Pension is moving from age 65 to age 68. This impact should not be underestimated.
One approach is to use your current outgoings as a starting point. From there you can add and remove costs that will be associated with your retirement years, to get a rough idea of the income you might need in retirement. For example, you may no longer have monthly mortgage repayments or have to pay for children’s education but you may holiday and eat out more. This should give you a general idea of the income you might need to support the lifestyle you want in retirement. It’s also worth noting that the age at which people are entitled to the State.
Pension is moving from age 65 to age 68. The impact of this change should not be underestimated. For a married couple this could leave them with a potential shortfall of around €70,000, for this three year period! A Pension Advisor in your local Bank of Ireland branch can work with you to explore the amount you should be saving each month, in order to meet your income needs in retirement.
Did You Know?
Pensions can be very flexible. You can stop and start when you want, increase or decrease your savings at any time – so any change in your circumstances can be catered for.