{"id":19230,"date":"2023-09-20T13:16:26","date_gmt":"2023-09-20T12:16:26","guid":{"rendered":"https:\/\/www.ccpc.ie\/consumers\/?p=19230"},"modified":"2024-01-25T14:21:17","modified_gmt":"2024-01-25T14:21:17","slug":"is-it-time-you-reviewed-your-pension","status":"publish","type":"post","link":"https:\/\/ccpc.inventise.ie\/consumers\/2023\/09\/20\/is-it-time-you-reviewed-your-pension\/","title":{"rendered":"Is it time you reviewed your pension?"},"content":{"rendered":"

We recently released the results of our 2023 pensions research<\/a>, which showed some concerning gaps in pension planning. 57% of us are planning to use cash savings to support our retirement and there is a real risk that people\u2019s pensions will not be enough. The cost of living crisis and a reduction in home ownership are also impacting this. Let\u2019s take a look at pensions.<\/p>\n

Why save into a pension<\/h2>\n

Saving for retirement matters. A pension is a long term savings plan to provide a fund for your retirement. People live longer now than ever before and lead active lives well into their golden years. It\u2019s essential you plan financially for this later stage of life. The good news is it\u2019s never too late to start.<\/p>\n

Learn more about starting your pension<\/a>.<\/p>\n

How much should you invest?<\/h2>\n

Consider the amount of income you\u2019ll need in retirement and where it will come from. Use the Pensions Authority calculator<\/a> to work out your needs. This online tool estimates the amount you\u2019ll need to have a sufficient pension pot.<\/p>\n

The calculator also shows you how much you need to put in if you are getting closer to retirement. You\u2019ll need to invest more of your salary in this case. It\u2019s important to know that the money you\u2019re putting into your pension stretches further than in normal savings. This is because the pension payments you make are long term and benefit from tax relief.<\/p>\n

Review your pension<\/h2>\n

It\u2019s important to check your pension regularly, at least annually. You may have been paying the same amount into a pension scheme for years. If it\u2019s an older pension, you may be paying higher fees than necessary.<\/p>\n

Circumstances are bound to change as you move through life\u2019s different stages. You may have a family, take out a mortgage, change jobs or move up the career ladder. These factors all affect the amount you can afford to pay in. Your expected financial needs in retirement will also change over time.<\/p>\n

Your pension plan may therefore be well overdue an overhaul. Here are our top tips:<\/p>\n