Am I Saving Enough For My Retirement?
If you are hoping to continue your current lifestyle into retirement, it is very important that you contribute to a pension to allow you to do so. Even if you haven’t started a pension at this stage of your life, you still have plenty of time. The State Pension is currently around €238.30 per week, which will only cover the bare essentials.
A recent study in the Irish Times indicated that the average household living expenses of two adults and two kids is €40k per annum so if you plan to retire at 60 and live for 30 years your pension pot needs to be €1.2m. Obviously when the kids have flown the expenses should tail back somewhat and the ultimate target number decreases, this with time value of money means that a sum of €700k-€800k inflation adjusted should be a realistic goal for most couples.
Have you reviewed your current pension fund to see if it is on track to meet this?
You may be putting some cash aside for your retirement, but how confident are you that the fund you’re building will give you the sort of lifestyle you want?
We can calculate how much you need to contribute each month to ensure you have a sufficient pension fund to cover your lifestyle expenses well into your retirement
Click on the link below, let Dempsey Financial help you get your pension working for you!