Is it too late to start a pension?.

Today is the best time to start a pension. You’ll never be as young as you are today, and starting a pension now will get the ball rolling in growing your pension pot. Every bit of pension advice you get will tell you to start now, so why not take this at face value and start a pension today? 

“The best time to plant a tree was ten years ago. The next best time is today” is an over- used phrase, but it makes perfect sense, especially when applied to pensions. We are only indulging in self-denial by thinking everything will be fine when we retire. 

Every statistic you read will tell you otherwise, and hoping the State pension will get you through is only wishful thinking. 

It is not a decision to put off until tomorrow, as we all know tomorrow never comes. A proper pension pot for when you retire needs proper planning, and the best time to begin planning for retirement is today. 

The sooner you start a pension, the closer you will be to having enough in the pot to retire, and it might surprise you to learn how much you’ll need to retire comfortably in Ireland.

You don’t need to look too far for the best pension options for the over 50s. With good advice and a bit of smart thinking, you can maximise your pension, and it doesn’t need to cost you a fortune either.

Most people will have a higher disposable income as they go into their 50s. The large monthly outgoings will begin to drop off, and if you can invest the money in a pension plan and balance risk wisely, you will reap the benefits in just a few years.

Below we will list some of the pension options that are available to you, but first we will look at some popular pension funds for those starting later in life. There are around 600 to choose from, which can be overwhelming – so we’ve selected just 7 to give you a flavour of growth and performance.

You can also browse up-to-date performance data for every pension fund in Ireland on our new Pension Fund Explorer.

You need a lot to retire comfortably in Ireland. When you retire, your salary stops while life keeps going – you’ll lose the company car, the annual bonus and plenty of other extras as soon as you finish at the office. 

You will still need to pay bills, keep up with any loan payments, and maybe you have a mortgage to finish. It looks like the kids won’t be financially stable until their 40s these days, and you’ll want to spoil the grandkids when they pop over on the weekend. 

Surely, you’ll want to go on those dream holidays now that you have the time? 

Living costs money. You’ll get the State pension in Ireland when you reach retirement age, but that’s just over €15,000 per year – a big drop if you’re earning the average wage of around €45,000. 

Life in Ireland in 2025 is not cheap, and costs are only increasing. Average outgoings are about €3,512 for a family of four, excluding mortgage or rental payments.

Even if you make savings here and there, expenditure is still likely to be way above what the State pension will give you.

Luckily, you can still make up the difference by contributing to a private pension plan. 

As you get older, you can start to add more to your private plan, and there are many benefits, not least a larger pension pot, when you retire.

It’s a question many people ask, and even more so on turning 50 when thoughts turn to retirement. The last 15 years or so at work can go quickly – everything does as you get older – and before you know it, you’re getting up on Monday morning to walk the dog instead of going to the office.

The good news is that you can still add to your pension pot in Ireland, no matter what age you are. 

What you thought might be enough when in your 30s may not be now but topping up the pension pot will ease the burden. 

The limits on the maximum amount you can contribute to your pension increase as you get older, helping you to add to the pension pot as you get closer to retirement. 

The maximum pensions fund contributions are:

Pension contributions are tax-free when at or below the maximum limit. 

Many people may not make the maximum contributions when younger, as pensions may not seem as important, but that can change when you reach 50. 

Reviewing your pension contributions and seeing that your pension plan will return enough for you to live comfortably in retirement is vital. 

If you haven’t started a pension or maybe want to start a better private one, you can still do so  when in your 50s. There are many reasons to do so – the most obvious being that you’ll be able to enjoy your retirement.

It’s never too late to start a pension in your working life, and the benefits will be seen when you eventually retire. We all want to live a long life, and after spending over 40 years at work, we want to do so in good health and have plenty of fun. 

Here are five reasons to start a pension late in your working life:

Later in your working life, the chances are that your disposable income will increase. The kids will be through college, the mortgage will be paid, and you could be on a higher salary. 

You can now afford pension contributions and build up a pension pot for when you retire.

You can maximise your pension when starting at 50 by being smart with contributions. There are savings to be made on tax and other salary deductions, and if you can steer them into your pension, you’ll reap the benefits when you retire. 

Obviously, you want to get the best possible pension. And if you are only starting when you turn 50, you will need to maximise your contributions. Depending on your job, you could have another 15 to 18 years of earning a salary to make those contributions. 

By making your maximum tax-deductible pension contribution each year, which only increases as you get older, you can build a nice pot for retirement. A contribution of more than €1200 per month, after claiming the tax relief, for 18 years could give you that €800,000 pot and a comfortable retirement.

It’s never too late to start a pension, and the sooner you start when you turn 50, the better it will be for you when you retire.

You can start a pension by filling out our free online assessment tool below to speak with a Qualified Financial Advisor. 

It is never too late to start a pension, and our Qualified Financial Advisors will advise you on the best options available today. Anyone, from the self-employed to the over 50s and those looking to boost their retirement options, should take the time to speak to one of our pension advisors. 

Our assessment tool is easy to complete and is the best way to get an idea of your pension needs and how to get started on the best pension for you. 

For the best pension advice and help getting started with a pension, fill out our online assessment tool today.