To help you understand how much you should be saving to maintain your living standards when you hit retirement.
Start A PensionThe earlier you start a pension, the easier it can be to build up your fund which will allow you enjoy a comfortable retirement. The first step is to estimate what your monthly pension savings should be in order to secure the future you want.
Our pension calculator has been developed to help you understand what is required in order to maintain your living standards when you hit retirement age. Our calculator will also help you understand the sometimes complicated area of pensions in general.
Irish Life Pension Calculator
In order to simplify the process we make some assumptions about your pension. The main assumptions are:
Regular contributions go up by 3% each year over the term of your plan. Contributions are invested in a Standard PRSA product, which has a fund management charge of 1% per annum and a contribution charge of 5% of each contribution. The government pension levy has not been allowed for.
The projected values assume an investment return before retirement of 6.00% per annum. This rate is for illustrative purposes only and is not guaranteed. Actual investment growth will depend on the performance of the underlying investments and may be more or less than illustrated.
An inflation rate of 3% per annum is used to express future values in today’s terms.
The illustrations contained in this quotation follow the guidelines issued by the Society of Actuaries in Ireland.
The annuity rate used to calculate the estimated pension is based on a post-retirement interest rate of 4% per annum and is in line with the guidelines issued by the Society of Actuaries in Ireland.
The estimated annuities quoted are payable monthly in advance and guaranteed for 5 years and life thereafter.
Annuity payments increase by 2% per annum.
The annuity rate used is a long term average rate and is not guaranteed. The actual annuity rate available at retirement may differ from the annuity rate used in the illustration. Different annuity options can be chosen at retirement.
Under the new National Pensions Framework, the age at which people qualify for the State pension will increase over time - to 66 years of age in 2014, 67 in 2021 and 68 in 2028.
The contributory state pension remains at €11,976 p.a. in today's terms.