Yesterday’s Sunday Business Post included a special report on Pensions which is a very worthwhile read.
The good news is we are all living longer. However, if you want to retire before age 68 without suffering a big drop in income, you need a plan.
Here are three reasons to start planning for your retirement today.
- If you are age 55 or under on 1 January 2015, you will be 68 before you are eligible to claim the State Pension (Contributory). That’s potentially a three year gap in retirement income!
- Unless you put a retirement plan in place, your income could drop by nearly 67% when you retire 
- A longer life means a longer retirement that you need to fund for
Your retirement plan should be based on the income you want in retirement, the age you would like to retire at and the type of retirement you want.
 Sources: Weekly State Pension Contributory 2014, www.welfare.ie. and CSO, Average Weekly Industrial Wage, Earning and Labour Costs, 31 March 2014
 Source: CSO, Women and Men in Ireland 2011.