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How to Plan for the Retirement You Want
by Irish Life
Written by Irish Life staff
Guides • 16 September 2025 • 4 min read
When you think about retirement, what comes to mind? Is it travelling the world, spending more time with family, or simply enjoying a comfortable lifestyle without financial worries? Whatever your vision, planning ahead can help make it a reality.
But how much do you actually need to live the retirement you want? The Irish Retirement Living Standards study, published by the Pensions Council in September 2024, gives us a clear picture of what different lifestyles in retirement might look like, and what they cost.
You can read the full report here: Irish Retirement Living Standards – Pensions Council (PDF)
Which life will you want?
What are retirement living standards?
The study sets out three levels of retirement living standards for Ireland: Modest, Moderate and Comfortable. Each standard shows the typical goods and services someone would need to reach that lifestyle, from food and housing to transport and holidays.
The three retirement living standards
Modest – This covers the basics. Think essential household bills, groceries, healthcare and the odd social outing. It’s a no-frills lifestyle but allows you to meet day-to-day needs.
Moderate – This provides more choice and flexibility. Along with covering the essentials, you can enjoy regular meals out, leisure activities and a holiday in Europe each year.
Comfortable – This offers greater financial freedom. It includes frequent dining out, more leisure activities, longer holidays abroad and the ability to replace household items when needed without worry.
How much does each lifestyle cost?
According to the 2024 Pensions Council report:
- Modest retirement: about €19,200 a year for a single person, or €28,800 for a couple.
- Moderate retirement: about €27,600 a year for a single person, or €37,200 for a couple.
- Comfortable retirement: about €33,600 a year for a single person, or €43,200 for a couple.
These figures are averages, representing the total annual amount you would need to spend to meet these standards, and they assume people own their own home. If you’re renting or still paying a mortgage, your costs could be higher.
The State Pension will cover part of this amount, but most people will need extra income or savings to reach a moderate or comfortable lifestyle.
“Whatever your vision, planning ahead can help make it a reality.”
Why does this matter for you?
Understanding these retirement living standards can help you picture the lifestyle you’d like and what it might take to get there. Do you see yourself in the modest, moderate or comfortable category? Or somewhere in between?
The earlier you start planning, the more options you’ll have. Even small, regular contributions to your pension can make a big difference over time, helping you move towards the retirement you want.
It's never too soon to start.
Your next steps: why you should act today and not tomorrow
Time is your greatest advantage when it comes to retirement planning. The sooner you start, the more time your money has to grow. Delaying even by a few years can mean needing to save much more later to reach the same goal.
Acting now gives you:
- More control – You decide the pace, instead of having to rush to catch up later.
- Lower monthly contributions – Start early, save smaller amounts over a longer time.
- Peace of mind – Knowing you have a plan in place for the lifestyle you want.
How can a financial advisor help?
Talking to a financial advisor isn’t just about numbers: it’s about confidence in your future. They can help you understand your options, set realistic goals for the lifestyle you want, and make sure your plan stays on track as life changes. You’ll have someone to answer your questions, simplify the decisions, and take away the uncertainty.
One conversation today can make all the difference to your tomorrow.
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Financial Advisor Irish Life
Irish Life Financial Services Limited, trading as Irish Life, is regulated by the Central Bank of Ireland. Irish Life Financial Services is an insurance intermediary tied to Irish Life Assurance for life and pensions.