Turning 50? How to Build Retirement Confidence

Maybe you're still paying a mortgage. Maybe you're helping adult children. Maybe you've been paying into a pension for years but couldn't say exactly how much it's worth or what income it might provide one day.

If any of that sounds familiar, you're not alone.

In fact, Aviva's Retirement Confidence Gap Research1 <Link to report> found that 57% of people approaching retirement have never considered how many paydays they have left before retirement. Yet every payday represents one less opportunity to build retirement savings and strengthen financial security. 

The same 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. In contrast, 68% of people who are already retired believe they prepared well. 

Think about that for a moment.

Most people aren't ignoring retirement. They're contributing to pensions, managing household finances and trying to make sensible decisions. Yet despite all that effort, confidence remains surprisingly low. 

That's because Ireland's retirement challenge isn't just about money.

It's about confidence.

And that matters because retirement is changing. People are living longer, spending more years in retirement and facing more complex decisions than previous generations. The Society of Actuaries in Ireland has highlighted the importance of people having a realistic understanding of how long they may live and therefore how long their retirement savings may need to last. 

The good news? If you’re 50, the outcome is not fixed.

One of the most striking findings from Aviva's research is that people are engaging with retirement planning, but many still feel unsure about whether they're doing enough. 

They're juggling competing priorities:

• Mortgages
• Rising living costs
• Supporting children
• Future healthcare concerns

Many are already making pension contributions and thinking about retirement. Yet a significant number still expect financial pressure later in life. 

For many people, retirement isn't something they've ignored. It's something they've worried about for years.

The challenge is turning that concern into a clear plan.

Listen to retirees and you'll hear an important message: many wish they had started thinking about retirement earlier.

According to Aviva's research, 63% of retirees say they would change something about the way they prepared for retirement if they had the opportunity to do it again. Some were surprised by the impact of inflation. Others faced unexpected expenses. Many also regret not starting to save earlier, not making full use of pension tax relief opportunities and not seeking professional financial advice sooner. 

Perhaps the most powerful lesson is this: confidence often comes after retirement, not before it.

But by then, many of the biggest financial decisions have already been made. That's why your 50s matter. You still have time to make decisions that can improve the years ahead.

Absolutely not.

For somebody planning to retire around age 65, turning 50 still leaves around 15 years to influence the outcome.

Fifteen years is a significant amount of time. It's enough time to increase pension contributions and maximise tax relief. Enough time to understand your options. Enough time to review investments and seek advice.

Most importantly, it's enough time to build confidence. In fact, many people find their 50s are when retirement planning becomes more meaningful because the future suddenly feels more real. It moves from something you'll think about "one day" to something that's now visible on the horizon.

The aim isn't to overhaul your entire financial life overnight. It's simply to get clarity.

1. Understand your current pension planning and retirement savings position

Many people have pension savings spread across different employers and schemes.

Start by gathering the basics:

• Current pension values
• Previous workplace pensions
• Additional savings or investments
• Outstanding debts
• Expected State Pension entitlement

You can't improve what you haven't measured.

This is often where confidence begins. Aviva's research found that only 15% of pre-retirees know exactly what their pension is worth, while almost half don't know what their pension is invested in. Understanding where you stand today is often the first step towards making more informed decisions about tomorrow.

 2. Define your retirement goals and desired retirement income

Forget pension jargon for a moment.

Ask yourself:

• Where do I want to live?
• Do I want to travel?
• Will I continue working in some capacity?
• What does a good retirement look like?
• What healthcare expenses could I face?

A retirement plan should start with life, not finances. The finances exist to support the life you want.

 3. Review your pension contributions and retirement savings strategy

Aviva's research found that more than half of people approaching retirement contribute 10% or less of salary towards retirement savings.  That doesn't automatically mean it's too little. Everyone's circumstances are different. However, age 50 is a good time to ask whether your current contributions match the retirement lifestyle you hope to achieve. Even modest increases can make a difference over time.

4. Plan for a longer retirement and future financial security

Many people focus on reaching retirement. Fewer focus on how long it may last. Aviva's Retirement Confidence Gap Research found that almost six in ten pre-retirees expect their retirement savings will need to last for more than 15 years, while more than a quarter expect they will need them for more than 20 years. However, only 38% have actively planned for their savings to last at least two decades. 

 This matters because people often underestimate longevity. The Society of Actuaries in Ireland has highlighted that someone retiring at age 65 may need to fund a retirement lasting 20 to 25 years, while many people will live significantly longer than average life expectancy.2  Planning for a longer retirement can help ensure your savings support not just the early years of retirement, but the years beyond them too.

5. Consider professional financial advice before retirement

Retirement decisions can feel overwhelming.

When should you retire?

How will you take your pension?

How do you create an income that lasts?

These aren't always easy questions.

Professional advice from a financial broker can help bring clarity to complex decisions.

The research suggests it can.

Among those who had received financial advice, 70% said they received sound financial advice, 64% said it gave them greater peace of mind and 52% said they were financially better off as a result. 

Advice isn't about being told what to do. It's about understanding your options and making informed decisions based on your own circumstances. A conversation with a financial broker can help clarify your choices, identify opportunities you may not have considered and provide greater confidence about the road ahead.

For many people, that clarity can be just as valuable as the financial plan itself.

For years, retirement was portrayed as a finishing line.

Today, it's often one of the longest phases of life.

One of the most encouraging findings from the research is that confidence appears to improve 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. 

This suggests many people may be closer to their goals than they realise. The challenge is building that confidence before retirement, while there is still time to act. Retirement can include travel, family time, volunteering, hobbies, learning new skills, part-time work or entirely new ambitions. It's not simply about reaching an age. It's about preparing for a stage of life.

And if you're 50 and feeling slightly behind, here's the message we hope you'll take away:

You are not the only one.

 You haven't missed your chance.

 And you don't need to have everything figured out today.

The research shows that many people are already taking positive steps. What they often need isn't perfection. It's greater clarity, better understanding and more confidence in the decisions they're making. 

Because in retirement, as in sport, the score at half-time rarely tells the whole story.

The second half is still all to play for.