We can help you retire sooner,
rather than later
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 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.
|Year||Employee %||Employer %||Government Contribution||Total|
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.
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.
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.
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.
Watch our video for more information
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.
Get in touch with us today.