SAVE ENOUGH

Sunday Independent (Ireland) - Business & Appointments - - FRONT PAGE -

One of the most com­mon mis­takes peo­ple make when plan­ning for their re­tire­ment is un­der­es­ti­mat­ing the amount of time they will spend in re­tire­ment, ac­cord­ing to Bell.

The av­er­age Ir­ish per­son can now ex­pect to live un­til the age of 81 — and so, as­sum­ing you re­tire at the age of 65, you can ex­pect your re­tire­ment to last for at least 16 years. Of course, you could live much longer than this. Should you live into your 90s, for ex­am­ple, you will be at least 25 years in re­tire­ment. So should you be in your 30s or 40s and plan­ning your pen­sion, be aware that the money in your pen­sion pot could have to last for 20 or more years. En­sure there­fore to save enough into your pen­sion from a young age. “You should be putting 20pc of your net in­come into your pen­sion,” said Bell. Start­ing to top up your pen­sion when you’re in your 30s or early 40s is a good idea.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.