Retirement planning in Ireland
The first step to successful retirement planning is understanding why it actually matters. Not in a vague, “you should probably think about this someday” kind of way, but in a real, tangible sense of what your life could look like in retirement and what it might take to get there. Once that clicks, everything else starts to make a lot more sense.
Why you need to plan for your retirement
Here’s a common misconception worth clearing up: retirement planning is not about being rigid with your money. It’s not about tracking every euro or giving up the things you enjoy. What it actually means is making smart, considered decisions now so that when retirement comes around, you have the freedom to live your life on your own terms.
In Ireland, the maximum State Pension (Contributory) currently stands at €299.30 per week for those who qualify – just over €15,500 a year. For many people, that falls well short of the lifestyle they have in mind for retirement.
Research from the Economic Social and Research Institute (ESRI) Ireland has consistently shown that Irish people are not saving enough for retirement, with a significant proportion of the working population either under-saving or contributing nothing to a pension at all.
Fortunately, it’s never too late to get started. Compound growth means that money invested in your 30s and 40s has far more time to grow than money put aside in your 50s. But even if you are starting later, there’s still plenty you can do. The key is to have a plan.
Retirement planning covers a lot of ground. It’s about:
- Knowing when you want to stop working (whether that is the State Pension age of 66 or earlier)
- What kind of income you will need
- How you will manage your savings and investments
- What happens to your mortgage if you have one
- How you will protect your family along the way.
It’s a whole-picture view of your finances, not just one piece of it. The good news is that you don’t have to figure it all out on your own.
How askpaul can help
At askpaul, we take a straightforward approach to financial advice. No jargon, no pressure, just honest guidance tailored to where you are right now and where you want to get to.
Depending on your situation, we can support you in a number of different ways.
Financial planning
A solid financial plan is the foundation of a comfortable retirement. Our advisors will sit down with you to understand your current position, your goals and your timeline.
From there, we can help you build a realistic roadmap that pulls all the different pieces of your finances together. Think of it as a bird’s-eye view of your money, with a clear path forward.
Find out more about our financial planning consultation.
Pension planning
Your pension is likely to be one of your biggest assets in retirement, and getting it right matters. Whether you’re self-employed, employed or somewhere in between, we can help you understand your options, make the most of the tax relief available through Revenue and ensure your pension is working as hard as it should be for you.
Explore our pension consultation service.
Mortgage advice
Whether you’re still carrying a mortgage into retirement, or you’re trying to plan around paying it off beforehand, your mortgage has a direct impact on your retirement income.
Our team can help you look at your options, whether that means reviewing your current rate, considering whether to fix or planning how to clear the balance ahead of schedule.
Learn more about our mortgage consultation.
Protection consultation
Life doesn’t always go to plan, and part of good retirement planning is making sure that you and your family are covered if something goes wrong. That means having the right protection in place – whether that’s life cover, serious illness cover or income protection.
Our team can review what you have and make sure there are no gaps. Take a look at our protection consultation.
Investment advice
Investing smartly is one of the most effective ways to build wealth over time. Whether you’re looking at lump sum investing, regular savings or making your money work harder in the lead-up to retirement, our advisors can help you understand your options and the risks involved.
See how our investment consultation works.
Will writing support
Retirement planning is also about what you leave behind. Having a will in place means that your wishes are clear and your assets go where you intend them to. It’s one of those things that’s easy to put off, but makes an enormous difference to the people you care about.
Find out about our will writing support.
Help for business owners
If you run your own business, retirement planning looks a little different.
Your business might be your biggest asset, and figuring out how that feeds into your retirement, whether through a sale, succession or executive pension, requires specialist advice. Our team understands the specific challenges business owners face and can help you plan accordingly.
Explore our business owner consultation.
Wherever you are in life, it’s never too early or too late to start thinking about retirement. If you’d like a chat about where you stand and what your options are, book in for a free consultation with one of our advisors. There’s no obligation, just a conversation.
Sources
Citizens Information, State Pension (Contributory)
Revenue.ie, Pensions and tax relief
The Pensions Authority, Private pensions
ESRI, Taxation, Welfare and Pensions research
Disclaimer
This article is for general information purposes only and is not an invitation to deal or address your specific requirements. Any expressions of opinions are subject to change without notice. The information disclosed should not be relied upon in its entirety and shall not be deemed to be, or constitute, advice. Although endeavours have been made to provide accurate and timely information of the various source material, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future.
