Your retirement journey

Retirement is not an end, it’s the start of something new. People retiring today expect to be much more active than previous generations, so it’s important that you prepare for the second life you want to lead. Whether you’re five years away from retiring or just a few months, there’s still time to fine-tune your finances.

The Big Count Down

  1. Look at the figures. Get statements of your projected retirement values from all your pension providers.
  2. Check your State pension entitlements by contacting the Department of Social Protection.
  3. Your choices at retirement – You can decide to leave your pension invested so that it has the chance to grow and take income from it as you need to. Or you can buy a guaranteed and fixed income for life. Talk to your financial adviser or find out more here - ARF or Annuity
  4. Plan your second life. Try to develop a new routine, do things that stimulate you. Retirement is an opportunity to develop an interest you’ve always had. Check out our Second Life guide for tips on how to plan the second life you want to lead.
 

Time to review

1. If you haven’t already, register for MyStandard Life online so that you can keep an eye on your pension value between now and retirement

2. Check that you’re on track for retirement. Use the Pensions Authority's calculator to find out how much you’ll need in retirement and compare with your pension forecasts, is there a gap? If so, speak to your financial adviser

3. Keep boosting those contributions. Remember you get the benefit of tax relief on your contributions. Contact your financial adviser today to complete our Pension top up form

4. Consider how you’ll take your income. Use our tool to see if an Approved Retirement Fund (ARF) or Annuity is right for you

5. Get your affairs in order. Check that you’re saving in the most tax efficient way, review your will and minimise the impact of inheritance tax

 

Decision time

 

1. What’s the value of your pension policies? Contact your pension providers for statements so that you know what your pensions will be worth in retirement

2. Are your investments performing? Should you consider spreading your investments?

3. Are your pension policies with one company? Should you consider combining your pensions?

4. Has your risk appetite changed? Your attitude to risk investment can change over time, try our risk questionnaire for details on your risk profile

5. Increase contributions if you can and get the benefit of tax relief. Discuss with your financial adviser and complete our Pension top up form 

Remember to contact your financial adviser before making any changes to your pension.