Colmm – Eolas Money

Author: Colmm

Helping you on Life's Financial Journey

Aviva paid out more than €100m in death benefit claims

Yesterday’s Irish Independent had some 2019 life assurance claim stats from insurer Aviva confirming again that the leading causes of claims continues to be cancer, cardiac and respiratory issues.The average age of female claimants was 49 with breast cancer accounting for 45% of those claims & other cancers representing 31%. 60% of male claims were…
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Be Will Wise

6 out of every 10 adults in Ireland have no will according a recent survey by Coyne Research. This is despite the fact that three quarters of those surveyed say its important to have a will!This 90 second animated video takes a look at five reasons why people might write their will. If Eolas money…
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Age to qualify for the State contributory pension could rise to 69

An article in today’s stating that the “Irish Fiscal Advisory Council has suggested the age to qualify for the State contributory pension could rise to 69 by 2035 and that Controversial proposals to increase the age at which people qualify for the State pension have been backed by the State’s budget watchdog.” This should…
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Local Property Tax Annual Debit Payment for 2020

Just a reminder for those of you who pay your Local Property Tax (LPT) by way of Annual Debit. As part of Revenue’s response to the Covid-19 pandemic, the payment date for Annual Debit instructions was deferred from March 21st 2020. Revenue will now present your debit instruction to your bank for full payment on…
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What size is your pension pot?

Some scary statistics from Irish Life in this recent article! The average pension fund size at retirement for their pensioners is just €58,000. The pensions were so small that 60% of retirees were able to take the entire amount as a once-off tax-free lump sum, leaving nothing in their pensions to provide a regular income…
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Mortgage Protection and Inheritance Tax for Cohabiting Couples

According to the 2016 census, there are over 152,000 cohabiting couples living in Ireland¹. As you know, even though a cohabiting couple live together, may own a property together and possibly have children together, in the eyes of Revenue they are treated as ‘strangers’ when it comes to inheritance tax. With a current inheritance tax…
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Contactless Payments on the rise

A recent article in the Irish Independent highlighted that with the rate of contactless payments soaring to nearly €20m per day, it it important to remember to manage your contactless spending in line with your household spending plan to manage your household budgets. If you don’t use a household spending plan to help manage your…
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Mortgage Planning

Fall in Mortgage Approvals

The Irish Independent is reporting a large drop in mortgage approvals. “Our strong message to would-be borrowers, whose income and employment circumstances have not been impacted by the current pandemic, and who meet normal lending criteria, is to actively proceed with their applications”. Normal mortgage lending rates was always going to be down during as…
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Workers may face big tax bill

It has been well flagged that government reliefs are taxable benefits and that the tax would be collected at a later date. While it has taken some time for Revenue to work out how they are going to collect the taxes due on these payments, it is likely that all repayments will be done over…
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Financial advice for every stage of your life

Irish Life Claims

Irish Life recently released their protection review for 2019 which confirmed that over €6 million (150 claims) was paid out EVERY WEEK in claim payments to their clients. That is almost 8,000 families during 2019 receiving protection at a very difficult time. Interestingly, with over twice as many claims for living benefits, this reports shows…
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