I am 45 and have not started a pension. Have I left it too late?

The short answer

No. Starting at 45 gives the money less time than starting at 25, so the contribution may need to work harder, but it is still worth understanding your options. The useful next step is to see what you already have, what your employer offers and what retirement income you may need.

People often delay because the perfect start date has passed. That turns a late start into no start.

At 45, you may still have two decades or more before retirement. You may also have higher earnings than earlier in your career, employer contributions available, or old pension benefits you have forgotten about.

Start with facts, not regret

Find every pension.List current and previous workplace schemes, PRSAs and other pension arrangements.

Check the workplace offer.Understand your contribution, any employer contribution, joining rules, investment choice and charges.

Look at the State Pension record.Review your PRSI contribution history and note any gaps or caring periods that may matter.

Model the gap.Use a pension calculator for a broad illustration, then get regulated advice if you need a personal recommendation.

The first contribution does not need to be the final contribution. A realistic amount that begins now can be reviewed after a pay rise, debt repayment or other change.

Sources and further reading

Money, Just For Her provides financial education and coaching. It does not provide regulated financial advice or personal product recommendations.