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25/09/2021

Limerick's Vinod looks at the ‘ticking timebomb’ of Irish pensions

Limerick's Vinod looks at the ‘ticking timebomb’ of Irish pensions

Vinod Bajaj’s new book on pension planning

A RETIRED Limerick business consultant is bringing out a unique new book which looks at what he feels is a “ticking timebomb” around Irish pensions.

Vinod Bajaj will, next month, release his book, entitled Pension without Tension.

Initially available through the internet, with a donation to suicide prevention charity Pieta, the book, he says will tackle the “myths and misconceptions” around pensions here.

“Everything you need to know about pensions will be in the book. In simple language,” said Vinod.

The flipbook will provide easy to read graphics and practical examples covering hypothetical situations.

Vinod, who believes he has written the first comprehensive guide to the Irish pension system, says many people are not financially prepared for when retirement comes.

“There are one million people in Ireland relying on the State pension alone. The average pension size is €100,000 which will give you €70 a week. It is not going to do much for you as a retirement option. Some people have basically only this,” said the businessman.

On top of this, he added: “The State pension will continue to come under pressure in the next 30 to 40 years as the ratio of working people to retirees decreases. With just under one million private sector workers in Ireland with no supplementary retirement savings and substantial workers with inadequate pension savings, there is a pension time-bomb ticking. The government is aware of these challenges and is committed to a holistic approach to pension reform. This book covers the topic of pensions in a simple, step-by-step and easy to understand format with appropriate practical examples,” said Vinod.

After a career spent with multi-nationals, Vinod retired at the age of 60 with a seven figure personal pension fund.

He said he built this during a short span of 18 years by taking advantage of tax opportunities.

Vinod is looking to make his new book available in shops.

It’s priced €9.99, with a €1 donation to Pieta.

More information on how to order will be made next month.

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