When you’re planning for retirement, it really helps to understand what your future financial needs may be. As you approach retirement, it’s a good idea to meet with your Financial Broker or Advisor at least once a year, as they can help you feel more confident about your future. Depending on where you are in your retirement journey, we’ve included a few questions below to guide you in getting the most out of your conversations with your Financial Broker or Advisor.
2 to 5 years from retirement
- What do the rules of my pension plan say about when I’m eligible to retire?
- If I want to retire early, how many years before I’m eligible for the State Pension? Can I bridge this income gap by topping up my pension now?
- What level of pension and tax-free lump sum can I expect at retirement?
- What benefits, if any, will I receive from my employer at retirement?
- Will this income be enough to support the standard of living I want in retirement? Will I have enough money to last me for 20 or more years?
- How do I maximise my retirement fund?
- What portion of my pension pot is tax free and what is not?
- What are my retirement options?
- Do I need to provide an income in retirement for my spouse, if I die during retirement? Do I need to start planning now on how I will fund for these extra needs?
- Am I invested in the right pension fund for how I plan to take my benefits at retirement? (This is especially important to consider if you’re opting for an Approved Retirement Fund (ARF)).
To learn more about your options, download our Retirement Options Brochure.
1 year from retirement
- Have I set up a meeting with my Financial Broker or Advisor to start planning my retirement?
- What will my yearly retirement budget be (your expected annual pension income after tax and other deductions) ?
- What are my expected outgoings and expenses in retirement? Have I factored in the potential long-term health care cost for me and/or my spouse?
- Have I considered whether I may need to continue working part-time if my desired lifestyle costs more than I expect?
- Have I considered reducing my expenses or postponing my retirement date to meet my goals?
3 to 6 months from retirement
- Have I requested my retirement options? You can contact your Financial Broker or Advisor to receive a copy of your retirement options or contact our Customer Service Team using the details in the Contact Us section below.
- Have I set up a meeting with my Financial Broker or Advisor to get advice on my retirement options and how to set them up?
- Have I decided whether I want an income for life (annuity) or to remain invested (ARF) so that I can pass the balance of my retirement fund to my dependents?
- Have I signed up for mynewireland?
I’m ready to retire
With Ready Retire, you can now submit your retirement claim through our customer portal, mynewireland, in just a few quick steps. Throughout your online retirement claim, you’ll be guided from start to finish, saving you time and creating a simple and stress-free experience.
If you are a Bank of Ireland Life customer, you can also use Ready Retire through mynewireland to submit your retirement claim. Bank of Ireland Life is a trading name of New Ireland, so it’s all the one company.
For more information, please visit our Frequently Asked Questions.