How Much Should I Save for Retirement?
Project your voluntary retirement saving (a PRSA, AVCs or other), on top of the State Pension and any occupational pension, based on your age, monthly amount and expected return, in euro. Free, no sign-up.
Your Details
The State Pension age is 66 — see the State Pension calculator. A PRSA can usually be accessed from 60.
At Retirement — Age 66
Projected Savings
€336,580
31 years · 5% per year
💬 In Plain Words
If you keep saving €300/mo from now (age 35) until you are 66, you could have about €336,580 by the time you retire — this is on top of your State Pension and any occupational pension. By then you have put in €126,600, and the rest, €209,980, is return the money generated on its own. Under the "4% rule" that could support about €1,122/mo without running down quickly.
| Age | Balance |
|---|---|
| 40 | €39,652 |
| 45 | €71,290 |
| 50 | €111,892 |
| 55 | €164,000 |
| 60 | €230,872 |
| 65 | €316,694 |
| 66 | €336,580 |
This projection estimates only your voluntary personal saving, outside the State Pension and any occupational pension — it does not include your State Pension, employer scheme or tax. See your projected State Pension by requesting your PRSI contribution statement, and talk to a financial adviser before deciding.
How the Calculator Works
👋 Simple Explanation
In Ireland you get the State Pension (Contributory) from age 66 (see the State Pension calculator), and most employees also build an occupational pension or a PRSA. This calculator does not estimate those two — it estimates only the voluntary layer: what you choose to save yourself, on top, as a supplement to your later pension.
The calculator combines two formulas: the future value of your current savings (growing at the expected return) and the future value of your ongoing monthly contribution.
FV = P × (1+r)ⁿ + PMT × [(1+r)ⁿ − 1] / r
Where P = current savings, r = monthly return (annual ÷ 12), n = months to retirement, and PMT = the monthly contribution. The estimated monthly income uses the 4% withdrawal guideline: annual income = 4% × final balance.
How to Strengthen Your Pension in Ireland
Check your projected State Pension first. Before you decide how much to save yourself, request your PRSI contribution statement to see what State Pension you are on track for — that is your real starting point, not an estimate from this calculator.
Take the employer match. If your employer offers an occupational scheme with matching contributions, joining it is effectively free money. Auto-enrolment is being introduced for employees without a pension, with employer and State top-ups.
Start as early as possible. Time is the most powerful variable in pension saving — starting early with small amounts usually beats starting late with large ones. Contributions get tax relief at your marginal rate, within age-related limits.
Frequently Asked Questions
- How much should I save for retirement in Ireland?
- There is no single figure — it depends on how much you spend per month and how many years you expect to live off your savings. A common rule of thumb (the '4% rule') suggests capital of about 25 times your annual spending can support withdrawals for around 30 years. This calculator estimates the personal saving on top of what you get from the State Pension and an occupational or PRSA pension.
- Does this calculator replace my State Pension and occupational pension?
- No. The State Pension (Contributory) from the Department of Social Protection is the foundation, and most employees also build an occupational pension or a PRSA. This calculator projects only the voluntary layer — what you choose to save yourself, for example additional voluntary contributions or a personal PRSA — as a supplement, not a replacement.
- What tax relief do I get on pension contributions?
- Relief at your marginal income tax rate (40% or 20%), within age-related percentage limits of earnings — 15% under 30, rising to 40% at 60 and over — and an earnings cap of €115,000. The pension fund also grows free of income tax, DIRT and exit tax. USC and PRSI are not relieved.