{"id":675554,"date":"2026-11-05T08:30:09","date_gmt":"2026-11-05T08:30:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/675554\/"},"modified":"2026-11-05T08:30:09","modified_gmt":"2026-11-05T08:30:09","slug":"retirement-saving-cost-almost-doubles-with-each-decade-of-delay-goodbody-says-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/675554\/","title":{"rendered":"Retirement saving cost almost doubles with each decade of delay, Goodbody says \u2013 The Irish Times"},"content":{"rendered":"

The cost of saving for retirement rises by more than 80 per cent with each decade a person waits to start contributing to their pension fund, new analysis from wealth management firm Goodbody<\/a> indicates.<\/p>\n

Beginning to invest in a pension<\/a> fund at age 56 requires a monthly contribution nearly 10 times higher than starting at age 26 to reach the exact same target, according to Goodbody\u2019s analysis, highlighting \u201chow quickly the cost of delay builds\u201d.<\/p>\n

In order to accrue a retirement fund of \u20ac1,225,000, or \u20ac50,000 for nearly 25 years, a person beginning to invest at age 26 would require a \u20ac799 monthly contribution to the fund, Goodbody found.<\/p>\n

However, this contribution rises to \u20ac1,466 and \u20ac2,968 every month if the person starts investing aged 36 and 46, respectively \u2013 an 83 and 271 per cent increase from beginning one or two decades beforehand.<\/p>\n

Beginning to invest for a \u20ac50,000 annual pension payment at age 56 requires a \u20ac7,865 monthly contribution \u2013 a near-tenfold increase from having started saving aged 26, Goodbody found.<\/p>\n

Michelle O\u2019Keefe, head of wealth advisory at Goodbody, said: \u201cEvery decade brings new priorities, but a later start isn\u2019t a reason to switch off. This is a reminder that it\u2019s never too late to start, and that every year you act makes the goal easier to reach.\u201d <\/p>\n

Alongside its cost-of-retirement analysis, Goodbody commissioned research into the saving practices and sentiments of women in Ireland.<\/p>\n

The research, conducted by Red C in September,is based on a survey of more than 600 women. It was published nearly a month after the official announcement of the personal investment account scheme in Budget 2027.<\/p>\n

Accounts in the scheme are to become publicly available from July 1st next year, and \u201ccould transform investing in Ireland by making it simpler and more accessible, helping people to take that first step\u201d in investing, Goodbody said. <\/p>\n

[\u00a0Pension or the new investment account: where should your spare cash go?Opens in new window<\/a>\u00a0]<\/p>\n

Up to 77 per cent of women in their 20s reported an interest in investing \u201cbut do not know where to start\u201d, according to the financial services firm, with 68 per cent of women in their 30s finding themselves equally in the dark on the topic.<\/p>\n

Pointing to \u201ca gap between intention and action\u201d, Goodbody said financial advice can solve the issue. \u201cAmong women who had received professional advice, 68 per cent said they felt more reassured about their financial future\u201d, with 83 per cent of women in their 50s who have done so agreeing as well.<\/p>\n

Up to 56 per cent of women in their 40s, and 61 per cent of those in their 50s, pointed to \u201ca realistic retirement plan\u201d as an area of financial support they were lacking, although women in their 60s \u201cshow the strongest discipline of any age group surveyed\u201d.<\/p>\n

Goodbody found 75 per cent felt as though they \u201csuccessfully stick to their financial goals\u201d and 76 per cent \u201cfeel confident managing their own personal finances independently\u201d, although only 46 per cent are confident in \u201cassessing investment risks and potential returns\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"The cost of saving for retirement rises by more than 80 per cent with each decade a person…\n","protected":false},"author":2,"featured_media":675555,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[5168,72,176,62698,61,60,1612,174,175],"class_list":["post-675554","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-budget","tag-business","tag-finance","tag-goodbody","tag-ie","tag-ireland","tag-pension","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/675554","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=675554"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/675554\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/675555"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=675554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=675554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=675554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}