Do you need retirement planning or wealth management?
Our guide to getting the most from changing retirement rules, pensions and wealth management in Ireland in 2026.
When it comes to the working, 65 is the new 55. Traditional “cliff-edge” retirement, were you stop working completely at 65, is being replaced by a phased, gradual transition or sometimes a “portfolio career”.
Ireland’s retirement trends and rules are changing fast. As covered in the Irish Times, we are seeing fundamental shift in how the final decade of a working life is structured in Ireland. For professionals in their 50’s and 60’s, a portfolio career of part-time consulting or Non-Executive Directorships is increasingly common.
But if you’re staying in the game and managing your wealth over 60 you need to avoid a few newly introduced traps.
1. Contracts vs. The Employment Act 2025
The Employment (Contractual Retirement Ages) Act 2025 protects employees who want to work past their contractually mandated retirement age (typically 65) up to the State Pension age of 66. It is not an automatic right; you must formally opt-in, and staying past 66 still requires your employer’s buy-in.
2. The state pension PRSI sting for over 66’s
You can now defer drawing down your State Pension between ages 66 and 70 to receive higher weekly payouts when you start. Here are the current rates:
If you make €60,000 a year, that is an extra €210 a month out of your pocket. In many cases, pulling the pension at 66 to stop PRSI charges could make better financial sense.
3. Segmenting personal pension “pots”
Your Normal Retirement Age (NRA) dictates when you can access your funds (usually between 60 and 70), but you can negotiate with your employer to leave it intact if you keep working.
Instead of transitioning your entire retirement fund into an Approved Retirement Fund (ARF) – which triggers mandatory 4% to 5% annual tax drawdowns – work with a wealth manager to segment your pension. Leaving portions uncrystallised allows tax-free growth to continue, protecting lump sums up to the tax-free limit.
If you hold multiple separate PRSAs and pass away before drawing them down, the uncrystallised funds pass to your surviving spouse entirely tax-free but if the funds have already moved into an ARF, your spouse will be hit with immediate income tax upon drawdown.
4. For NED income, lay the groundwork early
Non-Executive Director (NED) roles can make €20,000 to €70,000+ annually, but it’s too late to build your advisory portfolio from scratch the day you turn 65.
Start seeking pro-bono, charity, or credit union board placements in your late 50s for a credible platform later. Under Credit Union and Charities regulatory frameworks in Ireland, serving on a standard credit union board or charitable trust is 100% voluntary and unpaid. State remuneration is below commercial market value and these roles are usually targeted for a civic purpose, professional visibility, or as foundational board building before transitioning to private sectors.
Do you need retirement advice – or wealth management?
While they’re both about structuring financial safety for the later stages of life, they operate on very different scopes.
- If your question is “how do I get the best from my pension structures to replace my salary when I stop full-time work?”, start with retirement advice.
- If you are handling a mix: company shares, business exit plans, properties, or family inheritances etc, you need a single financial manager to legal shield you from unnecessary tax while linking your accountants, attorneys, and fund managers, you need a wealth management team you can trust.
What retirement advice involves
This is generally a targeted financial service focused specifically on the mechanics of building and drawing down your post-career nest egg. With so many options, retirement and pension planning can be confusing and complicated. Our pensions’ team can help you narrow the field, avoid mistakes, and make the right choices for your best financial result and the retirement lifestyle you want.
Retirement can involve decisions, not just about a pensions and cash pots, but estates and inheritances, business exits and family succession. This may require a more holistic approach for best results. Some clients who for come retirement advice realise that what they require is wealth management.
What wealth management involves
Wealth management takes a holistic, longer-term approach to systematically grow, preserve, and pass on affluent assets. It’s a complex field with a simple goal – to enhance your financial position.
Wealth managers coordinate a team of trusted professionals – including CPAs, CFAs, legal counsel, estate attorneys, and business advisory specialists – to align corporate succession or complex private holdings with your personal estate targets.
It isn’t just about investments—it is about avoiding unnecessary tax leakage as structures change around you. It includes:
- Protection solutions
- Tax optimisation
- Retirement planning
- Investment and asset management
- Estate planning
For example, our Wealth Management team bring together financial and investment advice, tax planning, and retirement planning. All these are integrated to create and manage a personalised wealth strategy.
- Our QFAs can advise on investment products both in the domestic and international markets, offering impartial financial advice.
- We undertake detailed financial health checks and can negotiate with financial institutions on your behalf.
- We provide a personalised service, capable of handling complex financial issues and coordinating with financial experts on your behalf.
Whatever your situation or needs, Paul O’Donovan & Associates can assist you to enhance your financial situation.
Are you preparing for a portfolio career post-65? Get in touch.
We’re happy to arrange a free and confidential chat to discuss your needs. Whatever stage you are at, we can show you how to structure for future goals and save on tax.
Talk to us today, or request a call-back at your convenience, by phoning 021 432 1799 or emailing info@paulodonovan.ie.