Retirement Advice in Ireland: How a Financial Broker Can Help

If you've ever looked at a pension statement and thought:

"I should probably understand this better."

You're not alone.

In fact, Aviva's Retirement Confidence Gap Research found that while many people approaching retirement are actively saving and planning for the future, only 39% feel they have done a good job preparing for retirement.¹

That's a surprising finding. People aren't ignoring retirement.  They're contributing to pensions. They're thinking about the future. They're trying to make sensible financial decisions.

Yet many still lack confidence about what comes next.¹

Why?

Often because retirement isn't just about saving money. It's about understanding how to turn years of saving into a retirement that works for you. And that's where a financial broker can make a real difference.

For most of your working life, retirement is something that's always in the distance.

Then suddenly it isn't. Questions that once felt theoretical become very real:

• Have I saved enough?
• When can I afford to retire?
• What income could my pension provide?
• How long will my money need to last?
• Should I take a tax-free lump sum?
• What's the difference between an ARF and an annuity?
• How do I make sure I don't run out of money?

These aren't small decisions. Many could affect your financial security for decades.

The Society of Actuaries in Ireland has highlighted that someone retiring at age 65 may need retirement income to last between 20 and 25 years, while many people will live beyond average life expectancy.²

Building a pension is one challenge. Creating an income plan that could support a retirement lasting 20 years or more is another.

One of the most important findings from Aviva's research is that the challenge isn't always a lack of effort. It's often a lack of clarity.¹

People are engaging with retirement planning. They're saving. They're contributing to pensions.

They're making financial sacrifices today for a better future.  Yet many still worry they haven't done enough.

For example:

• 57% of pre-retirees have never considered how many paydays they have left until retirement.¹
• Only 15% know exactly how much their pension is worth.¹
• 46% have no idea what their pension is invested in.¹
• Only 6% say they are very familiar with retirement options.¹
• One in three have not yet decided what they will do with their pension when they retire.¹

Those aren't knowledge gaps for financial experts. They're practical questions that affect everyday decisions.

And those are exactly the types of questions a broker can help answer.

Many people assume a broker's role is simply to recommend products. In reality, good retirement planning usually starts with questions, not solutions. A broker's role isn't to predict the future.

Nobody knows exactly what investment markets will do. Nobody knows future inflation rates.

Nobody knows exactly how long they'll live. Instead, a broker helps you build a clearer picture of where you stand today and what options may be available to you.

They can help you answer questions such as:

• Am I on track for the retirement I want?
• What income could my pension provide?
• How long might that income need to last?
• What retirement income options are available?
• What risks should I be planning for?
• Are there changes I can still make that could improve my future position?

In other words, they help turn information into a plan. And for many people, that plan creates confidence.

Your 50s are often one of the most important periods of your financial life. You may still have 10 to 15 years before retirement. That can be enough time to:

• Increase pension contributions
• Make better use of tax relief
• Review older pension arrangements
• Reassess retirement goals
• Develop a clearer retirement income strategy

But only if you know what actions could make the biggest difference. Many people spend years paying into a pension without ever stopping to ask what that pension might mean for their future lifestyle.

A broker can help connect today's savings with tomorrow's income.

One of the biggest mistakes people make is focusing only on the size of their pension fund.

A more useful question is:

"What kind of retirement will this fund support?"

A broker can help you think through issues such as:

• Expected monthly income
• Day-to-day living costs
• Future healthcare expenses
• Inflation
• Longevity
• Family responsibilities
• Legacy planning priorities

Because retirement planning isn't just about a pension pot. It's about a lifestyle.

This article is for information purposes only and does not constitute financial, tax or investment advice. Individual circumstances vary and professional advice should be sought before making retirement decisions.

Many people approach retirement without fully understanding the options available to them.

Aviva's research found relatively low awareness and understanding of retirement income options such as ARFs and annuities among people approaching retirement.¹

Some of the most common questions include:

• Should I take a tax-free lump sum?
• Would an ARF suit me?
• Is an annuity worth considering?
• Can I combine both approaches?
• How do I make sure my money lasts?

These decisions can affect your income for many years.

A broker can explain the advantages, disadvantages and trade-offs of different approaches based on your individual circumstances.

One of the most interesting findings from the research is that confidence improves once people reach retirement. While only 39% of pre-retirees feel they have done a good job planning for retirement, that figure rises to 68% among retirees.¹

At the same time, 63% of retirees say they would change something about the way they prepared for retirement if they could do it again.¹

Many wish they had started planning earlier. Others wish they had taken more time to understand their options or sought financial advice sooner.¹

The lesson is simple. Retirement decisions become easier when they're made before retirement arrives. What does the research say about financial advice? The research suggests advice can make a meaningful difference.

Among those who had received financial advice:

• 70% said they received sound financial advice.¹
• 64% said it gave them greater peace of mind.¹
• 52% believed they were financially better off as a result.¹

Those findings matter because retirement planning isn't just a financial exercise. It's an emotional one too. People want to feel informed and in control. And they want confidence that they're moving in the right direction. 

If you're over 50 and feeling uncertain about retirement, remember this:

• You don't need to have all the answers today.
• You don't need to understand every pension rule.
• You don't need to become a financial expert overnight.
• But you do need to start asking questions.

Because every important retirement decision becomes easier when you understand your options. And that's exactly where a broker can help.

The research tells us something important. People are not failing to prepare for retirement.

Many are already saving, planning and making sacrifices for their future.¹

What they're often missing is confidence. That's where a broker can make a real difference.

Not by predicting the future. But by helping you understand your choices, build a plan and make decisions with greater confidence. Because retirement isn't about having all the answers today.

It's about knowing you're asking the right questions.

After all, retirement isn't the final whistle.

For many people, it's one of the longest and most rewarding phases of life.

And the second half is still all to play for.