Pending retirement - advice required

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Kerry1234

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Hi all. Looking for advice for my MIL. She is 69yrs old still working full time in her own business. Wants to retire but has no financial retirement plan and likely limited pension. In need of sound professional advice. Is such service available or any leads please? Based in Munster
 
Like @ClubMan said the Moneymakeover section is likely where you can get some good advice. I'm not going to give any heavy financial advice, but:-

1. Apply immediately for the Old Age Contributory Pension - Not means tested
2. If OACP is not applicable apply for the Old Age Pension - Means tested
3. She may be entitled to a Living Alone Allowance with either pension
4. The Free Travel Scheme is not to be sniffed at and while you're at it let her apply for free travel in Northern Ireland too. These open up possibilities for a happier retirement
5. At 69 likely she wants ready money available to her so no point in looking for investment opportunities where money can be tied up
6. She is still working but wants to retire, do everything possible for her to have her wish (Even she can be done without)
7. Ensure she does nothing like (my opinion only) looking at after life loans.
8. Her circumstances might dictate that three months in sunnier climes during winter/spring where she can live more cheaply is a positive option.
9. Retirement is where family/extended-family contact matters most
10. She may feel like downsizing on the car front
11. If she joins a choir, ICA, Bridge Club, Cookery Course, (or whatever) she gets some free focus from others. [I don't know your MIL and perhaps she wants to join a motorcycle club?]
12. Don't forget to have her apply for a free television licence (everything matters!)
13. Get Netflix if she enjoys television
 
Last edited:
A few comments.

(1) is she currently in receipt of the contributory State Pension (SPC)? It seems not.
(2) does she have a DC pension fund associated with her business?
(3) does she have DB or DC pensions preserved from previous employments?
(4) does selling / transferring the business form part of any pension?
 
Posting this in behalf of a relative who wishes to retire but is worried about the financial impact of retirement.
Personal details

Age: 69
No partner

Number and age of children: all living away from home


Income and expenditure
Annual gross income from employment or profession: 35000


Summary of Assets and Liabilities
Family home worth €180k
Cash of €53,000
Defined Contribution pension fund: €40k
Investment fund: 31,000


Business premises 180k (different from family home) Happy to sell


Family home mortgage information - nil outstanding

Other borrowings – car loans/personal loans etc
No borrowings but car will need to be updated soon


Other information which might be relevant: state pension

Planning to retire towards the end of the year.
Despite having family support, she is nervous that her financial situation above will allow her a similar standard of living as she currently has and if she can really afford to retire.

Any advice welcome!!
 
Is the business premises yielding or likely to yield any income ?
Is your relative in receipt of the contributory state pension or any foreign equivalent ?
 
Protocol said:
A few comments.

(1) is she currently in receipt of the contributory State Pension (SPC)? It seems not.
(2) does she have a DC pension fund associated with her business?
(3) does she have DB or DC pensions preserved from previous employments?
(4) does selling / transferring the business form part of any pension?
Click to expand...
She owns her home and business property outright but other than that no savings or additional pension.
Leper said:
Like @ClubMan said the Moneymakeover section is likely where you can get some good advice. I'm not going to give any heavy financial advice, but:-

1. Apply immediately for the Old Age Contributory Pension - Not means tested
2. If OACP is not applicable apply for the Old Age Pension - Means tested
3. She may be entitled to a Living Alone Allowance with either pension
4. The Free Travel Scheme is not to be sniffed at and while you're at it let her apply for free travel in Northern Ireland too. These open up possibilities for a happier retirement
5. At 69 likely she wants ready money available to her so no point in looking for investment opportunities where money can be tied up
6. She is still working but wants to retire, do everything possible for her to have her wish (Even she can be done without)
7. Ensure she does nothing like (my opinion only) looking at after life loans.
8. Her circumstances might dictate that three months in sunnier climes during winter/spring where she can live more cheaply is a positive option.
9. Retirement is where family/extended-family contact matters most
10. She may feel like downsizing on the car front
11. If she joins a choir, ICA, Bridge Club, Cookery Course, (or whatever) she gets some free focus from others. [I don't know your MIL and perhaps she wants to join a motorcycle club?]
12. Don't forget to have her apply for a free television licence (everything matters!)
13. Get Netflix if she enjoys television
Click to expand...
Some great advice here thank you. Not sure of the motorcycle club though
Freelance said:
Is the business premises yielding or likely to yield any income ?
Is your relative in receipt of the contributory state pension or any foreign equivalent ?
Click to expand...
Contributory state pension yes. The premises itself once the retail section closes won't yield anything. Potential to convert the space above into a 2 bed apartment but it would require significant investment to bring it to habitable standard
 
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