Three smart moves to maximise your pension’s potential
Planning for retirement is one of the smartest financial decisions you can make. Whatever your vision of retirement is, the earlier you prepare, the better the chance of making it a reality.
If you dream of spending long summers abroad or hope to enjoy more time with family without financial stress, planning for retirement is one of the smartest financial decisions you can make.
For many in Ireland, the average retirement age is around 65*, although the State Pension only becomes available from age 66. Regardless of age, retirement is about whether you have enough means to support the lifestyle you want.
The good news is that with some clear steps, you can set yourself up for a future that feels stress-free, comfortable and rewarding. Let’s take a look at three smart moves that can help you maximise your pension’s potential.
1. Have a retirement plan
When it comes to retirement, having even a rough plan can make a world of difference.
According to the National Pension Helpline, in 2025, the average person in Ireland needs around 40% of their current salary to maintain their lifestyle in retirement. This figure assumes that a mortgage is no longer a burden and that children are financially independent.
“A plan gives you clarity,” explains Kristen Foran, National Sales Director at Zurich. “It allows you to work backwards, identifying how much you’ll need and whether your current savings and pension contributions are on the right track to get you there. Without one, it’s easy to underestimate future needs and fall short of the life you’d like to enjoy.”
2. Know what’s in your pension account
Many may select a pension plan and then rarely check on it. While there’s no need to monitor it constantly, it’s worth keeping an eye on to see how it’s performing and whether it’s still aligned with your goals.
In Ireland, the State Pension currently provides around €14,419 per year**. Yet the average person will need closer to €22,000 annually to retire comfortably*. “That shortfall is where your personal pension plays a vital role,” explains Foran. “Factors such as inflation, the rising cost of living or unexpected expenses can also eat into retirement savings, so staying informed helps you make the necessary adjustments along the way.”
Most providers issue an annual statement outlining the current value of your pension, your contributions, fees, and investment growth. Some also offer online tools that allow customers to check their balance at any time. For example, Zurich has an online portal and retirement pension calculator that makes it easier to track your progress and see whether adjustments are needed.
“By taking a few minutes each year to review your account, you’re better equipped to make decisions that could make a significant difference in the future,” Foran says.
3. Optimise your pension fund and utilise tax relief
On review, if you’re not satisfied with your pension balance, topping up could be one of the most effective ways to improve your pension’s performance. This simply means you’d put extra money into your pension fund. By doing this, you will also have access to tax benefits.
For higher-rate taxpayers, contributing €1,000 may only be a net cost of €600 after tax relief. Likewise, a 20% taxpayer will receive 20% tax relief on their pension contribution. Even better, making a lump-sum payment before the annual deadline can allow you to count it against the previous year’s income, maximising savings.
Sometimes, switching pension providers can also unlock stronger performance or better investment options. Providers like Zurich offer a variety of funds designed for different goals and risk appetites.
However, before making changes, it’s wise to consult a trusted financial advisor or broker. The right guidance can ensure your pension plan is working as hard as possible for you, without unnecessary risk or stress.
“At its heart, retirement planning is about peace of mind. The earlier you start planning and engaging with your pension, the more options you’ll give yourself later,” says Foran. “A few proactive steps today can mean the difference between just getting by and having the retirement you’ve imagined.”
Performance is powerful. Performance is what turns good into great. Performance will make it all worthwhile. At Zurich, we know that when it comes to pensions, performance counts. Topping up your pension can give you the retirement you deserve. Get in touch with a Zurich financial advisor or find a local financial advisor near you with the Zurich Advisor Finder to talk about your options.
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Sources:
*National Pension Helpline, 2025
The information contained herein is based on Zurich Life’s understanding of current Revenue practice as of 1st November 2025 and may change in the future.
This publication has been prepared for general guidance on matters of interest only and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice.
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