SYS: Making Financial planning easy with Paul Heverin

07/08/2024

In the coming weeks, you will start to see articles about the costs of education for your children or grandchildren, whether for school or third level. One thing is certain: these costs increase every year.

I remember years ago having a review with a very young family who were eager to start an education savings plan for their children. The father of the family shared his story with me.

When he was going to university, his parents could only afford to send two out of three children to third level. He recalled that when he had his first child, his father said to him, "I had 18 years' notice that you would go to university, and I left it until the last minute to organise your education and that of your siblings. Please do not repeat history and make the same mistake that I did; start saving straight away." And this is why they contacted me.

This story has always resonated with me as a financial planner. It highlights the importance of looking ahead and planning for key milestones in your life. These might include buying a house, starting a family, reducing work hours, children going to university, getting married, saving for a deposit on a house, deciding when and where to retire, and passing on an inheritance to the next generation. I always ask my clients "what is your financial plan?"

Paul Heverin

16/02/2024

If you or someone you know is receiving Approved Retirement Fund (ARF) payments, this post is important for you to read. 📕

🏛 The Department of Social Protection recently implemented changes to PRSI for individuals aged between 66 and 70. Starting from 1st January 2024, individuals can opt to commence receiving their State Pension (Contributory) (SPC) anytime between the ages of 66 and 70. Delaying the initiation of SPC payments offers individuals the opportunity to continue paying PRSI, potentially enhancing their contribution record when they eventually commence receiving their SPC.

This means that individuals aged between 66 and 70, born after 1st January 1958, will remain liable for PRSI until they are granted the SPC or reach the age of 70.

If you're between the ages of 66 and 70 and born after 1st January 1958, you should be aware that from January 2024, you must provide evidence of receiving the State Pension (Contributory) to avoid insurance companies deducting PRSI contributions from your ARF payments.

Don't hesitate to contact me 📧 [email protected] ☎ 083 012 78 22 if you require guidance. He can explain the implications for you in straightforward terms.

SYS Group Paul Heverin

01/02/2024

Today, on February 1st, Minister Heather Humphreys has reaffirmed the commitment to the State's new auto-enrolment pension scheme, slated for implementation in 2024, with initial enrolments anticipated by year-end. Her message carries assurance to employers regarding concerns over costs, emphasizing that delay is not an option. Additionally, pre-qualified companies, shortlisted for the administrative service contract, will commence tender invitations from tomorrow onwards. The imminent provider selection marks significant progress, leading up to the scheme's launch later this year.

Last month, the scheme was slated to commence. For further insights, I invite you to read a short article I authored last year, accessible via the link below. Whether you're an employer or an employee, it's imperative to familiarise yourself with this information, particularly if you're not currently a member of a pension scheme.

https://sysgroup.ie/pension-auto-enrolment-what-to-expect/

Paul Heverin SYS Group

Financial Consultant Paul Heverin penned this article to demystify the pension auto-enrolment system set to be put into place by 2024

24/01/2024

As a financial advisor, I've noticed that many clients are surprised by financial insights that seem like common sense once explained. This often leads to the same question, "Why don't they teach this in school?" To help with this issue, I plan on releasing small nuggets of financial advice that can help improve your financial situation. Please find my first bit of advise in my below video called have you thought about your children's 3rd level Education. Stay tuned for some more tips that can help you achieve financial empowerment! 🚀✨

SYS Group BNI Mayo - Castlebar Paul Heverin

18/01/2024

🏡 **Webinar Alert: Get Mortgage Ready in 2024! 🚀**

Join our head of Mortgages Sean Corbett for an insightful webinar on navigating the mortgage landscape tailored our clients and their family and friends. Whether you're a first-time homebuyer or looking to refinance, this event is designed to empower you with the knowledge you need.

📅 Date & Time: Wednesday, January 24th, 7:30 pm GMT

🌐 Registration Link:
https://sysgroup.ie/webinar-get-mortgage-ready-2024/

🔍 Agenda:
- Understanding the current mortgage market
- Tips for first-time homebuyers
- Expert insights on refinancing strategies

Don't miss out on this opportunity to gain valuable insights and be well-prepared for your mortgage journey. Click the registration link above to secure your spot!

Feel free to tag and share with friends and family who might benefit from this information. Let's make 2024 the year you achieve your homeownership goals! 🏠💼
Paul Heverin

https://sysgroup.ie/webinar-get-mortgage-ready-2024/

Are you planning on buying a home? Want to learn about mortgages. Join our webinar on January 24th, 7:30pm to get mortgage ready in 2024.

09/01/2024

💥Kicking off 2024 💥 🎉 on a high note with a fantastic start – I'm honoured to receive an award from my weekly BNI business network in Castlebar Co. Mayo! 🏆 Grateful for the recognition and excited for the positive momentum this brings to the new year😀. Here's to achieving more milestones together 🙏
SYS Group BNI Mayo - Castlebar Paul Heverin

05/01/2024

🌟 **Embrace Professional Help for Financial Organising in 2024!** 🌟

As I delved into researching my personal goals for 2024, I couldn't help but notice a common thread among many on social media sites—the desire to organise finances independently. It reminded me of attempting to fix an electrical issue at home (an electrician might be a better option) or daringly pulling out a tooth solo (ring your dentist ASAP). Sometimes, seeking professional assistance can make all the difference!

Why not take a cue from everyday scenarios? We readily consult professionals for various tasks, like a Mechanic, Doctor, Plumber. Similarly, entrusting your financial plan to a seasoned expert can streamline the process and bring clarity to your goals.

I'm here to offer a guiding hand in your financial journey. Let's work together to craft a tailored plan that sets you up for success in 2024 and beyond. Reach out, and let's make your financial aspirations a reality! 💼💡
Few questions to ask yourself to show if you need help.
* Are my savings building up in my bank account
* I'm unable to save
* I want to get a mortgage this year
* How will I pay for my children Education
* If I were to pass away, what happens to my assets
* If I were to get ill, how do I pay my bills, like Rent, Mortgage, Childcare, Loans, Health Insurance, etc.
* I'm not sure how I access my pension at retirement
SYS Group BNI Mayo - Castlebar Paul Heverin

21/12/2023

🎄 Wishing you a wonderful Christmas filled with warmth, joy, and endless moments of laughter! 🎅🌟 To all my incredible clients, colleagues, family and friends, thank you for being part of my journey this year. May this Christmas bring you peace, love, and cherished moments with your loved ones. Merry Christmas and happiest New years to you all! 🎁🎉
SYS Group BNI Mayo - Castlebar Paul Heverin

🎄🎁Thanks to Canva for helping me with the photo🎅🎄

01/11/2023

+35319079669
I got a phone call from this number. They had my information and they said they were ringing from the RTB. I felt it was a scam, told them I could not talk and could they ring another time.
I Googled the number. It says it a number used on other scams.

PLEASE BE CAREFUL

05/09/2023

"Are You Overpaying Taxes as an Accidental Landlord or Part-Time Farmer?"

September marks the beginning of the pension season, I, as a Financial Advisor, aim to provide some valuable tips that can potentially help you optimise your financial situation.

I frequently encounter individuals who find themselves in the roles of accidental landlords or part-time farmers, all while juggling full-time jobs as PAYE workers. At this time of year, they are gearing up to tackle their annual tax returns with their trusted accountants.

The typical scenario unfolds as follows: The landlord or farmer dutifully provides all their financial information to file their 2022 tax return. The accountant then delivers the verdict: "Your tax bill for the year is €2,400." In most cases, the landlord writes that cheque to the tax authorities and will never see that €2,400 again.

However, there is a way to potentially reduce this tax burden using your PAYE salary. If you are taxed at the 40% tax rate and can afford to allocate €500 per month throughout the year into a pension or make Additional Voluntary Contributions (AVCs) and a single payment can be made for 2022. Revenue will owe you a refund of €2,400. This refund effectively offsets the money you owe to Revenue, the €2,400 that you may have never seen again will now help you in securing your financial future through your retirement funding.

If you find yourself in this situation or have questions about your unique circumstances, I am here to assist you in navigating your financial journey.
The aforementioned examples are just the tip of the iceberg. This strategy can apply to a wide range of professions and part-time endeavours, including teachers offering grinds, physiotherapists engaged in part-time work with their clubs, nurses collaborating with insurance companies, and tradespeople taking on mixers to name a few.
Feel free to reach out to me for personalized assistance and guidance at [email protected] or by phone at 0830127822. Your financial well-being is my priority.

Paul Heverin, helping you to get financially fit.

31/08/2023

WHY IS YOUR MONEY ON DEPOSIT?

If you had put €10,000 into Zurich's balance fund in 2002 it would be worth €39,779 in 2022. Did you get this return from your deposit account?

As a financial advisor, a pivotal aspect of my role involves engaging with clients to meticulously evaluate their financial circumstances.
The realm of savings often emerges as a focal point where individuals frequently realise they might not be optimising their approach. In many instances, a lack of familiarity is the underlying issue, manifesting in two distinct impediments to effective saving:

1. Apprehension: The fear of losing hard-earned money often stands as a formidable obstacle to how we save. Ironically, leaving your money in a deposit account can lead to a diminution of value due to the erosive force of inflation that we are experiencing in Ireland. For instance in 2022, if your deposit account yields a 1% return while inflation soars at 8.1%, your investment effectively erodes by 7.1% even before accounting for taxes. This underscores that inaction can inadvertently lead to financial loss which is what most people fear.

2. Investment Awareness: Most people admit the lack of knowledge regarding prudent savings strategies compounds the fear of financial loss. This knowledge gap reinforces the apprehension, setting in motion a vicious circle of inactivity that, paradoxically, results in capital losses due to inflation. Which is what they set out not to do.

During my reviews, I undertake an instructive role to educate my clients the diverse array of avenues for effective saving. We identify a tailored approach that aligns seamlessly with each client's unique circumstances and comfort level.

In Ireland a staggering €152 billion remains dormant in deposit accounts in 2023, marking a growth of €69 billion form €83 billion since 2019. To put this in context the bank bail out cost €64 billion to the Irish people.
Regrettably, having this much money on deposit indicates that the issue persists and the imperative to cultivate sound savings practices has yet to take hold.

My commitment as a financial advisor is to bridge the knowledge gap, which alleviates your apprehensions, and empower my clients with the insights and strategies requisite for sound financial stewardship. By doing so, we aim to reverse the prevailing inertia and foster a more prosperous financial future for all.

Do you want to explore your savings options.
[email protected]
083 0127822

08/08/2023

Have you recently received a pension statement from a former employer in Ireland or from the UK? If that's the case, it's crucial to acknowledge the significance of reviewing and assessing your old pensions with previous employers.

The pension scene in Ireland has undergone significant changes in the past 18 months. Are you aware of how these changes will impact your pension?
In today's rapidly evolving financial landscape, ensuring a secure financial future during retirement has become more vital than ever before.

Retirement planning can be a complex process, and many individuals may overlook the potential benefits of revisiting old pension schemes established with former employers. However, a thorough review of these pensions can yield significant advantages and unlock opportunities that might have been overlooked.

By proactively engaging with your past employers and requesting pension plan updates, you can gain valuable insights into your retirement savings.
These updates may include information on the current plan status, investment performance, and potential areas for optimisation. Also, reviewing old pensions can shed light on the changes in pension regulations in Ireland that could impact the ultimate pay-out.

Neglecting to review old pensions can lead to missed opportunities for retirement income growth, efficient asset allocation, and even potential tax advantages.

At SYS, we specialise in assisting individuals in maximizing their retirement benefits. We strongly advocate for proactive engagement with former employers to review and optimise old pensions, ensuring a more secure and prosperous future.

Remember, retirement planning is not a one-time event but an ongoing process that demands attention and regular evaluation.

Taking the time to review old pensions can provide peace of mind and enable you to make informed decisions that align with your long-term financial goals.

For more information or to schedule a consultation, please contact me at, [email protected] or call 0830127822.
SYS Group