Analyzing the Best Retirement Plans for Businessmen in Ireland: A Comparative Study of PRSA, SIPP, and ARF

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Authors
Haldankar, Manali Kishor
Issue Date
2023
Degree
MSc in Management Practice
Publisher
Dublin Business School
Rights
Abstract
The goal of this study is to examine the best retirement strategies for Ireland's manufacturing sector, with a particular emphasis on Personal Retirement Savings Accounts (PRSA), Self-Invested Personal Pensions (SIPP), and Approved Retirement Funds (ARF). An overview of the importance of retirement planning in the industrial industry is given in the introductory chapter. The literature study part examines the main characteristics, advantages, and investment choices of PRSA, SIPP, and ARF, revealing any weaknesses and recurring themes in these pension plans. Interviews with business experts are used in the qualitative research methodology to elicit their opinions on the usefulness and application of retirement plans in the context of manufacturing. The study clarifies, taking into account the implications for business professionals, the tax advantages, investment flexibility, and income sustainability of each retirement plan through a comparative comparison. Recommendations strongly emphasise individualized planning approaches, financial literacy, and diverse investments to maximize retirement outcomes. The future study aims to improve knowledge of changing dynamics in retirement planning through longitudinal analysis, behavioural insights, worldwide comparisons, regulatory implications, technology developments, and post-retirement experiences. The results of this study educate politicians and financial advisers on the complexities of retirement planning in a changing economic and regulatory environment, empowering individuals to make well-informed retirement decisions. Future research efforts can help to develop a comprehensive knowledge of retirement planning's role in guaranteeing the financial security of Irish business people by adjusting to changing conditions and incorporating a variety of study approaches.