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If you’re about five years away, now’s a great time to start getting things in order, while you still have time to make a real difference.
You’re close enough to start visualising what life after work might look like, but still far enough away to make smart moves that can boost your income and help you retire with confidence.
Here’s a practical checklist of what to do five years before retirement in Ireland.
Get Clear on Where You Stand
First things first — figure out what you already have in place:
- Check your pension(s): Look at your current pension savings, whether it’s a pension from work, a personal pension, or both.
- Know your State Pension: The State Pension might not be enough to fully fund the type of retirement you want, but it’s still an important piece of the puzzle. It can act as a solid foundation or a helpful top-up to your private or workplace pension. Knowing what you can expect from the State means you’ll have a clearer picture of any gaps you need to fill.
- Estimate your spending in retirement: Think about how much money you’ll need each month — for bills, food, hobbies, holidays, and so on.
Look for Forgotten Pensions
At this stage, you may have already started looking into any old pensions, but if you haven’t, now’s the time. It’s easy to lose track of pensions from previous jobs, especially if you’ve changed employers a few times over the years. Maybe you paid into a scheme and forgot about it, or weren’t sure if you were enrolled at all.
Even small pots from old jobs can add up and give your retirement income a welcome boost. Dig out old payslips or employment contracts, and reach out to previous employers or pension providers to see what’s there. It’s money you’ve earned — don’t leave it behind.
If you need help tracing your pension pot, just get in touch with one of our financial advisors. We’re always happy to help.
Top Up Your Pension While You Still Can
You’re in one of the most tax-efficient windows to contribute to your pension:
- At age 50–54, you can contribute up to 30% of your earnings and claim tax relief.
- This rises to 35% at age 55 and 40% by age 60.
If you’re looking to boost your pension, it’s worth considering Additional Voluntary Contributions (AVCs). These are extra payments you can make on top of your existing pension, and they come with the added bonus of tax relief.
AVCs are especially helpful if you started saving later in life or if you’ve got a bit of extra cash to put away now. They give you more control and flexibility over your retirement savings, helping to close any gaps and increase your future income. Even small, regular contributions can make a big difference over time.
Retirement is closer than you think. Get a Pension Quote Today!
Check How Your Pension Is Invested
With retirement just a few years away, you have less time to recover from any big market dips, so it’s a smart move to start gradually reducing investment risk. Rebalancing your pension to include more conservative or lower-risk funds can help protect what you’ve already built up.
Make sure your pension strategy still suits your current timeframe and your comfort level with risk. Before making any big changes, it’s a good idea to chat with one of our financial advisors who can guide you based on your personal goals.
For more insights, check out our article Retirement Planning in Your 50s and 60s for practical tips on adjusting your strategy as you get closer to retirement.
Think About How You’ll Take Your Money
When the time comes, how do you actually turn your pension into income?
There are a few main options in Ireland:
- Annuity: A guaranteed monthly income for life.
- Approved Retirement Fund (ARF): Keeps your pension invested and lets you withdraw as needed.
- Tax-free lump sum: Up to 25% of your pension (capped at €200,000) can be taken tax-free.
- Phased retirement: Maybe you’ll choose to work part-time or reduce hours before fully retiring.
Everyone’s situation is different, so it’s worth getting advice on what suits you best.
Book a Pension Review
This is one of the most important steps you can take as you get closer to retirement. A pension review gives you a clear picture of how much income your pension is likely to provide and whether you’re on track to meet your goals.
It can help you spot any shortfalls early and explore ways to close the gap. You’ll also get clarity on your drawdown options, retirement age choices, and how to avoid common (and often costly) mistakes.
Additionally, be sure to read our article 6 Reasons to Review Your Pension for more insights.
The Countdown Is On! Get a Pension Quote and Take Control.
Get a Pension Quote Today
Five years might seem like plenty of time, but when it comes to retirement planning, it goes by fast. Taking action now means you’ll have more freedom, more choices, and less to worry about when the time comes. Think of it as giving your future self a head start.
If you’ve got questions, our Retirement Planning Guide is a great place to start — it covers the basics and might clear up any doubts. You can also check out Retirement Planning in Your 50s and 60s for tips that are more specific to your stage in life. And if you’re thinking ahead to what happens after you retire, take a look at our Post-Retirement Planning article for simple advice on managing your money and enjoying life after work.
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