Early Retirement Ireland
We can help you retire sooner,
rather than later
Are you Planning for Early Retirement in Ireland?
It’s never too soon to plan for early retirement in Ireland.
The earlier you start retirement planning Ireland, the more fulfilling your retirement will be. There’s nothing worse than seeing people who have worked all their life struggle to enjoy even a semi-comfortable retirement. The good news is that you can avoid this. You only need 3 things to get the retirement you want:
- The proper step-by-step guidance and knowledge
- To take action on the strategies and follow the steps needed to succeed
- Advice from a trusted Financial Adviser
The Essential Guide to Early Retirement Planning in Ireland
This guide will point you in the right direction, and help you set your course for a comfortable retirement. You will find the step by step guide on how to begin your retirement journey and what your options are.
- Getting started with early retirement
- When you can access your pension
- How to build a plan that suits your situation
- Steps to take when retiring early
- And much, much more!
Retirement Planning Ireland
What is Early Retirement Planning and is it possible in Ireland?
The system will be phased in. All employees not already in an occupational pension scheme, aged between 23 and 60 and earning over €20,000 across all of their employments, will be automatically enrolled.
The system is due to be set up by 2023 with the first employee enrolments taking place in 2024. Both employer and employee contributions will start at 1.5%, and increasing every three years by 1.5% until they eventually reach 6% by 2034.
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| Year | Employee % | Employer % | Government Contribution | Total |
| 2023 | 0 | 0 | 0 | 0 |
| 2024 | 1.50% | 1.50% | 0.50% | 3.50% |
| 2025 | 1.50% | 1.50% | 0.50% | 3.50% |
| 2026 | 1.50% | 1.50% | 0.50% | 3.50% |
| 2027 | 3.00% | 3.00% | 1.00% | 7.00% |
| 2028 | 3.00% | 3.00% | 1.00% | 7.00% |
| 2029 | 3.00% | 3.00% | 1.00% | 7.00% |
| 2030 | 4.50% | 4.50% | 1.50% | 10.50% |
| 2031 | 4.50% | 4.50% | 1.50% | 10.50% |
| 2032 | 4.50% | 4.50% | 1.50% | 10.50% |
| Thereafter | 6.00% | 6.00% | 2.00% | 14.00% |
1. Pay off debts
Even before you start thinking about saving, pay off those debts because there’s a good chance your interest rates on your debts are a lot higher than any standard savings account you can find.
If you have more than one debt, make sure you pay the minimum payment on them all, then focus on clearing the highest interest rate debt first. See if you can transfer some debts to any interest free balance transfer cards too.
2. Get mortgage free
No one wants to be heading into retirement still not completely owning their own home. After you pay off debts, think about overpaying on your mortgage. As long as you don’t pay too much in charges (you can remortgage to a more flexible eal) it’s still a better early retirement option than savings.
3. Work out your retirement budgets with a clean slate
When all the money you earn is yours, it’s time to start thinking about what you want and how much you should start saving. First try to come to some sort of basic monthly budget you’ll need in retirement – remembering to factor in inflation. Then add the luxuries you want after working your whole life so you can enjoy your retirement..
This should give you some idea of the retirement income you’ll need.
4. Start working towards it
Now you know what you’ll need to get the early retirement you want. How soon can you build a fund to achieve your aims? Can you contribute more money into your pension? Should you start building your portfolio? It’s at this point most people seek the help of a financial adviser.
Video
Watch our video for more information