Advances in medicines and earlier retirement now means that most of us intend to live 25 years or more beyond our retirement age. Later in this series more detail will be provided to help you identify the best options for your circumstances.
Pensions are only one form of personal saving.
What makes them unique is the tax incentives offered by the Tax Consolidation Act 1997 as amended to channel funds into these schemes. These contributions are invested into a pension fund over a number of years. The reason behind this tax planning is not entirely benevolent, as most governments fear a pension time bomb in the future. With more emphasis on work in today's world, families worldwide are getting smaller. If this trend continues, the implication is that there will be fewer people entering the work force to administer and provide for the increasing retired population in the future.