Definitely. If you don’t have a pension in your 50s, then you should get started right away.

You could be eligible for significant income tax relief on pension contributions – up to 35% of your salary (capped at €40,250 in annual contributions) that goes straight to your pension fund without being subject to income tax. This makes your pension contributions much more affordable, and you still have many years to build up a retirement fund.

Between the ages of 50 and 54, you can contribute up to 30% of your income into your pension and claim income tax relief on that contribution. Aged between 55 and 59, you can contribute up to 35%.

Note that income tax is not guaranteed; this relief only applies if your income is taxable under either Schedule E or Schedule D (case I or II) and that only the first €115,000 of your annual income is considered for income tax relief.

While starting or restarting a pension in your 50s might require a little more diligent planning and saving to have a better chance of a financially secure retirement, it’s by no means too late. Plus, at this age, you may be eligible to take advantage of significant income tax relief.

Note that, as with any investment product, the value of your pension investments could go down as well as up and you could get back less than you put in.

Assess your finances

Take stock of your current finances. Is your mortgage likely to be paid off soon? Have you any other outstanding debts? Do you have any young children or other dependents? Knowing your finances inside-out is key to knowing how much you can afford to contribute to your pension.

Don’t forget that you can claim income tax relief on pension contributions up to 30% or 35% of your salary depending on your age and eligibility, and with retirement less than 15 years away you’ll see the benefit of those savings soon.

Set retirement goals

Are you planning to retire at 65, sooner, or later? Will you have any financial obligations such as mortgages or dependents in retirement? What kind of retirement lifestyle do you want to lead? It’s important to know this so that you can do your best to build for the life you want. This is the perfect age to real nail down your retirement planning strategy.

Work out your contribution amount

If you have income tax relief available on up to 35% of the first €115,000 of your income, then you should make the most of it. Every €1,000 you contribute to a pension will cost you just €600 if you’re a 40% taxpayer, and the more you contribute now the higher your chances of a financially secure retirement.