Blog-McCarthy & Associates Financial Consultants-Galway Talks, 22/05/2014

galway-bayfmIssue:  Recent survey shows rents in Galway rise 6%.

Comment:  It is obvious from a variety of recent statistics that supply and demand in the rental market favors landlords.  This is due to the fact that there seems to be a sizeable number of people who would wish to buy a home but cannot obtain finance to do so.

I would foresee that the rental market would certainly benefit from reduced demand when there is a substantial increase in purchases of homes by first time buyers.

Question:  You mentioned last week about a new plan for Health Insurance.  Is there any website where I can look at comparing different plans as I find it very confusing?

Answer:  Most people find it extremely difficult to compare one plan with another as the conditions and covers vary dramatically.  There is a very helpful calculator that you can use in relation to making a decision with regard to changing providers on the Health Insurance Authority Website at and I would advise that you use this.

Question:  I worked for a company for 20 years but took redundancy 6 years ago.  I did not move my pension and I am wondering should I look at this and what options do I have?

Answer:  This is a common problem with the mobility that now exists from one employment to another.  Assuming that your plan is not Defined Benefit, I would urge you to review this immediately and consider moving to a Personal Retirement Bond which gives you greater freedom and flexibility.