling, pursuing hobbies, giving back and spending time with family. But our findings show those dreams are being clouded by uncertainty.  

• 64% of workers have never calculated how much they’ll actually need to retire comfortably.
• Over half (52%) have less than €100,000 saved for retirement and nearly a quarter don’t even know what their current balance is.
• And 39% expect to work beyond age 66 just to stay afloat financially.
• 65% of respondents want to pursue their hobby or travel more in retirement.

Auto-Enrolment Brings Hope But Not a Full Solution

With the Irish government’s new Auto-Enrolment pension scheme launching in 2025, more people will soon be nudged into saving. Encouragingly, 3 in 4 workers say they’d stay enrolled if automatically signed up.   Still, awareness needs work, as 28% of respondents hadn’t even heard of the upcoming scheme before taking the survey. That’s a missed opportunity.

So, What Can You Do About It?

This survey isn’t just a set of numbers but a wake-up call. For anyone who wants to retire without stress or sacrifice, the time to act is now.   “The best time to plan for retirement was yesterday. The second-best time is today,” says Paul Merriman, CEO of askpaul.ie. “Even if you have a pension in place, it’s crucial to know what’s in it, what it’s worth, and what your future could look like based on your current path.”   If you haven’t reviewed your pension in a while or if you’re not sure where to start, talk to a financial advisor who can help you run the numbers, find the gaps, and build a realistic plan.

Your Retirement, Your Responsibility

We all deserve a retirement we can actually enjoy. But hope isn’t a strategy. Whether you’re in your 30s or your 50s, now is the time to shift from guessing to planning.   Check your pension. Know your number. And get advice that’s built around your goals.   Because a comfortable retirement doesn’t happen by chance, it happens by choice.

So, here's what happened this week — and why it matters for your money.      After years of chest-thumping about tariffs and taxing imports, the U.S. administration has suddenly changed its tune. Now it's calling tariffs “strategic” and saying they’ll only be used “when needed.” Translation? They're backing off.  Why? China? Europe? Political pressure? Nope.  It was the bond market. And it didn’t flinch — it roared.      The U.S. tried to sell  $70 billion in 10-year government bonds. Not exactly pocket change. But instead of investors piling in like usual, demand was flat. Prices dipped. Yields went up. That’s financial-speak for: borrowing money just got more expensive for the government.   And guess what spooked investors? Tariff talk. All that noise about taxing imports raises fears of slower growth, rising costs, and global tit-for-tat trade wars. The market basically said, If you keep this up, we’ll make your debt more expensive.       Rather than admit the bond market forced a change in course, the political spin machine kicked in. They’re now saying tariffs are “working” because no one’s retaliated. That’s not a win — that’s just no one engaging. It’s like shouting in an empty room and calling yourself persuasive.      So, what does this mean for you as an investor?   Let’s keep it simple: the U.S. economy is still strong. The markets aren’t collapsing. But this  episode rattled some cages — and reminded everyone that even the biggest economies can’t push markets around without consequences.      Global investors are watching. If this kind of volatility continues, other regions like Europe or Asia might start to look like safer bets. Diversification suddenly looks a bit more attractive?      This doesn’t mean the tariff saga is over. It’s just on pause. There’s a 90-day window hanging over the markets now, and if tariffs ramp up again, so will market anxiety.      What to do Next?   Don’t react to headlines. Don’t let short-term noise derail a solid long-term plan. Markets remember these stunts, and so should you — but that doesn’t mean you need to panic. Stick to your strategy. Check your diversification. Keep some dry powder.   And as always, ignore the drama — investment are for the longterm.        Source: Bloomberg 2025     This article is for general information purposes and is not an invitation to deal or address your specific requirements. Any expressions of opinions are subject to change without notice. The information disclosed should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information of the various source material, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. 

Equity markets have taken a hit recently, and it's got a lot of investors feeling uneasy. The S&P 500 is down 4.8%, the FTSE 100 has dropped 1.6%, and the Stoxx Europe 600 has fallen by 2.6%. These dips come on the back of the U.S. applying a new universal baseline tariff of 10% on imported goods—with countries like China and the EU hit even harder.    On top of that, 10-year government bond yields in the U.S., Europe, and the UK are all down by around 0.05% to 0.10%. All this market movement can feel unsettling—but it's important to stay calm and remember the bigger picture.   

Volatility Is Part of the Journey – Stay Focused 

It’s completely normal to feel concerned when markets fluctuate. But the truth is, volatility is a natural part of investing. The key is to not let short-term drops distract you from your long-term goals.    Markets go through ups and downs—but history shows us that they tend to recover and grow over time.    Tip: Stay invested, stay patient, and stick to your plan.    Chart: Long-term equity returns vs. short-term volatility – Vanguard, 2025    If you’re unsure whether your current plan is built for long-term success, book a free review with our team—we're here to help.   

Bear Markets Are Normal – Recovery Is Part of the Cycle 

Every investor experiences dips in the market. It’s not just part of the risk—it’s part of the process. Over time, markets recover, and more often than not, they go on to post positive long-term returns.    The key is not to panic. Staying the course through a downturn has historically paid off.      Chart: Global equity markets over time showing recovery after bear markets – Vanguard, 2025   

Timing the Market Rarely Works 

We get it—it’s tempting to try to “beat the market.” But here’s the reality: even the pros struggle to time the market consistently.  Some of the best and worst trading days happen back-to-back. If you miss just a few of those strong days by trying to move in and out, you could seriously harm your long-term returns.    It’s better to stay invested through the noise than to jump in and out based on emotion.    Learn more about how a disciplined investment approach can protect and grow your wealth over time. 

 

Avoid Panic Selling – Stay Invested 

When markets are volatile, it's easy to feel like pulling your money out is the safest move. But history shows that panic selling often leads to worse outcomes.  Markets do recover. Investors who stay invested tend to come out ahead.    Stick to your investment plan, even when it’s uncomfortable.    If your portfolio is well-structured and aligns with your risk level, it’s designed to weather times like this.   

5 Practical Tips to Help You Stay on Track 

1. Don’t make emotional decisions based on short-term news. 
2. Revisit your risk tolerance—make sure your strategy still feels right. 
3. Accept that low-return periods are part of investing. 
4. Keep your portfolio diversified across asset classes and regions.
5. Check in with a financial advisor to keep your plan on track. 

  Need a second opinion on your investment strategy? Book a call with our team today. We’ll walk you through what’s happening and help you make confident, informed decisions.   

Let’s Review Your Plan – Together 

If you’re feeling unsure about the current market, you’re not alone. The best thing you can do right now is check in with your financial plan and make sure it still aligns with your goals.    Book your free financial review with the askpaul team—we’re here to guide you through the ups and downs of investing and help you stay focused on what really matters: your future.      Source FE Fundinfo 2025    This article is for general information purposes and is not an invitation to deal or address your specific requirements. Any expressions of opinions are subject to change without notice. The information disclosed should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information of the various source material, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. 

Life can take unexpected turns, and for some, illness or injury may mean they can no longer work. In these situations, financial stability becomes a major concern. This is where Invalidity Pension comes in, a state-provided benefit designed to offer long-term financial support to those who are permanently unable to work due to illness or disability. Understanding how invalidity pension works and whether you qualify can make a big difference in your financial well-being. In this guide, we’ll break down everything you need to know.

What is the Difference Between Invalidity Pension and Disability Allowance?

While both Invalidity Pension and Disability Allowance provide financial support to those unable to work, they are not the same. The key differences lie in their eligibility criteria, means testing, and payment structures.    

How Much is Invalidity Pension?

One of the biggest questions people have is how much they can receive on Invalidity Pension. As of 2025, the standard weekly rate is €225.50 per week. However, additional allowances may apply:

• For a qualified adult: Up to €161.10 per week
• For a qualified child: €46 per week (under 12) or €54 per week (12 and over)
• Other possible increases: Additional benefits may be available for those who qualify, such as fuel allowance or household benefits.

These payments are not means-tested, meaning they are based purely on your PRSI contributions rather than your savings or other income sources. Additionally, payments are reviewed periodically, and adjustments may be made based on government budgets and inflation rates. For a deeper dive into recent changes, check out our guide on Navigating the 2025 Budget.

How Long Can You Stay on Invalidity Pension?

A common concern for recipients is how long they can stay on Invalidity Pension. In most cases, the payment continues indefinitely, provided you still meet the qualifying conditions. Here’s what you need to know:

• No Fixed End Date: Unlike short-term illness benefits, Invalidity Pension is designed for individuals who are permanently unable to work.
• Transition to State Pension: When you reach State Pension age (currently 66 in Ireland), you will automatically be moved from Invalidity Pension to the State Pension (Contributory) if you qualify.
• Medical Reviews: In some cases, the Department of Social Protection may request a medical reassessment to ensure that recipients still meet the eligibility criteria.
• Returning to Work: If your condition improves and you can return to work, you must notify the department. There are certain back-to-work schemes that allow you to ease into employment while maintaining some financial support.
• Passive Income Considerations: If you earn passive income (e.g., rental income, dividends from investments), this does not affect your Invalidity Pension since the benefit is not means-tested. However, it's always advisable to discuss this with a financial advisor to understand how different income streams interact with your benefits.

Get Expert Advice for Your Financial Future

Invalidity Pension can be a lifeline for those unable to work due to illness, but it’s important to ensure you’re making the most of your entitlements. Speaking to a qualified financial advisor can help you:

• Explore other potential benefits and allowances
• Plan for retirement and transition to the State Pension

If you’d like personalised advice, book a Pension Consultation today.       Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. for guidance, seek professional, independent, advice. This article is for general information purposes and is not an invitation to deal or address your specific requirements. Any expressions of opinions are subject to change without notice. The information disclosed should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information of the various source material, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future

Paying off your mortgage early is a common financial goal for many homeowners. However, before you commit, it’s essential to assess whether it’s the right move for you.   When considering early mortgage repayment, you need to assess whether you can afford it and if it aligns with your overall financial strategy. Here are some key factors to consider:  

1. Do you have sufficient savings? It’s crucial to have a financial safety net in place before using a lump sum to pay off your mortgage. Ensure you have an adequate emergency fund to cover unexpected expenses. It's generally recommended to have 3-6 months of living expenses saved up.
2. Are there penalties for early repayment? Check if your mortgage agreement terms include any penalties for early repayment. These charges can be significant and may outweigh the benefits of paying off your mortgage early.
3. Do you have higher-interest debts? If you have outstanding credit card debt or personal loans with higher interest rates, it may be more beneficial to focus on paying these off first.
4. Do you anticipate any future borrowing needs? Consider whether you might need to borrow money in the near future. Your mortgage is likely the cheapest form of debt available to you, so it may be wise to keep it if you anticipate needing funds for other purposes.
5. Will you have enough liquidity? Tying up too much money in property could limit your financial flexibility. If paying off your mortgage means depleting savings, retirement funds or investments, it may not be the best choice.

How to Calculate Mortgage Payoff

If you’re considering early repayment, calculating the remaining balance and potential savings is a good place to start. Here’s how you can work it out:

1. Find Your Outstanding Balance – Check your mortgage statement or contact your lender to get the exact figure.
2. Determine Any Early Repayment Charges – Some lenders impose fees for clearing your mortgage early. Review your mortgage terms or speak with your provider.
3. Assess Interest Savings – Use an online mortgage payoff calculator to see how much interest you’d save by paying off your mortgage sooner.
4. Review Your Budget – Ensure that making a lump sum payment won’t leave you short on cash for other essential expenses and financial goals.

What are the benefits of early mortgage repayment?

Clearing your mortgage early can offer several advantages:

• Interest savings: Paying off your mortgage ahead of schedule can result in significant interest savings over the life of the loan.
• Financial freedom: Eliminating your mortgage payments frees up a substantial amount of monthly income, which can be redirected towards other financial goals or improving your quality of life.
• Peace of mind: Being mortgage-free can provide a sense of security and reduce financial stress, knowing that you own your home outright.
• Increased equity: Early repayment boosts your home equity, which can be valuable for future property decisions or as a potential source of funds in retirement.
• Improved net worth: Paying off your mortgage increases your overall net worth, strengthening your financial position.

However, it's important to consider potential downsides as well.:

• Loss of Liquidity – A mortgage is often a low-interest debt. Using all your savings to clear it may leave you cash-poor.
• Missed Investment Opportunities – Investing in pensions or stocks may yield higher returns than the interest saved from early repayment.
• Potential Tax Benefits – Some mortgage holders benefit from tax deductions on mortgage interest payments. Clearing your loan might remove this advantage.

  Deciding whether to pay off your mortgage early depends on your personal financial situation, long-term goals, and current obligations. While it can offer significant benefits, it's crucial to ensure that it aligns with your overall financial plan.   If you're unsure about whether early mortgage repayment is the right choice for you, consider booking a mortgage consultation with our expert mortgage advisors. We can help you review your mortgage strategy and overall financial plan to make the best decision based on your unique situation.   Remember, there are also simple ways to pay off your mortgage faster without committing to full early repayment. These strategies can help you reduce your mortgage term and save on interest while maintaining financial flexibility.   For a comprehensive review of your overall financial situation and to explore all your options, book a financial planning consultation with us? We're here to help you make informed decisions and achieve your financial goals.

  This article is for general information purposes and is not an invitation to deal or address your specific requirements. Any expressions of opinions are subject to change without notice. The information disclosed should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice

For many, the idea of retiring in their 50s is a dream - one filled with travel, relaxation and the freedom to do what they love. But making that dream a reality requires careful planning, smart financial decisions and a commitment to seeing it through. While it’s certainly possible to retire early, it won’t happen without effort. The good news? If you start planning now, you can set yourself up for a comfortable and financially secure retirement.

How to Plan for Retirement in Your 50s

Decide on Your Vision

Before diving into the numbers, take a moment to define what retirement looks like for you. Retirement means different things to different people, so ask yourself:

• Do you want to travel frequently?
• Will you downsize, relocate or perhaps even move abroad?
• Do you plan to take up new hobbies or volunteer?
• Will you continue working part-time or pursue a passion project?

Having a clear vision will help shape your financial strategy and determine how much money you’ll need to make it happen.

Take Stock and Set Goals

Once you have a vision in place, it’s time to assess where you stand financially and set clear goals for getting from where you are now to where you want to be. One of the best ways to do this is by setting SMART (Specific, Measurable, Achievable, Relevant and Time-Bound) goals. Instead of saying, "I want to retire early," set a goal like, "I want to retire at 55 with €500,000 in savings and a fully paid-off home."   To help you get there, focus on these key financial strategies:

Build an Emergency Fund

A robust emergency fund is essential, especially if you plan to retire early. Ideally, you should have at least six months' worth of living expenses saved in a liquid account. This provides a safety net in case of unexpected costs, ensuring that your retirement savings remain untouched for true long-term needs.

Pay Off Your Mortgage

One of the biggest financial burdens in retirement is housing costs. Paying off your mortgage before retiring significantly reduces your monthly expenses, allowing your savings to stretch further. If you're still carrying mortgage debt, consider strategies to accelerate repayment, such as overpaying your mortgage or refinancing to a shorter term.

Maximise Pension Contributions

Your pension will likely be a major source of income in retirement, so it’s crucial to make the most of your contributions while you still can. In Ireland, tax relief on pension contributions increases with age, meaning you can contribute more as you get older while benefiting from tax advantages. Be sure to explore different pension drawdown strategies as well, as this can help to ensure a steady income post-retirement.

Invest Wisely

A well-diversified investment portfolio is key to sustaining long-term wealth in retirement. As you approach retirement, you may need to shift towards a more conservative portfolio, focusing on dividend-yielding stocks, bonds and other income-generating assets. However, don’t abandon growth investments entirely. Keeping a portion of your portfolio in equities can help to combat inflation and ensure your money continues to grow. If you’re unsure about how to balance risk and return, consider speaking with a professional. Our investment consultation services can help make it easier to tailor a strategy that aligns with your retirement goals.

Explore Other Income Streams

While you may no longer be working a traditional job, having additional income streams can make early retirement more sustainable. Some options include:

• Rental properties – Investing in real estate can provide passive income for years to come.
• Dividends from stocks – Dividend-paying investments can supplement your pension.
• Side hustles or freelance work – Turning a hobby or skill into a small business can keep you engaged while bringing in extra income.

Diversifying your income sources reduces financial stress and allows for greater flexibility in your retirement lifestyle.

Start Planning for Your Ideal Retirement Today

Planning for early retirement in your 50s requires a mix of strategic saving, smart investing and disciplined financial management. The sooner you start, the better your chances of achieving financial independence and enjoying a stress-free retirement. If you need expert guidance on crafting a personalised retirement plan, book a financial planning consultation with one of our experts today. Whether it’s optimising your pension, paying off your mortgage or exploring investment opportunities, we’re here to help you build a future that aligns with your goals.     This article is for general information purposes and is not an invitation to deal with or address your specific requirements. Any expressions of opinions are subject to change without notice. The information disclosed should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice.

Know the Rules

  Inheritance tax, officially known as Capital Acquisitions Tax (CAT), is a significant financial consideration for those planning their estate and for beneficiaries receiving an inheritance. Understanding the rules can help you take steps to minimise liability.  

1. Thresholds & Tax Rate – In Ireland, inheritance tax is currently charged at 33% on amounts above certain thresholds. These thresholds vary depending on the relationship between the deceased and the beneficiary.The current CAT thresholds, effective from October 2, 2024, are:

• Group A: Children inheriting from parents – €400,000
• Group B: Siblings, nieces/nephews, grandchildren – €40,000
• Group C: All others – €20,000

  These updated thresholds reflect the changes introduced in Budget 2025 to account for rising property values.

2. Who Pays? – The beneficiary (the person receiving the inheritance) is responsible for paying any applicable tax.
3. Spousal Exemption – A spouse or civil partner is exempt from inheritance tax, meaning they can inherit any amount tax-free.

   

Take Advantage of ‘Gift’ Exemptions Ahead of Time

  A smart way to reduce inheritance tax liability is to make use of the small gift exemption during your lifetime. How it Works – You can gift up to €3,000 per person per year without it affecting their inheritance tax threshold. This means parents could collectively gift a child €6,000 per year tax-free.

• Practical Example – If a parent gifts their child €6,000 every year for 10 years, that child receives €60,000 entirely tax-free, reducing the taxable estate.
• Multiple Beneficiaries – This exemption can be used for multiple individuals, meaning a grandparent could gift to grandchildren as well, spreading the benefit across the family.

  Strategic gifting over time can significantly reduce the taxable portion of an estate, ultimately lowering the inheritance tax burden.

Use Life Insurance to Take Care of Liability

Another effective way to prepare for inheritance tax is through life insurance, specifically a Section 72 policy.  

• What is a Section 72 Policy? – This is a life insurance policy taken out to cover inheritance tax. When the policyholder passes away, the proceeds are used specifically to pay inheritance tax, preventing beneficiaries from having to sell assets to cover the tax bill.
• Why It’s Useful – Many families inherit property, which can push them above the tax-free threshold. Without sufficient funds, they may need to sell the property to cover the tax. A Section 72 policy provides the necessary cash to settle tax liabilities.
• Learn More – Read our full guide on Simplifying Section 72 & Paying Less Tax on Inherited Policies.

Get Advice from an Expert

Inheritance tax can be complex, and each family’s situation is unique. Seeking professional financial and legal advice ensures you’re taking the right steps to protect your wealth and minimise tax liability.  

• Estate Planning Strategies – Financial advisors can help you structure your assets in a tax-efficient manner, making full use of exemptions and reliefs.
• Legal Guidance – A solicitor can assist with wills and trusts, ensuring everything is legally sound and aligned with your wishes.
• Personalised Advice – Every estate is different, and working with an expert means tailored advice to suit your family’s needs.

  Planning ahead can make a significant difference in reducing the impact of inheritance tax on your loved ones. If you’d like expert guidance on inheritance tax planning, book a Financial Planning Consultation with our experts today.         This article does not constitute tax or legal advice and should not be relied upon as such. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. for guidance, seek professional, independent, advice. This article is for general information purposes and is not an invitation to deal or address your specific requirements. Any expressions of opinions are subject to change without notice. The information disclosed should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information of the various source material, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.

Life insurance can seem overwhelming. With confusing policies, medical exams, and jargon like ‘term assurance,’ it’s easy to to put it off.     At askpaul, we keep it simple—no jargon, just the facts. This FAQ covers everything from how much cover you need to whether a medical is required. Whether you're protecting your mortgage or securing your family's future, we’ve got you covered.     Below is a list of the common questions that we hear from people enquiring about Life Insurance  

• Mortgage Protection (designed to pay of the mortgage if either borrower dies).  

• Level Term Assurance (as the name suggests it is a level of cover protection that remains the same throughout the term of the term of the policy). 

 

What is Life Insurance? 

Life Insurance is paid out in the event of your death (or sometimes on the diagnosis of terminal illness), life cover is intended to provide your family with a lump sum to clear any of your outstanding debts (such as mortgages, loans or credit cards).  

Why should I consider life insurance? 

Life insurance, although always beneficial to your loved ones, is primarily aimed at those people whose death would cause their family to struggle financially without their income. It provides an assurance that, in the event of the worst eventuality, your family will not struggle financially. The majority of mortgage lenders insist on life insurance /mortgage protection cover as part of their compliance requirements under their lending policies on drawdown of the mortgage.   

How much life insurance cover do I need? 

The level of life cover you opt to take is very much up to you and is especially suitable if you are intending to clear any borrowings in the event of your death or provide your family and dependents with cash sum to cover future day to day costs.   If you need to take a mortgage protection policy, the level of cover is arranged in accordance with the balance and term of your mortgage; this means the cover may reduce in line with your repayments against your home loan.     

What kinds of policy can I take out? 

You can take out life insurance that covers you for the term of your mortgage, which is usually between 20-30 years.  Alternatively, you can take out a level term policy that could be linked to your children or dependents age, this could be the age of the youngest child, when they have leave college at 25 as an example.   The length of term is up to you but the longer you insure your life for, the greater the premium, but this is dependent on your health status and whether you have any pre-existing medical issues.  However, the earlier you apply for life cover age wise the cheaper the cover should be. A 25 year old’s premiums can be cheaper than a 35 year old applicant.    

How long do I need cover for? 

It really depends on your reason for applying for cover. Life insurance is taken out to protect the financial security of your dependents. For this reason, the most common policy duration is 20 to 25 years or until your dependents have completed full-time education. For Mortgage Protection it must be for the term of the mortgage.     

Am I eligible for life insurance? 

In short, anyone can apply, in truth the less risky are accepted. All customers who want to arrange life insurance will need to answer questions about their health, medical and lifestyle. Based on the customer’s responses, they may be required to undertake a medical examination and interview with a qualified doctor or nurse.  Each insurance company has its own criteria for acceptance based on risk, and not everyone will be accepted for life cover. You must declare any health issues on your insurance application, as failure to do so could result in your policy being invalidated. This could have serious implications in the event of your death, meaning your loved ones are left with nothing.   

What affects the price I pay for life insurance? 

Insurers calculate your premium based on the level of risk you pose, and they use several factors to model this cost, including the term of the policy you require, the amount you want to cover plus your medical history. Your age will also play a factor, as will being a smoker.   

How long before I am covered? 

If you have had a history of ill health (e.g. high blood pressure, a recent operation etc) on the application, the insurance company will contact your GP or request a medical report. This will delay your application. So, it makes sense to get your application in as soon as possible. 

 

How do I apply? 

You can request a free life insurance quote online. If you are happy with the quote, proceed with the process which will ask you some medical questions. You can do this over the phone, or we can upload the information to a secure portal for you to access.   

When do I receive my life insurance policy? 

When your application has been accepted and you advise a start date, the policy documents are posted directly to you or if it is assigned to the bank, please put the address of the bank onto the application (under dispatch documents address) the original document will be sent directly to the bank.    

Change of mind / cancellation? 

When you receive your policy document you are entitled to a 30 day 'cooling-off' period. This allows you to cancel your policy and a full refund will be given.   

Will you cover me if I already suffer with a specific medical condition? 

You must tell at the time of your application, if you have pre-existing medical condition. The insurer may then write to your doctor or request that you attend a medical examination before a final underwriting decision is made.   

If I am a smoker does this affect the premium? 

Yes. If you are a smoker, your premium will be higher than that of a non-smoker.   

Is a medical required? 

A medical is not required in all cases. However, if you have any existing medical conditions, the insurer will request a medical report from your doctor.    Life insurance isn’t just another expense—it’s peace of mind for you and security for your loved ones. Whether you’re protecting your mortgage or making sure your family is financially secure, the right policy can make all the difference. At askpaul, we believe in keeping things simple and giving you the straight facts. If you’re still unsure about what cover suits you best, get in touch with our team—we’re here to help.    This article is for general information purposes and is not an invitation to deal or address your specific requirements. Any expressions of opinions are subject to change without   notice. The information disclosed should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information of the various source material, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Premiums are subject to a completed application form and the provider may require additional health screening information. This further information and assessment may increase the cost of cover. 

Mortgages can come in all different shapes and sizes to suit various buying situations and property types. If you’ve never looked into mortgages before, it can feel overwhelming - but the key to success is to identify the right mortgage for you and understand all its terms and conditions.   One kind of mortgage popular with those looking into securing an investment property is the buy-to-let mortgage. Below, we explore what a buy-to-let mortgage is, how it differs from a standard owner-occupier mortgage and how you can get one for yourself.  

What does buy-to-let mean in mortgages?

  The term buy-to-let is largely self-explanatory - it describes a mortgage that allows you to buy a property in order to let it out in the rental market. Unlike a traditional owner-occupier or residential mortgage, you can’t live in a property you’ve bought with a buy-to-let mortgage. However, a buy-to-let mortgage is a legal requirement if you want to rent the property out.   Usually, a residential mortgage will be a repayment mortgage, meaning that your payments go towards the accrued interest and the original capital of the loan. Buy-to-let mortgages offer the same payment method however they can be paid by “interest only”. Please note that not all lenders offer interest-only anymore but it may be an option This works differently; you have lower monthly payments which serve to pay off the interest only. Then, at the end of the loan term, you’ll need to repay the full capital.   Because of this, you’ll need to have a plan in place for how you’re going to repay the mortgage when you first apply. This could mean:  

• Using the savings you’ve accumulated through lower monthly payments
• Refinance the property with a new mortgage
• Sell the property.

  Of course, if you choose to sell the property, it’s always possible that the new value of it might not be enough to cover the capital of the loan. That’s why it’s important to plan ahead and have a backup strategy in place to ensure you can afford to pay off the capital in full.   Another difference between residential and buy-to-let mortgages is the required deposit size. Since a buy-to-let mortgage is usually seen as a bigger risk for lenders - because you are relying on someone else paying you rent in order to make your mortgage payments - you’ll typically need a larger deposit. The exact figure can vary between lenders, but in most cases 30% of the purchase price should be enough.

How to get a buy-to-let mortgage

  The process for getting a buy-to-let mortgage follows much the same path as a residential mortgage, although the criteria for approval can be slightly different. For advice specific to you and any investment properties you’re considering, seek an expert mortgage consultation.   The first thing you should do when considering a buy-to-let mortgage is to find one you like the look of. Different lenders will offer different rates, terms and conditions, so shopping around is a great way to find a product that suits you. Having a shortlist of a few acceptable options is a good idea, just in case you’re refused for your first-choice mortgage.   Next, you’ll need to prepare your application. Getting together a deposit is one of the most important parts of this. If you can, try to gather a larger deposit than you think you need. If you do end up needing it all, then you have it to hand; if not, then you can use the remaining funds to either secure a better rate or to cover costs during the early days of the loan period.   But to let applications are based largely upon the expected rental income that you are likely to receive for a particular property. A property would need to be identified prior to submitting an application so the lender can asses the future rental potential of that particular property.     Proof of income is another crucial aspect of a buy-to-let mortgage application; this is the part where you demonstrate to the lender how you’re going to afford the monthly payments and the repayment of capital at the end of the loan term. Aim to have your estimated rental income amount to around 125 to 150% of your monthly payments. This shows to your lender that you’ll be able to put away money each month for times when the property is empty, or to go towards capital repayment.   You should also look carefully at any available information on the specific buy-to-let mortgage products you have in mind. There may be requirements for certain lenders that you can prepare ahead of time to help increase your chances of a successful application.     Buying an investment property isn’t the right choice for everyone, but if you’re interested in doing it, a buy-to-let mortgage will almost certainly be essential. Preparation is key when it comes to mortgage applications, so do your research and don’t be afraid to seek advice from a professional in the buy-to-let industry.   Want to consider your options before settling on this form of investment? It’s smart to know where you stand. Book an investment consultation with an expert adviser who can help you to understand how you can make your money do more for you.     Warning: This article is for general information purposes and is not an invitation to deal with or address your specific requirements. Any expressions of opinions are subject to change without notice. The information disclosed should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information of the various source materials, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.  

Financial planning can feel overwhelming especially when trying to narrow down exactly what you want for your future. Many of us have had the experience of stating vague ambitions like “I want to have enough money to live comfortably,” only to later wonder what “enough” really means. One of the toughest parts of financial planning is quantifying our desires so our financial goals become achievable targets rather than just aspirations.   In this article, we’ll break down what constitutes a solid financial goal, explain the SMART goal framework, and offer a range of short- and long-term goal examples to help you get started. Whether you’re looking to create an emergency fund, save for retirement or simply gain more control over your spending, having clear and specific goals can be the difference between financial uncertainty and true financial security.  

What is a financial goal? - Examples

A financial goal is more than just a wish. It’s a defined, measurable target that you set for yourself. The most effective goals are SMART: Specific, Measurable, Achievable, Relevant and Time-bound. This approach transforms abstract ideas into concrete plans.   For instance, rather than saying “I want to be rich” or “I want to live comfortably,” a SMART goal would be “I will save €1,000 for an emergency fund in the next three months.” By setting a clear objective, you can create a step-by-step plan that keeps you on track.   Financial goals can cover a range of needs, from day-to-day budgeting to long-term wealth accumulation. They help you understand exactly where your money is going, prioritise your spending and ensure that every financial decision you make brings you one step closer to your vision of financial freedom. Whether you’re tackling debt, investing for the future or planning for unexpected expenses, having defined goals is the first step towards making your money work for you.  

What are some short-term financial goals?

Short-term goals are typically set for a period of less than one year. They are designed to address immediate needs and create a foundation for more ambitious long-term objectives. Here are several practical examples:  

• Build an Emergency Fund:
  • An emergency fund is crucial for unexpected expenses like car repairs, medical bills or sudden job loss. A good short-term goal might be to save an initial €500 to €1,000 over the next few months. This fund acts as a financial safety net, reducing stress and keeping you from falling into debt when emergencies arise.
• Pay Off High-Interest Debt:
  • Tackling high-interest debt, such as credit card balances, can free up resources for other financial goals. Set a goal to reduce your debt by a certain percentage within the next 6-12 months. The sooner you clear these debts, the less you’ll lose in interest payments over time.
• Save for a Special Purchase or Trip:
  • Instead of putting off a dream holiday or a desired gadget, break the cost into manageable monthly savings. For example, if you’re aiming to save €1,200 for a trip away, plan to set aside €100 a month. This makes the expense less daunting and gives you something to look forward to.
• Create and Stick to a Detailed Monthly Budget:
  • Establishing a habit of tracking your income and expenses can provide insight into your spending habits. A short-term goal might be to maintain a budget for three consecutive months, adjusting as necessary to ensure you’re living within your means.
• Participate in a Savings Challenge:
  • Initiatives like the askpaul 52 Week Savings Challenge can motivate you to save consistently. This challenge helps you build a savings habit through incremental contributions that add up over time.

What are some long-term financial goals?

Long-term goals usually span several years to decades, aiming to secure your future and build lasting wealth. They often require consistent effort and a well thought out strategy. Here are several examples:  

• Increase Your Pension Contributions / Save for Retirement:
  • Retirement might seem distant, but starting early can make a dramatic difference due to the power of compound interest. Even a small increase in your monthly pension contributions now can lead to substantial savings in the future. Remember that pension contributions often come with attractive tax relief for up to 40% which means every euro saved is also a tax saving. Preparing for your retirement early can help you to take advantage of these key financial benefits.
• Save for a Home Deposit:
  • Buying a home is one of the most significant financial commitments many of us make. Setting a long-term goal to save a specific amount for a down payment can help you prioritise your spending and savings. Define the timeline, such as five years, and break the total amount into monthly or yearly savings targets.
• Invest in Future Growth:
  • Once you have an emergency fund and have addressed high-interest debts, consider investing as a long-term strategy. Whether it’s through a diversified portfolio of stocks, bonds or mutual funds, consistent investment can help you build wealth over time. A goal might be to invest a set percentage of your income each month.
• Plan for Education or Career Advancement:
  • Investing in yourself is also a financial goal. Whether you’re looking to further your education, learn new skills or start a side business, allocate funds towards courses, certifications or even professional networking. This can lead to better career prospects and increased income over time.
• Achieve Financial Independence:
  • The ultimate long-term goal for many is achieving financial independence, where your passive income covers your living expenses. This might involve a combination of saving, investing and smart spending. Define what financial independence looks like for you, set realistic milestones and adjust your strategy as needed.

Bringing It All Together

Successful financial planning often involves a mix of short and long- term goals. Short-term goals create immediate habits and address urgent needs, while long-term goals ensure that you’re building a secure future. The key is to start with clear, measurable objectives. By applying the SMART goal framework, you can transform vague ambitions into actionable plans.   Remember, everyone's journey is unique. What works for one person might not work for another, so it’s important to tailor your goals to your own circumstances and aspirations.   Regularly reviewing and adjusting your goals as your financial situation evolves is also crucial. Whether you’re just starting out or need to refine your existing plan, having a clear set of objectives will keep you motivated and on track.   For personalised advice and to review your financial goals, consider booking a consultation with one of our experts. Our Financial Planning Consultation service is designed to help you set realistic targets and develop a plan that fits your lifestyle.   In conclusion, start small, stay consistent and adjust your plan as your needs evolve. Your financial journey is a marathon, not a sprint, so every step you take brings you closer to the future you envision.     This article does not constitute tax, legal or financial advice and should not be relied upon as such. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. For guidance, seek professional, independent, advice. This article is for general information purposes and is not an invitation to deal or address your specific requirements. Any expressions of opinions are subject to change without notice. The information disclosed should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice.