Your Retirement Financial Checklist

Take steps to manage your financial wellbeing in retirement.  Use this checklist to help you prepare.

1. Confirm your State Pension Entitlement 

  • Check your PRSI contribution record with MyWelfare.ie or via a Statement of Social Insurance Contributions.
  • Determine if you qualify for:
    • Contributory State Pension (CSP)
    • Non-Contributory State Pension (means-tested)
  • Understand your expected weekly payment and payment start date (currently age 66, rising gradually depending on birth year).
  • Confirm if you qualify for increased payments (e.g. Qualified Adult Increase).

2. Review Private Pensions

 Occupational (Company) Pension Schemes

  • Contact all former employers for pension benefit statements.
  • Clarify:
    • Defined Benefit or Defined Contribution?
    • Early retirement options
    • Lump-sum and annuity options
    • Defined benefit scheme funding status

Personal Pensions

Review:

  • Personal Retirement Savings Accounts (PRSA)
  • Personal Pension Plans
  • Additional Voluntary Contributions (AVCs)

Confirm value, fund choices, projected income, and whether a tax-free lump sum (up to 25%) is available at retirement.

3. Tax Planning

  • Understand how pension income is taxed under the PAYE system.
  • Confirm eligibility for:
    • Age Tax Credit (65+)
    • Higher exemption limits for people aged 65+
    • DIRT exemption on savings for retirees meeting income criteria
  • Review whether any lump sums are tax-free
  • If retiring abroad or returning to Ireland, check double taxation agreements.

4. Savings & Investments

  • Review savings accounts, investment funds, credit unions and bonds.
  • Assess whether your investment risk level is still appropriate.
  • Ensure diversification to protect long-term income.
  • Check whether you should convert some savings to more stable income sources.

5. Debts & Major Expenses

  • Pay down or plan for
    • Mortgage or rent
    • Credit card debt
    • Loans
  • Consider future large expenses
    • Home repairs
    • Healthcare/long-term care
    • Car replacement

6. Social Welfare Supports

Check eligibility for:

  • Fuel Allowance
  • Household Benefits Package
  • Living Alone Allowance
  • Free Travel Pass
  • Medical Card or GP Visit Card
  • Other means-tested supports

7. Health & Insurance

Review:

  • Private medical insurance (Laya, VHI, Irish Life, etc)
  • Dental and optical cover

Consider whether you need:

  • Long-term care insurance 
  • Life assurance or mortgage protection (may expire at 65-70)

8. Estate & Legal Planning

Make or update your:

  • Will
  • Enduring Power of Attorney (EPA)
  • Advance Healthcare Directive

Review beneficiary designations on all pensions and insurance policies.

Consider inheritance tax (CAT) thresholds for children vs others.

9. Housing & Living Arrangements

  • Decide whether to:
    • Stay in your home
    • Downsize
    • Rent out a room (Rent-a-Room Relief may apply)
  • Check eligibility for local authority housing supports if needed.
  • Review home safety and potential future adaptations (grants available via local councils).

10. Lifestyle & Budget Planning

  • Create a retirement budget including
    • Day-to-day costs
    • Healthcare
    • Travel & Hobbies
  • Identify Income Sources:
    • State pension
    • Occupational/personal pensions
    • Investments
    • Part-time work
  • Build a plan that keeps spending sustainable for 20-30 years.

This article does not constitute advice and independent financial and legal advice should be sought.  Contact a qualified financial advisor annually to review your portfolio, and discuss the next steps you need to take to ensure you can retire on your terms.

Similar Posts