Retiring in 2024 – Implications of a Potential Increase in the Pension Limit

In December 2023, the Minister for Finance Michael McGrath initiated a review of the Standard Fund Threshold (SFT) currently set at €2 million. The review aims to examine the implications of potential changes to the SFT, which could impact individuals planning for retirement. The SFT has not been adjusted since 2014, despite inflation and earnings growth. If the review recommends an increase in the SFT, individuals with benefits exceeding the current threshold may benefit. Those planning retirement in 2024 should consider delaying retirement until after the review is completed in Summer 2024 to possibly take advantage of any increase in the SFT.

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