Saving for retirement in your 40s

Your 40s are a great time to save for retirement. Embrace the golden rule: the best time to start is now. It's never too late, and every contribution helps.

  

Products are provided by Irish Life Assurance and advice is provided by Irish Life Financial Services.

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Is it a good idea to start a pension in your 40s?

It's never too late to start saving for retirement. Starting a pension in your 40s allows you:

  • Time to build a retirement fund. In your 40s, you might be in a better financial position with higher earnings, allowing you to save more.
  • Help boost your savings by taking advantage of any employer pension contributions and potential tax benefits.
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How much should you be saving in your 40s?

This depends on your personal goals and lifestyle.

  • Setting aside 25% of your income for a pension gives you the maximum income tax relief on your contributions, but any kind of regular payment is a great start.
  • How do you picture your lifestyle in retirement? Think about the activities and hobbies you want to enjoy when you retire, and plan accordingly.

How to improve your pension in your 40s

Here are four simple steps you can take:

Regularly review your payments

As changes can happen in life - like starting a new job - we recommend regularly reviewing your payments. Are advisors are on hand to help you with this.

Look at potential income tax relief

If you qualify for income tax relief, it can make saving for retirement through a pension more valuable. Income tax relief is not guaranteed; you qualify for tax relief if your income is taxed under Schedule E or Schedule D (case I or II). Learn more.

Consider AVCs (Additional Voluntary Contributions)

If you have extra money that you want to put into a pension, you can pay additional voluntary contributions.

Think about combining your pensions

You might have more than one pension and it could be worth combining them together under the one provider.

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Photo of - Linda Moran, Financial Advisor Irish Life

- Linda Moran

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.