Plan to have enough income in retirement

The end of your working life might seem a long way off. But the sooner you start planning for retirement, the better off you could be when the time comes.

The State pension isn't likely to increase significantly. So if you want to be confident you'll have enough income to live on in retirement, now's the time to start saving.

The table below gives you an example of how a pension fund could grow and the income it might generate. It's based on claiming 40% tax relief on contributions, retirement at 65 and annual growth of 5%.

Speak to a financial adviser for an illustration of how your retirement fund could look.


Starting your pension

journey at

Age 25

Starting your pension

journey at

Age 35

Starting your pension

journey at

Age 45

For every euro you pay into your plan,you can claim tax relief. For even 250 euro you save, the real cost is 150 euro





If you decide to retire at age 65, your pension pot would be worth:             plant




      This could provide you with a yearly retirement income of:             





Other things to think about when setting up your pension

  • Inflation. Your pension income is worth less as inflation increases, and that can affect your purchasing power in the future.
  • If you take a lump sum, it reduces the value of your pension income.
  • Investment returns aren't guaranteed – the value can go down as well as up.
  • Your pension income will be liable to tax.
  • You'll need to claim tax relief for personal contributions, or ask your employer about making a net pay arrangement through your salary. Your employer may or may not agree to make that arrangement.


Could you increase your contributions?

Most pensions offer a degree of flexibility, allowing you to stop, start, increase or reduce the amount you pay in.

If you already have a pension plan, it's worth thinking about increasing your contributions. Adding more money each year could make a big difference to your final pension pot.

If you can't afford or don't want to increase your regular retirement contributions, you could think about adding a lump sum as and when it suits you. Speak to a financial adviser about your options and how they might benefit you.


Are you making the right investments?

You have a choice when it comes to choosing the investments in your retirement fund. You can work with your financial adviser or pension provider, or choose for yourself how your contributions are invested.

Take a look at our Risk Profiler to assess your attitude to risk. That's a good way to start thinking about the kind of investments you might like to make.

As always, we suggest speaking with a financial adviser before making any decisions that could affect your future financial planning.


Warning: The value of your investment may go down as well as up

Warning: Your investments may be affected by changes in the currency exchange rates

Warning: If you invest in these product you may lose some or all of the money you invest

Warning: If you invest in these products you will not have any access to your money until you retire

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