John Ellis

The 4% rule for your retirement

BY JOHN ELLIS

FINANCIAL ADVISOR IF you want to set a goal for the net worth to have at retirement the gure you use should accommodate your lifestyle and limits. ere is no one-size- ts-all number for how much money you need to have at retirement.

To get started, look at how much you plan to spend in retirement. You need to estimate the annual amount you will need to have available to pay all your regular bills. For instance, you will need to include housing, (if the mortgage is not paid o ) utilities, travel, food, entertainment expenses etc.

You may then decide you want €25,000 a year during retirement to cover the cost of living. e Old Age pension will go some of the way if it is still there when you come to retire. But if you plan to travel, or take on other hobbies, it will impact how much you will need. You might then decide having €30,000 or €40,000 a year would allow you to live your preferred lifestyle.

Your net worth evaluates your overall wealth, but your retirement income will typically come from your most liquid assets. us, when you look at the funds available for spending in retirement, focus on assets like cash, stock market investments and pension plans to see how your cash ow will be generated.

A general rule of thumb that is used for retirement planning is known as the 4% rule. is refers to the amount of money you withdraw from a retirement account each year. So, after adding up your available funds, take 4% of that capital amount. at will be what you have in theory to live on. Not a lot in many instances but this exercise should encourage us to see saving for retirement as an imperative not an option.

Saving for pension is one of the few areas that there are still generous tax allowances available.

If you are paying tax at 20%, then for every €100 a month you invest in a pension you receive €20 tax relief so the net cost to you is €80 a month, within revenue limits

Better still if your marginal rate is 40% then every €100 you invest you receive €40 back and the net cost is €60 per month, again within revenue limits.

But pension planning can be fraught with di culties and good constant advice is a must. As you save toward retiring and especially when you begin to “cash in “those savings you need to be aware of the following –

Your retirement money is not guaranteed to keep its value because the assets in which you are invested may not perform as well as expected and you may not meet the target gure you had planned for.

Again in retirement, outside of an annuity there is a risk that your fund could run out in your lifetime. is could happen if you take income at too high a rate and/or the investment performance of the underlying funds is less than expected or you live longer than expected.

Tax relief and bene t options can be subject to amendment by governments, and you will pay tax at your marginal rate on any withdrawals.

In a sentence pension planning is for life. John@ ellis nancial.ie. 0868362633.

CIE offering 15% off its staycation bus tours

UNTIL September 10 CIE Tours are running their ‘Hot Deals, Cool Travel’ promotion and offering their customers 15% o their most popular deals to Ireland and Britain.

Applicable on select tours. customers will be able to get 15% o tours such as Taste of Ireland, Irish Odyssey, Irish Adventure, Taste of Scotland, and Ireland. e tours balance immersive and CIE-exclusive experiences with plenty of down time to let you explore and enjoy on your own. Plus tour prices cover all entertainment and experiences, full breakfasts, and most dinners, so there are no hidden fees.

With a staycation, you could take eight days around Ireland, starting your journey in Dublin and moving down to Waterford, Cork, Kerry, Clare, and Galway before making your way up to Donegal and across to Derry and Belfast before returning to Dublin.

As well as visiting famous landmarks, along the way you will see sights and experience moments such as viewing the Dunbrody Famine Ship in Wexford to immersing yourself in traditional farm life during a trip to an Irish farm in Donegal, where you will watch trained sheepdogs round up mountain sheep.

If you’re looking to explore Ireland in more detail then the 12 day package could be for you. During nearly two weeks you will get the chance to stroll through the English Market in Cork, where vendors have been selling local and artisanal foods since 1788. In Kerry, you will take a traditional horse-drawn jaunting car ride to Ross Castle and Kenmare Estate and see Lough Leane, the largest of Killarney’s lakes. Plus you will get the opportunity to travel through Connemara for sweeping views of misty mountains and shimmering lakes.

Safety plea launched over horses on roads

AN appeal has been launched calling on horse-riders and other road users to share the roads safely. e move comes from the Road Safety Authority (RSA), Horse Sport Ireland (HSI), Horse Racing Ireland (HRI) and An Garda Síochána.

It comes as a recent survey of 1,700 horse riders showed that four in ve (85%) horse riders experienced an incident when on the road with their horse, with 12% of those incidents resulting in injury to either the horse or rider. e Irish Horse Representative organisations, together with the RSA and An Garda Síochána are appealing to drivers to slow down and pass wide when they encounter horse riders and their horses on the road. e new survey reveals that cars and jeeps have been involved in the highest percentage of reported incidents with horses on the roads while cyclists, vans, lorries and agricultural machinery account for an equal share of the remaining incidents.

Mr Joe Reynolds, Acting Chief Executive of Horse Sport Ireland, said: “ e ndings of this survey are quite striking, it’s troubling to think that 85% of those polled reported being involved in some form of road safety issue while riding their horse on Irish roads. We are pleased to be working with the RSA to raise awareness of this and improve conditions for our members and all road-users. By following a few simple steps, you can keep yourself, your car, the horse, the rider and all the other people around you safe.”

Mr Brian Kavanagh, Chief Executive of Horse Racing Ireland, said: “We have a proud tradition in Ireland of excellence in equestrian sport at national and international level. As a result, thousands of people across Ireland ride horses.

“All road users have a duty of care to share the road in a safe and socially responsible way and we hope our members will take the time to familiarise themselves with best practice guidelines,” he said.

Calves taken from eld in dawn raid

ONE of the largest cattle thefts of recent times has taken place in Kilkenny, with 36 calves taken from a eld. e theft occurred near reecastles, between Kilkenny city and Freshford. e calves were part of a larger batch. Nineteen of them are Friesian heifer calves, the other 17 are Angus- crosses, a mixture of bull and heifer calves. e farming community is being asked to assist in their safe return, with any information of animals being o ered for sale or of any unusual movement in the Kilkenny/Tipperary area regarded as helpful to the investigation. eir theft was discovered on Friday morning, August 6. Gardaí in Kilkenny are leading the investigation, and can be contacted at 056-777 5000. Meanwhile, from January 2022, all approved cattle tag suppliers will be required to supply an EID tag with all new tag orders.

Back in business: Minister Malcolm Noonan, Patricia Lawless, Darina O’Byrne (President), Mayor Andrew McGuinness and Cathaoirleach Fidelis Doherty at the reopening of the club Photo: Seamus Cahill

The Home Rule Club is back for beers in the garden

THE historic Home Rule Club in Kilkenny has reopened and visitors are welcome to enjoy their beer garden in the heart of the city. e landmark building on the banks of the River Nore plans to open each ursday to Sunday from 5pm to 11pm.

President of the Home Rule Club Darina O’Byrne said that members wanted to get the message out that the club is open and ready to welcome old and new friends.

“For the moment our beer garden is open. We are trying to spread the word that we do have a beautiful welcoming Beer Garden and that visitors are welcome. Not only did we survive, but there was constant volunteer work behind the scenes improving the fabric of the Club building,” she said.

“A key factor in our nancial health was the fact that we are Barnstorm eatre’s new home which is a match made in heaven! It’s wonderful to be on the sidelines of what activities they managed to continue during this past year and we look forward to admiring and supporting their work when restrictions permit,” she said.

€2m Callan climate plan launched

AN inovating county Kilkenny project has been awarded funding under the

Government’s €2m Creative Climate Action fund. e Callan Energy Store is among 14 projects nationwide who will recieve funding as part of the scheme announced by the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media in collaboration with the Department of the Environment, Climate and Communications.

In Kilkenny, Asylum Productions will invite the citizens of Callan to radically reimagine their town’s energy supply.

Working with Loosysmokes aerial circus company and the Callan Community Energy Company (CCEC), Asylum Productions will open a pop-up Energy Store in the heart of Callan in May 2022, as part of ‘ e Powerhouse Project’ – a twoyear, multidisciplinary community engagement project that will invite the citizens of a small rural town to learn how they can power their lives in more sustainable and energy e cient way.

Using their ‘shop front’ model of community engagement, this space will be the focus for free community workshops, events and activities, bringing expert technologists in the elds of wind, solar and hydro-electric energy together with radical thinkers and doers, inventors and makers in the eld of theatre and street arts. e Creative Ireland initiative supports creative, cultural and artistic projects that build awareness around climate change and empowers citizens to make meaningful behavioural changes.

Get out and about this autumn...

THIS autumn Kilkenny is o ering visitors some ‘unique’ experiences. From feline adventures and spooky tours to animation and comedy. Plan your autumn getaway around Kilkenny’s top six things to do:

1. KILKENNY CAT WALK TRAIL

e Kilkenny Catwalk 2021 is a trail of 21 wonderful Kilkenny Cat sculptures which have been decorated by some of our most talented artists, mainly local, for public display in and around Kilkenny City in the second half of 2021. is arts project is a partnership project between Kilkenny Civic Trust and Kilkenny County Council which can be engaged with outdoors, whilst adhering to physical distancing requirements, regardless of restrictions. e Cat Walk art trail will be fun, bright and engaging and will bring a smile to people’s faces and support the Keep Well Campaign. People are invited to get outdoors, follow the trail and enjoy it.

Visit: www.kilkennycatwalk.ie 2. KILKENNY GHOST TOURS

Why not try a ghost tour through the ‘Medieval Capital of Ireland’ and uncover terrifying tales and horrid histories. With its narrow cobbled laneways, remnants of its city walls and with its mystic charm, it should be no surprise that Kilkenny is bursting with tales of the paranormal. Its people have told stories for generations, handed down to become far more than hearsay. Kilkenny’s ghostly tales all have one very important thing in common, they are all based around fact and arise from genuine historic tragedies. Scares await at every turn.

3. KILKENNY ANIMATED  OCT 13

Kilkenny Animated is a festival of visual storytelling, incorporating cartoons, animation and illustration in a series of exhibitions, talks, performances, workshops and experiences that celebrate the creativity and craft of the visual image. e festival is hosted by twice-Academy Award® nominated animation studio, Cartoon Saloon and is set against and inspired by the backdrop of Kilkenny’s medieval streets and slipways at the heart of Ireland’s Ancient East. Kilkenny Animated is the rst festival of its kind in the world to bring together so many di erent aspects of visual storytelling for the enjoyment and appreciation of wider public audience.

4. KILKENNY DAY  OCT 11

Let us introduce you to ‘Kilkenny Day’, a day dedicated to everything that is great about Kilkenny! Kilkenny Day will take place on Monday 11th October and will consist of a packed programme of events that will run across the city and county, showcasing the very best the county has to o er. But before we give you some of the line-up of events, let us remind you that people are been asked to don black and amber on the day to demonstrate pride in the county colours, so whether it’s a GAA shirt or a colourful holiday shirt that’s been lying in the wardrobe, there are no excuses!

5. IRELAND’S MEDIEVAL MILE

Ireland’s Medieval Mile

New tech will save old Ogham writing

IRISH and Scottish academics have turned to digital and 3D technologies to protect and preserve the ancient Celtic Ogham writing system (pictured), which has existed for more than 1,500 years.

Ogham predominately exists in Ireland but is also found across the UK and appears on inscriptions and tablets dating back to the 4th century AD. e alphabet is additionally found in a handful of 9th-century manuscripts and is the ancestor of modern Irish and Scottish Gaelic.

However, just 16% of surviving Ogham-carved stone pillars are housed in national museums, with the majority of Ogham stones remaining in local churches, heritage centres, or in remote outdoor rural locations where they remain exposed to the elements.

As a result, researchers and academics have only ever been able to study a small sub-set of Ogham stones in person due to their broad dispersal and the logistical challenges of visiting stones housed in remote locations.

To combat this, academics from Maynooth University and the University of Glasgow intend to create a digital database of all 640 pre-1850s Ogham scripts that exist in Ireland and the UK over the course of three years. e researchers say that the database will make 3D models of Ogham inscriptions readily accessible to academics and members of the public alike. e 3D models will also provide a baseline against which future weathering can be assessed and additionally protect a unique resource threatened by climate change. e project will build on the Dublin Institute for Advanced Studies’ “Ogham in 3D” project, which focused on stones located in the Republic of Ireland and will collaborate with museums in Ireland, Scotland, Wales, and England.

Maynooth University said Ogham writing style was never abandoned despite the advancement of new ways of writing, especially among Irish and Welsh artists and designers.

O’Connor’s Kilkenny was withdrawn from Games

stretches from the iconic Kilkenny Castle to St Canice’s Cathedral, with similarly notable historic gems along its path. Furthermore, it has become one of our biggest attractions. You simply can’t miss the Churches, Museum and historical treasures. Well preserved examples of Ireland’s past for example include a 13th century Dominican Abbey and the only complete early 17thcentury merchant’s townhouse are similarly show-stopping.

6. KILKENOMICS  NOVEMBER 47

Save the date in your diary, November 4–7, 2021. Kilkenomics is the world’s rst economics and comedy festival, brings together some of the world’s leading economists, nancial analysts and media commentators with some of our funniest, sharpest stand- up comedians.

Jump into Kilkenomics and engage with as many shows as possible, get equipped with the information and insight that hopefully can help everyone make smart choices for the future – inform and be entertained - just for the laugh!

Visit: www.kilkenomics.com

Students warned of rental scams

THE Gardaí are advising people to be wary of rental scams, particularly at this time of year when students are returning to college, perhaps to Carlow or to the Waterford Institute od Technology (WIT).

While accommodation frauds have declined in recent months due to Covid 19 restrictions Gardaí have highlighted that the new generation of third level students seeking accommodation could be a target for fraudsters. ere were a total of 503 cases of rental scams reported to AGS between February 1, 2019 and May 31, 2021.

More than €900,000 was stolen in rental scams in this period.

KILKENNY County Council, in conjunction with the HSE, is preparing a Masterplan of detailed planning policies for the future development of the St Canice’s Campus (the former St Canice’s Hospital) lands at Lacken and Maudlinsland, in Kilkenny City.

Copies of the Issues Paper are available from the Planning Department, Kilkenny County Council, County Hall, John Street, Kilkenny, please contact 056-7794010 or email ourplan@Kilkennycoco.ie

Submissions made last month can be seen on the council’s consultation and will form part of the Chief Executive’s report to the full council.

Masterplan for St Canice land

Remembering the Mothers & Babies...

AN enthralling exhibition of paint, sculpture, and photography. It takes its title from Elizabeth Cope’s recently complete triptych 9,000 Babies? and the accompanying Portrait of Child Mother is running Kilkenny’s Shankill Castle unit; Sunday, August 22. e pieces were inspired by the history of the Mother and Baby Homes, recently in the news, and Cope’s personal experience of visiting the Magdalene laundry in Athy, Co Kildare on two occasions as a child, where she was able to see the girls washing sheets at the large vats. e artist, who now lives at works at Shankill Castle, believes that the issue of the Mother and Baby Homes is an important subject to raise awareness on, and that the survivors should be recompensed by the Church for the tragedies su ered. e 9,000 Babies? exhibition features a Magdalene laundry installation, including Elizabeth’s paintings and various historic props to re-create the atmosphere of what a Magdalene laundry would have been like.

Sculptor Ruth Barry, whose mother was born in a Mother and Baby Home, is one of the artists featured in the exhibition. Her sculpture e Roots ties in to the theme by portraying a second-generation survivor of traumas endured by ancestors. e other pieces in the exhibition demonstrate sharp juxtaposition to the grim Magdalene laundry installation.

Paintings by Phoebe Cope depict scenes of the warm moments of motherhood and childhood, of the normalcy of everyday life, of the beauty of nature. Ruth Barry’s sculpture e Golden Loop brings some hope, symbolising the regeneration of nature, and how humans, who are often destroyers, can also be creators. e exhibition also features recent works from artists Phoebe Cope, Reuben Cope, Mungo McCosh, Sean Grimes, Ruth Barry, and Tianna Pedro. e exhibition, which is presented in association with Gerber Fine Art, Glasgow.

Elizabeth Cope was born in 1952 in Co. Kildare. She has exhibited in galleries and museums all over the world for the past 40 years and is found in many important public and private collections.

Cope is known for her brilliant use of colour. Much of her work is domestic in nature, and she has found a loyal audience who are beguiled by her positive, bright and cheerful paintings. But there is a darker side to her work, some disturbing, laced with black humour, but always executed con dently.

“Painting for me is a way of life. I was seduced by the smell of oil paint when I was nine years old; my sister came home from Paris with a box of paints…. I paint through the chaos of everyday life; if I were to wait for a quiet moment, I would never paint,” she says.