Are you going to retire at 66

yagan · 27-01-2026 01:12PM

Can we park the garda/nurse pension chat? That really is it's own discussion.

The topic question is "will you retire at 66?". People who are not gardai and nurses retire everyday so I fail to see it's relevance here.

JohnDoe2025 · 27-01-2026 01:24PM

https://www.boards.ie/discussion/comment/124182662#Comment_124182662

There is a minimum retirement age of 50.

The Garda pension scheme is an extreme example, and is not typical of public servants. There are nearly 400,000 civil servants, but only about 12,000 gardai, so you are using unusual and exceptional examples to make a general point.

Furthermore, you asserted in an earlier post that getting promoted six months before retirement increases the pension to the new salary. Again, this is not true.

JohnDoe2025 · 27-01-2026 01:27PM

https://www.boards.ie/discussion/comment/124183572#Comment_124183572

The joke was just a joke and untrue.

https://assets.hse.ie/media/documents/HSE_Scheme_Booklet_18-08-25.pdf

"The pensionable salary will generally be the employee’s salary at the last day of service; however if the employee was recently promoted into that position the average salary held over the last three years’ of service will be used."

You have to be promoted for at least three years to get the benefit of the promotion.

yagan · 27-01-2026 01:33PM

Oh please, park it!!!

sonyvision · 27-01-2026 01:42PM

Ideally out before 66!. Approaching mid 30s and my pension is with Zurich. Contributions are 10% employees and I'm doing the 20% of my salary/ bonus some years have hitted the 115k at the limit.

If I can I'll stop before 60, start to wind down at 55 reducing from 5 to 4 days ans gradually move like that.

Always interested in the public service pension bashing. If I wasn't happy with my salary/ pay benefits I'll move employeer and join the dark side.

Mellor · 27-01-2026 01:47PM

https://www.boards.ie/discussion/comment/124184381#Comment_124184381

The vast majority of private sector self employed and employees up and down the country cannot afford to have a pension pot worth almost 2 million. Most businesses in the country would go bankrupt very quickly if they had to pay employees a six figure sum on retirement,

They couldn't afford to pay 6 figures on retirement. But that's not how pension work. You pay in bit by bit over the entire working career. The point is to have the pot earning interest. To take out 6-figures, need to put in much less. Over 45 years, with 8% average returns, it's only about $5,200 a year. 10% of average earnings, or a simply $100 a week.

A compulsory pension like that is a very good system. Taking a few years to work up to 10%, and it would be fairly painless for businesses.

Maybe they could, but you'd be paying ten euro for a bar of chocolate, 50 euro for a pint, 100 to get your puncture repaired, 3000 euro a week to get your child looked after in a creche etc.

I think you are really underestimating how small salaries expenditure is compared to revenue.

argentum · 27-01-2026 01:50PM

Have decided to retire from my main job in a few months. I have a decent pension pot that I can activate at any time and I'll close my company down with 20 years wages in the bank after tax

Plan to give my kids a big chunk of money towards a house each as there's no point in it sitting in my bank for them until I die.

I have a little part time hobby job that I'll do more off in the future and travel around Europe for a few days at a time to see things I've always wanted to see

malibu4u · 27-01-2026 02:22PM

https://www.boards.ie/discussion/comment/124184606#Comment_124184606

Lucky you that has a decent pension and your own company that has over a million or two in cash ( 20 years wages) which it will give you. No need for you to do a part time hobby job in retirement, just do a part time hobby and travel. Well done you, you are probably one in 50,000.

malibu4u · 27-01-2026 02:41PM

https://www.boards.ie/discussion/comment/124184597#Comment_124184597

Not according to the Irish Times, link given. Nine years ago ( figures would have increased since) it calculated a retiring private sector worker would have had to put in 22,761 euro every year to have the same pension pot the average Garda retiring then had of 1,799,454.

That would have been assuming an optimistic return of 6% per year after taxes, fees, investment charges etc. The Irish Times said a private sector person putting 22,761 a year in to their pension would also need to hope the market was not in recession when he or she retired also. And even if you did put 22761 a year between 2087 and 2017 in to your pension - that would have been difficult considering most annual salaries were way less than 22,761 in 1997 - that is only a total of 682,830 in to your pension.

Some pension funds have also experienced negative growth as well, it is not unknown, you should Google it.

CuriousCucumber · 27-01-2026 02:48PM

Maybe we should all be guards

BorneTobyWilde · 27-01-2026 02:57PM

A long long long way away, but wouldn't you still need a side hustle at 66 if you didn't work. Unless you have a huge pension fund of course

BorneTobyWilde · 27-01-2026 02:58PM

https://www.boards.ie/discussion/comment/124166806#Comment_124166806

''Don't need to work for money''

Teach me more

BrianD3 · 27-01-2026 03:12PM

https://www.boards.ie/discussion/comment/124184811#Comment_124184811

I have more than enough money accumulated (through hard saving over many years plus inheritance) to keep me going for the rest of my life if I live frugally. I'm choosing to work at the moment, for social reasons etc.

Rocket_GD · 27-01-2026 03:19PM

The only chance I have at retiring at 66 is through inheritance, which will be the sad truth for many in my generation I can imagine.

Galwayguy35 · 27-01-2026 03:29PM

Lucky people who can get money through an inheritance.

Francis McM · 27-01-2026 03:31PM

Do not expect too much from your private sector pension, after administration charges,fees etc are taken out. My brother took out one 25 years ago and made sacrifices and put in 1000 a month. That is €12,000 per year, over 25 years, equals €300,000. The pension pot is now worth only €268,000 and if he retires soon he only gets a pension of about ten thousand a year out of that. Less than he used to put in over 25 years, and €10,000 a year now will buy a lot less that it would have 25 years ago.

For good and bad performing persions see this:

https://nationalpensionhelpline.ie/providers/aviva-pensions/

I am actually paying for a good holiday for him and his wife just after he retires soon, he can do with some cheering up. I feel sorry for him because he sacrificed some holidays 15 and 25 years ago, and I had a public sector job and had great holidays, security and pension.

NIMAN · 27-01-2026 03:37PM

My retirement plans will definitely be delayed by the fact that I was a relatively older dad.

When you are in the latter half of your 50s, with kids still in their early teens, unfortunately you find yourself having to work on a few years longer.

I really hope I am able to quit the rat race by 65 at the very latest.

JohnDoe2025 · 27-01-2026 03:47PM

https://www.boards.ie/discussion/comment/124184977#Comment_124184977

The key to retirement as you point out is your financial commitments - mortgage and kids being the main ones.

All three of mine finished college, two of them in long-term careers, the only just graduated, working a low-paid job while they look around. Mortgage finished several years ago. Hope to finish at 60/61 with a few more years of hard saving.

facehugger99 · 27-01-2026 03:54PM

https://www.boards.ie/discussion/comment/124184951#Comment_124184951

I don't understand how that could be possible - even allowing for fees/charges a modest growth of 4% p/a over the last 25 years should have been easily achieved - that would be over €500k at the end of 25 years.

There must be something else going on if he's down 50% of that.

Francis McM · 27-01-2026 04:49PM

https://www.boards.ie/discussion/comment/124185045#Comment_124185045

If you check the graphs on the link I attached, you will see some funds are worth less than the money invested i.e. they experienced negative growth.

Alternatively google is your friend. Some funds, eg Standard Life Prosperity Fixed Interest lost 26.5% over 5 years alone. And it was not the worst fund.

https://nationalpensionhelpline.ie/pensions/best-worst-performing-pension-funds/

Do not forget administration charges and fees are usually between 1 and 1.5% per year, even when losing money. I suppose the pension funds have to pay their staff, overheads, sales people, advertising and sponsorships etc, plus make a profit themselves.

JohnDoe2025 · 27-01-2026 05:05PM

https://www.boards.ie/discussion/comment/124185236#Comment_124185236

I have had a look at those graphs in detail, looked at the 5 worst-performing over 25 years, which is the time-period you reference, and none of those that have existed over 25 years are delivering less than zero growth.

facehugger99 · 27-01-2026 05:09PM

https://www.boards.ie/discussion/comment/124185236#Comment_124185236

Those funds seem to be Bond funds - they would be a terrible place to put money over a 25 year timeframe. Your brother must have been given some very bad advice at the time he set up his pension. Even a monkey just randomly picking stocks would be able to get a 6-7% annual return over 25years.

BraveDonut · 27-01-2026 05:34PM

Lots of people here have very definite plans on when they retire - I would love to be so sure.
I'm 58 and have a healthy pension pot - AVCs for many years, though not at the max levels.
Mortgage is paid and both kids through college but living at home.
My wife is 6 years younger and only has a very small pension as she has always worked part time.
I would retire in the morning, as at this stage, I just feel worn out by the job. I took 2 leaves of absence of about 6 months each and I was never bored.

But, it feels that it is very definite - once you step away from the salary, you can't go back.
My parents are both long retired and have been a bit horrified by the cost living increases - groceries/electricity/gas/health insurance - no increases in their pensions, other than annual OAP increases.

Lots of people talking about taking part time jobs. What are these interesting, stress free, well paid, non-demanding jobs you are all planning on having?

Francis McM · 27-01-2026 05:55PM

https://www.boards.ie/discussion/comment/124185274#Comment_124185274

Not just funds in bonds, the pensions funds invested in property have done even worse.

Standard Life Prosperity Property 6 G lost 21.5% in a five year period, and Avivas UK property fund series C has lost 42% of its value since 2006.

Some relatively diversified funds like Irish Life's Multi-Asset Portfolio Fund 2 is only up 26.77 % in the past 10 years, say 2.67% per year. It says it invests in a mix of bonds, cash, shares, and property, with a focus on lower-risk assets. After administration charges you do not get more than 1% per year growth, which does not go anywhere matching inflation.

https://www.irishlife.ie/investments/fund-prices-and-performance-investments/

Francis McM · 27-01-2026 06:10PM

https://www.boards.ie/discussion/comment/124185267#Comment_124185267

Standard Life Global Reit has lost half a percent a year on average over the past 19 years. It has lost 9.22% since its launch.

https://investorhub.financialexpress.net/brokerzone/factsheethtml/en-gb/standardlife-ireland/?TypeCode=FDG:CCG4&specialunittype=ORDN&MPCategoryCode=&Category=syIB&priipproductcode=&documentcountry=&Category2=

Mother Shaboobu · 28-01-2026 12:00AM

https://www.boards.ie/discussion/comment/124185351#Comment_124185351

Who said anything about interesting/well paid? Nobody is planning it - just hoping it could be possible. Some people's job might let them go part-time. I know someone whose father was able to do that - accountancy, three days a week. As I mentioned, I know a man who retired from the bank but missed the routine of work so got a job doing admin in a call centre. Not much more than minimum wage but 8am to 4.30 Monday to Friday, minimal responsibility.

anewme · 28-01-2026 12:47PM

I really enjoyed reading the start of this thread. As someone now mid fifties, I'm very interested and enjoyed reading other peoples plans and thoughts - especially around "how much will you really need".

I've got 10 years to go to 66 - I'm not going to make it (in this job anyway). Working "for the man" since 18, I've had enough - the long commutes - the corporate bull. Not sure why, but the last couple of years have been really hard - maybe its because the finish line is in sight - its like its further away. I'd go tomorrow if I could. Sit in Aldi part time bleep bleep bleep, or a couple of days in a garden centre or a coffee shop. A couple of things - health scare and death of parents has made me look at things and see how important it is to live now as well.

Pension wise - working towards a 500K pot if I stay till 65 or 400 k if I go at 60 - take 100K tax free and then a private pension of approx 12-16K and the state pension of another 16K, so 32K. With a back up of a couple of hundred thousand savings etc, I reckon thats enough. Even considering doing a Spry finance and selling part of the house back to the Bank if Im short.

You know what they say - 60-70 "go go", 70-80 "go slow", 80-90 "no go".

Weird talking about this, because I suppose its accepting there is a finite end date.

Frustrating that a decent positive thread is descending into people taking pot shots at other peoples pensions - Teachers/Gardai - if you wanted to be a Teacher or Garda - off you go. Only people I have issues with are those politicans who go out under a cloud and still get the big pensions.

Good Luck everyone and enjoy your plans and enjoy your hard earned retirement - and don't forget to live in the now as well.

MadeInKerry · 28-01-2026 01:03PM

https://www.boards.ie/discussion/comment/124185351#Comment_124185351

I was wondering about all this part time jobs stuff too. Thats not retirement. When im retired i want to be doing SFA except whatever i want, whenever i want. Nobody timetabling me when im retired 😂

Mother Shaboobu · 28-01-2026 01:15PM

@anewme "I'm not going to make it (in this job anyway). Working "for the man" since 18, I've had enough - the long commutes - the corporate bull. Not sure why, but the last couple of years have been really hard" - extremely so. The corporate world, while never great, has become particularly toxic. 2008 recession, Covid, changes in needs/technology I assume. I'm crunching the numbers to figure out how to get by on a pay-cut, which will be the case if I leave.

copacetic · 28-01-2026 01:22PM

https://www.boards.ie/discussion/comment/124184951#Comment_124184951

that is crazy bad result, must be in the bottom 0.00001% of pension fund returns both in fees and returns and not indicative of even average results. Even if the fund was in a decent option for last couple of years it would have close to doubled in value.

Are you going to retire at 66

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