How many days a week would you like to work at 70?

For a majority of people the answer to this question is most definitely NONE. As we get older there are more demands on our income, as the mortgage, child minding, education cost grocery bills rise. What’s more, lower incomes and higher taxes have meant many people have had to make cut backs in their day to day spending.

The end result has meant having to reduce or skip some pension contributions. In the short term this might seem like the right cut back to make but more often than not short term gain can turn into long term pain and before you know it you are approaching retirement without enough money to cover your lifestyle.

53% of us are currently not saving into a pension* – which means a guaranteed drop in living standards when we retire. (*Source: Amarach Research, August 2011)  

FACT:
Current average income = €675 per week*
Current single State Pension (contribution) = €230.30 per week
Drop in average income = €444.70 per week

(*Source: Central Statistics Office, Quarter 1, 2011)

Don’t lose sight of the end goal make sure you plan properly for your retirement!