It’s the only question that really matters when it comes to your pension. Here, we explore the four factors that determine how long your pension will last.

1. How much is in the pot?

It’s the natural starting point. How much have you saved up to now – and by how much has it grown? Take some time to check in on your pensions.

Remember that a pension that seems small from a job years ago could have grown substantially in the intervening years – so be sure to count them all.

You could consider consolidating your pensions to make this task simpler in future.

2. How much do you require?

Now it’s time for an honest conversation with yourself.

If you’re on, say, €75,000 a year now, are you likely to be happy to get by on €25,000 a year in retirement?

Sure, mortgages, and bills like childcare costs will go away by the time you hang up your boots. And the State pension should add some income, likely from age 68.

But it’s unrealistic to plan for a radical slashing of costs in retirement.  As a rule of thumb, many people plan for 50-67% of their pre-retirement income.

Wondering how much income your pension pot will produce? Try our at-retirement calculator for an indication.

3. How much can you add?

More is more when it comes to pensions! There’s no getting away from the fact that the more you add to your pension, the bigger it will be. This is a question of how much you can afford, and the tax-driven maximums.

Once you’ve formed an initial view, take a look at our pension calculator to get an idea of the of savings your target income requires.

4. How long have you got?

Lastly, time. It makes all the difference, for two reasons.

Firstly, the earlier you act, the sooner you get the tax benefits and investment growth a pension can offer. Your money has time to work for you.

Secondly, the later you retire, the longer your money stays invested, and the less time you need to spread it.

In general, we tend to underestimate the time we spend in retirement. Based on CSO data published last year, the life expectancy for a man in Ireland at age 65 is 18.3 years, while for a woman it is 21 years.

Interested to get your pension moving?  Fill in the form and we’ll be happy to help.


By investing €400 a month you could save €27,900 in 5 years

Using our "Picture your money" tool, you can find out how your money could work for you.

Start now It only takes a minute to get started

Note: This is an initial indication to help you picture your money. Remember that with investments it is not possible to know for certain what returns you will achieve. Please note the investment warnings at the bottom of the page. This is the approximate before-tax return on an investment which grew at 6% over 5 years.