Pensions: Why Waiting Costs More Than You Think
Most people know they “should” have a pension. But too often, pensions are pushed down the list, overshadowed by mortgages, school fees, or the day-to-day demands of running a business.
Most people know they “should” have a pension. But too often, pensions are pushed down the list, overshadowed by mortgages, school fees, or the day-to-day demands of running a business.
At Blue Chair Financial, we’ve seen time and time again how delaying pension planning can quietly become one of the most expensive financial decisions a person makes.
The Hidden Cost of Waiting
Let’s put this into perspective. Someone who starts saving €500 a month into a pension at age 35 could retire with a significantly larger fund than someone who starts at 45, even if they contribute the exact same amount each month. Why? Because time and compounding growth do the heavy lifting.
By waiting, you don’t just lose the years of contributions, you lose the years of growth those contributions would have generated. To “catch up,” you often need to contribute double, or more, later in life.
Why Pensions Matter for Business Owners
For SME owners and directors, pensions are not just a retirement tool, they’re a powerful financial planning strategy today. Contributions can often be made through the company, reducing corporation tax while building personal wealth.
It’s one of the few areas where the tax system actively rewards you for planning ahead. Yet, many directors leave this advantage untouched.
Beyond Just a Pot of Money
A pension isn’t just savings. It’s a structured plan for independence:
Tax relief today – reducing your immediate tax bill.
Growth over time – with investments working in the background for years.
Income in retirement – giving you flexibility when you want to step back from the business.
Common Misconceptions
“I’ll sell my business, that will fund my retirement.”
This is a common belief among business owners. But relying solely on a business sale is risky, markets change, timing doesn’t always align, and valuations aren’t guaranteed. A pension provides a secure foundation, so you’re not relying on one single event.
“I’ll start later when I have more cashflow.”
We hear this all the time, but the truth is, starting small is better than not starting at all. Even modest contributions can grow significantly when given time.
Take the First Step
If you’ve been putting off starting or reviewing your pension, the best time to act is now. Every year counts, and every year you delay makes the hill steeper to climb.
At Blue Chair Financial, we specialise in helping business owners and professionals put the right pension strategy in place, balancing today’s realities with tomorrow’s goals.
We offer a free 30-minute consultation to help you understand where you stand and what options are available. No pressure, no jargon, just clarity.
Message us here or visit www.bluechairfinancial.ie to book your review.
Income Protection: The Most Overlooked Safety Net for Business Owners
Running your own business means you carry the risk and the reward. You make the decisions, you drive growth, you solve the problems. But there’s a question many SME owners and professionals quietly avoid: what happens if you suddenly can’t work because of illness or injury?
Running your own business means you carry the risk and the reward. You make the decisions, you drive growth, you solve the problems. But there’s a question many SME owners and professionals quietly avoid: what happens if you suddenly can’t work because of illness or injury?
At Blue Chair Financial, we see it all the time, business owners who have taken the time to protect their company with insurance, who have insured their assets, and who’ve built safety nets for their employees. Yet, they’ve overlooked the most valuable asset in the entire business: themselves.
Why Income Protection Matters
If you’re self-employed or a director, your business likely relies on you. Without your presence, sales may slow down, clients may drift, and delivery can be disrupted. Unlike larger corporates, there’s usually no buffer or redundancy in the system.
And while statutory sick pay exists, it’s limited, short-term, and often not enough to cover even the basics. Mortgages, school fees, and day-to-day living costs don’t stop just because you’re not able to work.
That’s where income protection comes in.
What Income Protection Provides
An income protection policy ensures that, if you are unable to work due to illness or injury, you receive a monthly replacement income until you recover or reach retirement age. This means:
Security for your family – essential bills continue to be paid.
Stability for your lifestyle – you don’t have to make drastic changes overnight.
Freedom to focus on recovery – instead of rushing back to work out of financial necessity.
For SME owners, this is not just a personal safety net, but also a business continuity measure. It allows you to step back temporarily while ensuring your family and financial commitments remain covered.
Common Misconceptions
We often hear: “I’ve got savings, that’ll cover me.” The reality is that even strong savings can run out quickly. Consider if you had to stop working for 12 months, 24 months, or more. Savings are finite. Income protection is designed to last.
Another misconception is: “I already have cover through work.” For some directors or employees, group cover may exist, but it’s often capped, time-limited, and ends if you change jobs. It’s worth checking if what you have is sufficient.
Why Business Owners Should Pay Extra Attention
As a director, you may be entitled to take out income protection through your company, making it a tax-efficient solution. This is where good advice really counts, structuring policies so they’re cost-effective, compliant, and aligned with your business setup.
Take the First Step
If you’re a business owner or professional who hasn’t reviewed your protection recently, income protection could be the most important financial decision you make this year.
We offer a free 30-minute consultation to help you understand where you stand and what options are available. No pressure, no jargon, just clarity.
Message us here or visit www.bluechairfinancial.ie to book your review.
Because life doesn’t stand still, and your protection shouldn’t either.
Why Your Old Cover Might Be Costing You and Leaving You Underprotected
Most of us take out financial protection at key moments in life, buying a home, starting a family, or setting up a business. We sit with the bank, sign the paperwork, and tick it off the list. Job done, right?
Most of us take out financial protection at key moments in life, buying a home, starting a family, or setting up a business. We sit with the bank, sign the paperwork, and tick it off the list. Job done, right?
The problem is, the cover you set up years ago may no longer match your life today. In fact, in many cases, people are paying more than they should for less protection than they need.
The Hidden Cost of “Set and Forget” Policies
We see it time and again: someone takes out a mortgage protection or life cover policy through their bank and never looks at it again. Years later, they’re surprised to learn:
The policy hasn’t kept pace with their family, income, or business changes.
They’re paying more than they should for the level of cover in place.
The structure of the policy (for example, a basic “joint life” policy) leaves them exposed compared to alternatives.
A simple review can often mean better cover at a lower cost, without changing your provider or your peace of mind.
Life Changes, So Should Your Protection
Think about what’s happened since you first set up your cover:
Have you had children or taken on new financial commitments?
Has your income grown, or are you running a business now?
Is your mortgage smaller (or larger) than when you started?
If your answer to any of these is yes, there’s a good chance your current policy no longer lines up with reality. Protection should be personal, not “one size fits all.”
Three Quick Checks to Know if It’s Time for a Review
At Blue Chair Financial, we suggest asking yourself:
Was my cover arranged through my bank?
Banks often sell the most basic version of protection, which may not represent best value.Has it been 5+ years since I last reviewed it?
Providers change their pricing and products all the time. What was competitive then may not be today.Has my life changed significantly?
A growing family, new business responsibilities, or changes in income can all mean your cover needs an update.
If any of these ring true, it’s worth reviewing your plan.
How We Can Help
At Blue Chair Financial Ltd, our role isn’t to sell you a product, it’s to help you feel confident that you, your family, and your business are protected.
We do this by:
Reviewing your existing cover to see if it still fits.
Comparing alternatives in the market for value and strength.
Explaining the differences in plain English so you can make an informed choice.
Sometimes that means making a switch. Sometimes it means confirming what you have is still right for you. Either way, you’ll have clarity and peace of mind.
Take the First Step
If you’re not sure whether your old cover is costing you, or leaving you exposed, the simplest step is a quick review.
We offer a free 30-minute consultation to help you understand where you stand and what options are available. No pressure, no jargon, just clarity.
Message us here or visit www.bluechairfinancial.ie to book your review.
Because life doesn’t stand still, and your protection shouldn’t either.