Financial planning is often seen as complex, time-consuming and something that can wait. But in reality, it\u2019s far simpler than most farm families think. <\/p>\n
The biggest barrier isn\u2019t complexity, it\u2019s getting started.<\/p>\n
Financial planning isn\u2019t as difficult as people make it out to be. The challenge is taking that first step. Once families engage, it becomes much clearer and more manageable.<\/p>\n
At a time when succession and generational renewal are central issues in Irish farming, putting even a basic plan in place can make a significant difference.<\/p>\n
The key is to keep it simple.Rather than focusing on tax structures or legal detail from the outset, families should begin with one question:<\/p>\n
How will we be financially supported into the future?<\/p>\n
If you can answer how retirement will be funded, everything else begins to fall into place.<\/p>\n
From there, financial planning becomes a series of manageable steps:<\/p>\n
Identifying future needs. Understanding current income. Putting basic protections in place. <\/p>\n
It doesn\u2019t have to happen all at once. It\u2019s not about having a perfect plan. It\u2019s about putting some structure around decisions and building on it from there.<\/p>\n
*Donal Riordan is head of FBD Life and Pensions.<\/p>\n","protected":false},"excerpt":{"rendered":"Financial planning is often seen as complex, time-consuming and something that can wait. But in reality, it\u2019s far…\n","protected":false},"author":2,"featured_media":819690,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[45,49,48,44087,287178,287177,133,287179,44,6107,131,132,1705,63546,287180,3322],"class_list":["post-819689","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-ca","tag-canada","tag-contributor","tag-farm-families","tag-fbd","tag-finance","tag-generational-renewal","tag-news","tag-pensions","tag-personal-finance","tag-personalfinance","tag-retirement","tag-succession","tag-succession-2026","tag-tax"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/819689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=819689"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/819689\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/819690"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=819689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=819689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=819689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}