How to afford to retire: Five ways you can think outside the box when it comes to pensions –

Are you one of those people who will only get €50 a week, or less, from your private pension when you retire?

r are you planning to rely on the State pension when you retire – with nothing to fall back on should you have to wait longer than you expect to get that pension, or indeed if the State pension you’re eligible for ends up being much smaller than you had hoped?

“You’ll have a very tight lifestyle if you’re relying on the State pension in retirement,” Ronan Bray, a certified financial planner with Carey Financial Planning in Galway, said. He also presents retirement planning courses offered by Retirement & Life Planning.

“The Government is facing huge challenges to fund the cost of the State pension – in due course you could have to wait as late as the age of 68 to be able to draw down the State pension.” 

Most of us

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