When you are young, it’s all too easy to think that old age and retirement are so far away in the futurethat you don’t need to bother about them now. Yet, the earlier you start your pension plan, the less it will cost you to build up the pension that you will need.
That’s because the longer your money is invested, the more chance it will have to grow - so the amounts that you pay in during the early years have the potential to build up much more than the amounts that you pay in later.
And of course, if you are in your 40’s, 50’s & even 60’s, it’s never too late to start.
What level of retirement income will I need?
Everyone’s expectations and lifestyle requirements are different. However, many experts say that you should aim for a retirement income of around two-thirds of your annual earnings shortly before retirement. That is a good rule of thumb, but it’s not necessarily right for everybody.
Getting advice
Everyone’s expectations and lifestyle requirements are different. However, many experts say that you should aim for a retirement income of around two-thirds of your annual earnings shortly before retirement. That is a good rule of thumb, but it’s not necessarily right for everybody.
Call us on 01 - 8700 370 for more information
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Cregan Kelly Financial Services is a registered name of Finance Life & Pensions Limited and is regulated by the Central Bank of Ireland as an Authorised Advisor.
