Retirement often brings a significant income reduction—typically 30% to 50% lower than during your working years. With strategic planning ahead of time and smart choices post-retirement, you can effectively bridge this gap and maintain financial stability.
While employed, daily expenses like raising children or buying property often take priority, making it easy to overlook future retirement needs. Yet, proactive saving is a cornerstone of financial security.
Products like the Popular Retirement Savings Plan (PERP) enable long-term savings, delivering a lifetime annuity upon retirement—periodic payments until death—or a lump-sum option where available. Banks, insurers, provident funds, and mutuals offer PERPs.
The Retirement Savings Plan (PER), available individually or via your employer, lets you set aside funds for an annuity, capital payout, or both to supplement retirement income.
Employees may access company group savings plans (PERCO) for retirement withdrawals.
Life insurance policies, with premium payments yielding lump sums or annuities at contract end—often lifelong—provide another reliable buffer.
You can boost income by working while receiving full pensions, provided you qualify for all basic and supplemental benefits at full rate based on age or insurance duration in the general scheme.
If conditions aren't fully met, partial pensions are still combinable with employment income.
Without returning to full-time employment, retirees can monetize hobbies or expertise through flexible gigs, generating supplemental income based on effort and skills.
Pet sitting at your home (especially with a garden) or clients' homes fills a real need during owners' absences.
Tutoring, if you have the qualifications, or childcare as a nanny are popular, rewarding options for parents seeking trusted help.
Homeowners can generate steady revenue by renting spare properties. For those in oversized homes post-kids leaving, renting rooms or independent units to students taps into high demand for reliable income.
Owners seeking income boosts can sell their property as a life annuity, receiving monthly payments from the buyer until death—instead of a lump sum. You retain occupancy rights, with the annuity amount set in the sales deed to regularly top up your pension.
Modest-income retirees may qualify for supplements like the Solidarity Allowance for the Elderly (ASPA) if resources stay below ceilings on the general scheme site: €907/month single, €1,408 for couples. It pairs with pensions or work income.
Disabled retirees could receive the Supplementary Disability Allowance (ASI): €416/month single, €686 couple, subject to income caps.
