HALF PENSION FOR LATE STARTERS

Anyone who started their career at the start of the last recession but hasn’t contributed towards their pension might have halved their retirement income. According to Clear Financial, someone with an income of €30,000 a year – making a contribution of €80 per month after tax relief – will end up with almost €275,000 when they retire at 68. This falls to €140,000 if they start their pension today, aged 35, having done nothing for the past 10 years.