Your pension may need to last 20 years or more...
As a general rule of thumb you should be aiming for an income in the region of 50% of your final salary. However, everyone’s situation is different and it really depends on the type of lifestyle that you want for yourself in retirement, as well as on your own specific circumstances.
Your retirement years may seem like a long time away now, but you need to remember that the income you get from your pension may need to last 20 years or more - that could be almost a quarter of your life!
Take the time now to meet with a Pension Advisor in your local Bank of Ireland branch and work out the income you will need for your retirement years.
For as little as €5 a day...
If you are 25 contributing until you are 65, you could save a pension pot of €164,000 for your retirement.
These figures are for illustration purposes only and based on an assumed growth rate of 4.86% p.a., a 5% premium charge and 1% annual fund management charge. The value of such a retirement savings plan can fall as well as rise and growth rates may be lower or higher than assumed.