'Many clients who come to us are worried that the amount they are saving for their retirement plan will not be enough to retire comfortably on'
07th Feb 2023
A key part of retirement planning is to be able to answer the question: “How much do I need to retire?” The answer varies greatly by individual and depends largely on your income now and the lifestyle you would like to enjoy in retirement. With life expectancy rates in Ireland at around 82 years old, you may need to fund for a retirement income that lasts up to 30 years. The good news is that most of you still have the time to put an effective plan in place.
The second piece of advice I can give is to engage with a professional financial advisor in this regard and they will assist you to first estimating your retirement income needs in line with these expenses. They will then review what you have saved already in detail and identify any potential gap. Detailed calculations will need to be carried out so you will then know exactly how much money you need to save between now and your chosen retirement date to hit that magic number.
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