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Comys1964

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How Much Do I Need to Retire in Ireland?

It’s never too soon to start planning for your retirement. If you’re planning on retiring in Ireland, it’s important to understand how much money you’ll need to retire, what your options are when it comes to accessing your pension fund, and how working while contributing toward a pension can affect your eventual income.
How Much Do I Need to Retire in Ireland?

how much do I need to retire? The amount you need to retire in Ireland depends on two things: your current income, and how long you expect to live. That’s because retirement income is based on a combination of your own savings and the state pension (if applicable).

    Your current income determines how much money is coming in each month, which means it determines how much money goes into savings or investments.
    How long you live determines how many years of spending power those savings will provide–and therefore whether they will be enough for an enjoyable retirement.

The good news is that if you start saving early enough, it’s possible for even low earners to reach their retirement goals without too much difficulty–provided that they keep at it throughout their working lives and don’t spend any more than necessary during these years (which may mean cutting back on luxuries like holidays).