Whether you are in your young adulthood ranging in age from late teens / early twenties up to mid-thirties, in your adulthood from thirty-five years of age up to pre-retirement stage, whether you are working as an employee or a self-employed / self-occupied person, it is never too early nor too late to plan for your retirement.
An important factor when deciding at what age you wish to stop working is to identify how many employable years you still have ahead. This calculation would give you an indication of how many years you have to build your retirement nest egg which would then complement the pensionable income. The amount set aside as savings to be later invested depends on your present employable income as well as the quality of life you would aspire to enjoy during the retirement phase.
Here are some questions to assist you in calculating your income at retirement:-
- What is your retirement age? You can find more information about this on here.
- Has a request been made to the Department of Social Security to obtain the number of paid-up National Insurance Contributions? This is a good start to getting to know how much you still need to pay prior to retiring.
- Has a request for a tentative assessment been made in order to know more about the pension rate you would eventually receive? Click on this link to request a tentative assessment from the Department of Social Security.
- How much can you save monthly/yearly taking into consideration your present financial situation?
- Will the present savings/investments together with the eventual pension provide you with the desired quality of life that you envisage for retirement?
For further information on the incentives for persons opting to defer their pension entitlement and continue in employment or self-employment click here.