The state pension (non-contributory) in Ireland is set out below.* Could you get by with that level of income? Consider your current living costs; rent/mortgage, food, electricity, heat, etc.
|State Pension (Contributory)||Rate per week (maximum)|
|Personal rate, aged 66 and under 80*||€230.30|
|Personal rate, aged 80+||€240.30|
*If you were born on or after 1 January 1955 the minimum qualifying State pension age will be 67. If you were born on or after 1 January 1961 the minimum qualifying State pension age will be 68
By the time you retire some things like your mortgage may no longer be an issue, but there are things that are likely to increase in old age as such as medical bills. Planning for your retirement can help give you peace of mind.
Your target income
Deciding your target income really depends on what kind of lifestyle you hope to have during your retirement. As a general rule, it is recommended that you aim to have an annual income at retirement of 66% of your final salary. This should provide you with a good standard of living when you retire.
Starting a pension as early as possible gives you the best chance at making the most of your retirement. Our Pension Calculator can help you figure out how to get the sort of retirement you’d like, and our expert advisors can help.
*source: Citizens Information August 2014