When it comes to pensions, there are many misconceptions floating around in Ireland. This can lead to confusion and misunderstanding about how pensions work and what benefits they provide. In order to make informed decisions about your retirement planning, it’s important to separate fact from fiction. Here are some common misconceptions about pensions in Ireland that need to be debunked.

Misconception #1: Only people with high incomes need to save for a pension. Many people believe that pensions are only for those with high incomes. However, the reality is that everyone should be saving for retirement, no matter how much they earn. A pension provides a steady stream of income in your golden years, ensuring a secure and comfortable retirement. Plus, the earlier you start saving, the more time your money has to grow.

Misconception #2: You can’t access your pension until you’re 65. While the current retirement age in Ireland is 65, you may be able to access your pension earlier under certain circumstances. For example, if you become seriously ill or are made redundant, you can apply for early payment of your pension. You can also access up to 25% of your pension tax-free from the age of 60. It’s important to understand the options available to you and plan accordingly.

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