Question: I’m 52 and only starting to think about a pension now. For various reasons it was always pushed down the list, but I’m finally in a more stable position and ready to start putting money aside. But I’m worried I’ve left it too late to build anything meaningful. Is there still time to create a decent pension pot, or am I playing catch-up forever? I’d also like to have my own income in retirement rather than relying on the farm once it has been handed over.
Answer: Starting a pension at 52 can feel like arriving late to a party. It’s easy to look around and assume you’ve missed your chance. But the truth more encouraging: 52 is not too late to build something meaningful. What matters now is clarity, consistency, and making the most of the tools available to you.
The first thing to understand is that retirement isn’t a cliff you fall off at 65. For most people, it’s a 20 to 30 year phase of life. That means money you invest today still has a long time to grow. Even a 10 to 15 year investment horizon can be powerful when you’re contributing regularly and benefiting from tax relief.
And tax relief is your biggest ally. At 52, you can contribute up to 30% of your income to a pension and receive tax relief at your marginal rate. That means every €1,000 you put in may only cost you €600 if you’re paying higher rate tax. No savings account or investment product can replicate that uplift. It’s one of the few areas where the State actively rewards you for planning ahead.
Stability
The second advantage you have is stability. This is particularly important for farm families thinking about succession. One of the best gifts parents can give themselves when transferring a farm is financial independence. A pension can make it easier to step back while maintaining your standard of living.
Many people in their 50s are finally past the most expensive years of raising children, paying childcare, or juggling early career uncertainty. That often frees up cashflow in a way that simply isn’t possible in your 30s or 40s. You may not have decades ahead of you, but you may have more capacity to contribute now than you ever did before.
Review your current spending and think about how it may change in retirement. Some costs may fall, while others, such as healthcare, travel or hobbies, may increase
The key is to approach this with a clear structure. Start by working out what you want your retirement to look like. Not in vague terms, but in numbers: what income will you need? What will the State Pension cover? What gap remains? Once you know the target, you can build a plan that’s realistic rather than aspirational.
Review your current spending and think about how it may change in retirement. Some costs may fall, while others, such as healthcare, travel or hobbies, may increase.
Building a realistic picture can help you decide how much you need to save.
Investment approach
From there, think about your investment approach. With a 10 to 15 year time horizon, you still have room to take a balanced level of risk. You don’t need to be aggressive, but you also shouldn’t default to ultra-cautious options that barely outpace inflation. A diversified, medium-risk fund is often the sweet spot for someone starting in their early 50s, enough growth potential to make a difference, without exposing you to unnecessary volatility.
Consistency is what will move the needle. Regular monthly contributions, topped up with lump sums when possible, can build surprising momentum. Many people underestimate what can be achieved in a decade of disciplined saving. A pension pot doesn’t grow in a straight line; it accelerates as contributions and investment returns compound.
It’s also worth remembering that retirement itself can be phased. You may choose to work part-time, consult, or ease into retirement gradually. That can reduce the pressure on your pension in the early years and give your pot more time to grow.
Martin Glennon is head of financial planning at ifac, the professional services firm for farming, food and agribusiness.
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