Retirement planning is about more than just a pension. It is not unusual to experience mixed feelings about retirement. If you're planning to retire in the next 10 to 15 years, this guide to retirement will help you to start thinking about some important issues.
The State Pension will provide you with a basic level of retirement income, provided you qualify.
Five things to consider in the years before retirement
- Have you cleared your existing debt?
- Are you planning some home improvements?
- Have you other assets?
- Are you saving enough?
- Have you plans for your retirement in place already?
Unexpected costs in retirement
1. Living longer
For those that retire at 65 in Ireland, men on average live for 13 more years, while women live for another 18 years*. That’s almost 20 years of your life in retirement!
* Source: OECD Better Life Index - This is an external website not associated with Irish life.
2. Health Costs and Dental care
It’s important that you save for the possibility that you may develop a chronic illness and need constant care or for the possibility that you may need to move to a nursing home.
Dental care is another expense that can often be overlooked. The dental work required in retirement may be more extensive than just the run of the mill procedures.
3. Supporting additional dependents
Dependants may be an unexpected draw on income in retirement. For example, elderly relatives or adult children may remain part of the household.
Grants & Entitlements in Retirement
There a number of grants and entitlements that you may qualify for in retirement. These grants are means tested and cover part of the cost of some essential home improvements such as:
- structural and heating repairs
- mobility issues in your home
For more information, go to citizensinformation.ie - This is an external website not associated with Irish life.
The Importance of a Retirement Planning Review
Our financial review takes a detailed look at your finances and helps to identify and prioritise your financial needs. It allows you to
- take a snapshot of your existing financial arrangements, including retirement plans.
- assess which financial product or pension fund matches your own personal attitudes to investing.
- to understand your plans, and why certain aspects of your finances should be prioritised.
- look to the future and see what your decisions could mean for you before you make them.
Using the information gathered we will compile your Personal Finance Review report, showing all of your financial arrangements in one handy reference.