Media Q&A:What is income sustainability, and why is it important to consider when planning for retirement?


Published  26 August 2023
   2 min read

Consumer Question:

What is income sustainability, and why is it important to consider when planning for retirement?

Answer from Mark Reilly, Pension Proposition Lead at Royal London Ireland

Income sustainability is a phrase to describe how to sustain your desired level of income when you retire. Everyone will have different retirement goals.  When planning your post-work future, you must consider the level of funds you will need to finance the type of retirement you see for yourself.

You may have family costs or outstanding mortgage repayments to consider, or you might have health conditions to bear in mind. You may even want to use some of your income to fulfil lifelong travel dreams.

To determine what you need to put in place to achieve a sustainable income in retirement your best bet would be to seek expert independent advice. A Financial Broker can help you to understand, based on your circumstances, whether it would be best for you to have a lower pension in the early years of retirement that increases with time, or the other way around.

They can also consider the various factors and strategies needed to meet your required income upon retirement. Of course, all of this will very much depend on how much retirement savings you have built up in your pension fund and will be determined by planned events or costs you anticipate having during retirement.



This question was submitted to and first published by The Irish Independent


About Royal London Ireland

Royal London Ireland has a history of protecting its policyholders and their families in Ireland, and recently launched a new Pensions business in Ireland. Our business heritage in Ireland is nearly 200 years. The Caledonian Insurance Company's first office outside Edinburgh opened on Dame Street, Dublin 2 in 1824.

Today, Royal London Ireland is owned by The Royal London Mutual Insurance Society Limited – the largest mutual life insurance, pensions, and investment company in the UK, and in the top 25 mutuals globally, with assets under management of €178 billion, 8.6 million policies in force, and 4,100 employees. Figures quoted are as at 30 June 2023.

Royal London Ireland’s office is based at 47-49 St Stephen’s Green, Dublin 2.