Everybody knows that it makes sense to plan for retirement. Once you retire, you could suffer a sharp fall in your standard of living as you are no longer earning your regular wages or salary.
For one thing, the alternative is the State pension (contributory), which won’t go far. For another, there are very generous tax benefits given for people who save for retirement.
Having said that, choosing the best approach is not a decision that you should take lightly. Planning for your retirement is one of the biggest investment decisions you’ll ever make. It can involve replacing your standard of living for 20 or 30 years, so it is important that you choose a pension plan that exactly fits your needs and can get the best results for you.
