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<\/p>\nFPSB Ireland, the standards and certification body for financial planning in Ireland, has launched its Prime Retirement Index, a new Irish industry-wide benchmark designed to help savers to assess retirement readiness now and identify potential shortfalls earlier.<\/p>\n
The first-of-its-kind industry-wide index is designed to give savers a clear view of whether they are on track for retirement, while giving advisers and planners a consistent national framework to work from.<\/p>\n
Supported by founding sponsors Zurich, Royal London, New Ireland and Standard Life it is intended to help savers identify potential gaps before they become significantly more difficult to address.<\/p>\n
FPSB Ireland said that identifying a gap in a person’s pension later in life can increase the scale of adjustments needed, and acting earlier can make it easier to address.<\/p>\n
According to an FPSB study, 74% of respondents say they manage their day-to-day money well, but 79% said they feel financially unprepared for retirement and 52% worry that their savings will not last.<\/p>\n
These findings underline the importance of helping savers understand how their current provision relates to the income they may need in later life, the organisation said.<\/p>\n
Emer Kirk, CEO at FPSB Ireland, said that nobody should get to their 50s and discover for the first time that the pension they have spent years building may not provide the retirement income they expected.<\/p>\n
“The central message from this analysis is that timing matters. A gap that may be manageable earlier in your career can become significantly more difficult to address as retirement gets closer,” she said.<\/p>\n
“The Prime Retirement Index has been developed to make that gap visible earlier. It gives savers and financial advisers a simple way to understand where somebody stands for their age and whether a fuller conversation about retirement planning may be needed,” she explained.<\/p>\n
Ms Kirk said that having a pension does not automatically mean a person is ready for retirement.<\/p>\n
<\/p>\n
“The call to action is not simply to save more, but to know where you stand. The earlier a potential shortfall is identified, the more time there may be to understand the options available, make informed decisions and, where appropriate, seek professional financial advice,” she added.<\/p>\n
Alan McCarthy, Head of Distribution at Standard Life, said that helping more people engage with pensions has been an important focus for years.<\/p>\n
“But having a pension and knowing what those savings could mean for your future are two different things,” he said.<\/p>\n
He said that by giving people clear, practical benchmarks, the new index can help spark more informed conversations and give people greater confidence to make choices to shape the future they want.<\/p>\n
With just three inputs – age, salary and retirement savings – the index is designed for a quick assessment of retirement readiness.<\/p>\n
It gives savers a clear goal – savings worth 11 times their annual salary by age 65. For someone earning \u20ac65,000, this could fund around 68% of pre-retirement gross salary, drawn at 4% a year, when including the full State Pension.<\/p>\n
To get their score online, a person should add up all their retirement savings and divide it by their yearly salary, which gives them their PRI score. Then people can compare that with the milestone for their age. <\/p>\n
At 35 it shows a person should have the equivalent amount of their salary saved in their pension pot, at 45 it should be three times their salary, at 55 it should reach five times their salary and at 65 it should be 11 times their salary.<\/p>\n","protected":false},"excerpt":{"rendered":"FPSB Ireland, the standards and certification body for financial planning in Ireland, has launched its Prime Retirement Index,…\n","protected":false},"author":2,"featured_media":674629,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[72,176,61,60,174,175],"class_list":["post-674628","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-ie","tag-ireland","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/674628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=674628"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/674628\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/674629"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=674628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=674628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=674628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}