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).

What Will Your Retirement Income Be?

Your retirement income will be made up of various sources. The most common are:

  • Social welfare and pensions
  • Savings and investments
  • Work income (if you’re still working)
  • Rental properties (if you own them)

How Much Money Should You Have Saved Up?

As with any other major purchase, it’s important to consider your needs and lifestyle. If you want to retire early, for example, then the amount of money that you need will be higher than if you were content with working until the age of 65 or 70. Similarly, if you have a mortgage on your home and children in college at the same time–both common scenarios–then this will also affect how much capital is needed in order for them all not only survive but thrive as well.

How Does Working and Contributing to a Pension Effect Your Retirement Income?

The amount you save, and how much you earn will have a big impact on your retirement income. If you’re working in Ireland and contributing to a pension scheme, then this is something that needs to be considered when calculating how much money you need for your retirement.

If we assume that the average person lives until they are 85 years old and retires at 65 years old (the current average), then if they had saved €50 per month over their lifetime they would receive an annual pension of €1,200 per year after tax (€12k over 40 years). If instead they had saved €100 per month during their working life, their annual income would increase by 50% to €2,400 post tax (€24k over 40 years).

What Happens If You Don’t Save Enough Before You Retire?

If you don’t save enough, there are a few ways to make up the difference. One option is to work longer than expected. Another option is to take out a loan or apply for grants and bursaries that can help fund your education. The third option would be to use your savings and investments as collateral on loans from banks or other financial institutions–but this is risky because it could mean losing some of the money in your account if the bank defaults on its payments due to poor financial management on their part!

If none of these options work for you, then what? Well…the best advice we can give is simply “don’t panic!” If things don’t go according to plan when it comes time for retirement (and believe us: they rarely do), then just relax and take things step-by-step until everything gets sorted out–your future self will thank them later!

It’s important to understand how much you’ll need to retire.

It’s important to understand how much you’ll need to retire. The amount of money you will need to live comfortably in retirement depends on many factors, including your lifestyle, age and income.

It may be tempting to put off saving for retirement until later in life but this can have negative consequences for your future financial security. If you start saving early and invest wisely over time, then it’s possible for your investments (and therefore the money that they generate) will grow faster than inflation – which means that even though prices may rise over time; the value of what has been saved remains relatively unchanged or even increases due to inflation being outpaced by returns on investment portfolios!


We hope this article has helped you understand the different ways to calculate your retirement pensions income, as well as how much money should be saved up before you retire. It’s important to remember that there is no one-size-fits-all answer. If you want to retire early or live comfortably during your golden years, then it will take some planning and saving up on your part!