In Ireland, there is no specific retirement age set out by employment law. However, most people retire at 65[1]. So, when people talk about retirement age in Ireland, they tend to mean 65.

Some jobs in the private sector will have a mandatory retirement age within their contract, and most public sector workers will have this as well. For example, teachers in Ireland must retire on or before their 66th birthday and members of An Garda Síochána must retire before age 60.

Retirement age vs pension age in Ireland

Retirement age is not the same as the pension age. Most people consider retirement age to be 65, but the age at which you can claim the state pension is 66. There were plans to increase the state pension age to 68, but these have been postponed [2].

Naturally, most of us would prefer to retire sooner than later. That said, it’s important to understand that the greater the gap between the age you retire and the state pension age, the more financial planning you will have to do to be ready for retirement.

In short, you will need to be able to support yourself financially between leaving work and being able to claim the state pension.

How early can you retire in Ireland?

Because Ireland has no mandatory retirement age in employment law, most workers can retire whenever they like.

Whether you’re ready to retire depends on your personal circumstances, but if it’s financially viable then there’s very little stopping you retiring well before 65.

It would be pretty rare for somebody to be in this very fortunate position, though – they would need to have enough wealth to cover their living expenses for the years between stopping work and being able to avail of the state pension.

In occupational pension arrangements, early retirement is generally possible (with the consent of the employer and/or trustees) from the age of 50. With Personal Retirement Savings Accounts (PRSAs), early retirement from 50 is also possible. Under a personal pension arrangement, most retirement benefits can be taken from age 60.

Planning for retirement in Ireland

Life expectancy in Ireland is on the rise. It’s been predicted that by 2046, Irish men can expect to live to 85 and women to 89 [3].

Given the current retirement age, many people could be looking at 20 or more years of retirement. Whether you’re approaching retirement now or you’re in your 20s or 30s, it’s important to get on top of things now so that you’re giving yourself the best chance to thrive in those retirement decades.

Get pension savvy – at any age

As of 2024, the weekly state pension in Ireland amounts to an income of just less than €14,500 a year.

Ideally when you’re retired, you won’t have any dependents or debts – hopefully, the kids will have flown the nest and the mortgage will be paid off. Even if you are in that situation, though, will €14,500 a year really pay for the lifestyle you want in retirement?

Pension calculator: see how much you could have in retirement

Not to mention, the state pension situation when you retire could look very different.

In the late 2010s, there were roughly five people of working age for each person aged 65 and over in Ireland. It’s predicted that by 2050, this ratio will drop dramatically to just two people of working age for every over 65 [4].

With the state pension being funded by taxpayer contributions, the potential impact of this is clear. There will be fewer working people to support the larger number of pension-aged people.

Measures such as increasing the retirement age and auto-enrolment pensions are meant to help with the growing number of retirees that we are likely to see in the future, but it’s definitely worth taking matters into your own hands.

Setting up your own personal pension could be a great financial decision, even if retirement seems so far away it isn’t worth thinking about. In fact, the younger you are, the better your chances of building a more significant pension fund by retirement.

Find out more about pensions

Questions about pensions and retirement?

If you’re still struggling to wrap your head around retirement age, pensions, and how it’s all going to pan out once you stop working, you’re not alone.

A free call with an Irish Life Financial Services advisor can help you on the road to getting everything sorted out – whether that’s starting a pension, optimising your existing pension arrangement, or looking to get advice on accessing your pension as you approach retirement.

[1] Older People & Working Age | Citizens' Advice - October 2023

[2] State Pension Age Changes deferred | Irish Life Corporate Business – June 2021

[3] Population and Labour Force Projections, 2016-2046 | Central Statistics Office – 30 April 2013

[4] Population Ageing and the Public Finances in Ireland | Department of Finance – September 2018