Your 70’s onwards – looking after yourself & others

If your 60s were about crossing the finish line from work to retirement, your 70s are about making sure the race was worth running. This is the stage of life where your financial plan stops being theoretical and starts being your daily reality. The pension you built is now the money you live on. The protection you arranged is now the safety net you might actually need. And the estate planning you put off? It can’t wait any longer.

Your 70s and beyond should be about enjoying the life you’ve worked for — travelling, spending time with family, pursuing interests, giving back. But that requires active financial management. The decisions you make now about investments, drawdown rates, entitlements, wealth transfer, and legal protections will determine not just your quality of life, but your family’s too.

Key takeaways:

• Staying healthy is the most powerful financial strategy in your 70s — healthcare costs escalate rapidly without it
• Your investment strategy still matters. A 70-year-old could easily have 20+ years of retirement ahead
• Unclaimed entitlements are common — make sure you’re receiving everything you’re entitled to
• Financial scams disproportionately target older adults. Know the warning signs
• Wealth transfer planning, wills, and Enduring Power of Attorney should be in place now, not later.

Stay Healthy — It’s Your Best Financial Strategy

This isn’t a health blog, but the connection between physical wellbeing and financial security in your 70s is impossible to ignore. Healthcare costs in Ireland increase substantially with age. Private health insurance premiums rise. Medication costs accumulate. Mobility issues can mean home adaptations, taxis instead of driving, or eventually professional care.

The Fair Deal Scheme (Nursing Home Support Scheme) covers a portion of nursing home costs, but the contribution is still significant. The financial assessment for a single person is 80% of your income and 7.5% of assets per year, with a three-year cap on your principal residence. For a member of a couple, it is reduced to 40% of your income and 3.75% of assets per year, with a three-year cap on your principal residence. Public nursing home costs average over €1,800 per bed per week, with the highest costs in Dublin.

Healthcare Cost	Typical Impact	Planning Action
Private health insurance	Premiums have risen considerably over the years; coverage is critical for timely treatment	Review annually — don’t lapse, but check if your plan still suits your needs
Prescription costs	Drugs Payment Scheme caps at €80/month per family	Ensure you’re registered; claim medical card if eligible
Home adaptations	Stairlifts, wet rooms, grab rails — €5,000–€30,000+	Housing Adaptation Grant covers up to 95% for eligible applicants
Nursing home care	€1,800+/week for public nursing homes	Understand Fair Deal Scheme rules; plan for asset assessment

Staying active, maintaining social connections, eating well, and attending regular health screenings aren’t just good for your body — they’re good for your bank balance. Every year you remain independent is a year your savings stretch further.

Are You Claiming Everything You’re Entitled To?

One of the most common financial gaps in your 70s is unclaimed entitlements. The Irish system offers a range of supports for older people, but many go unclaimed simply because people don’t know about them or don’t think they qualify.

Entitlement	Who Qualifies	What You Get
Household Benefits Package	Over 70 (automatic), or over 66 with qualifying payment	Free electricity/gas allowance + free TV licence
Free Travel Pass	Over 66	Free public transport (bus, rail, DART, Luas)
Living Alone Increase	Over 66, living alone, receiving qualifying payment	Additional €22/week on top of State Pension
Medical Card (over 70)	Income below €550/week (single) or €1,050/week (couple)	Free GP visits, hospital care, prescriptions
Fuel Allowance	Means-tested, receiving qualifying payment	€33/week for 28 weeks (winter season)

If you’re over 70, the Household Benefits Package is automatic — but only if you’re receiving the State Pension. If you’re not, or if your circumstances have changed, check with your local Citizens Information office. The difference between claiming and not claiming these supports can be €2,000–€3,000 per year.

Protecting Yourself from Financial Scams

Financial fraud targeting older adults is a growing problem in Ireland and globally. Scammers use phone calls, emails, texts, and even doorstep visits. Common tactics include impersonating banks, Revenue, An Post, or utility companies, and creating urgency (“your account has been compromised — act now”).

Warning signs to watch for:

• Unsolicited contact asking for personal or financial information
• Pressure to act immediately or in secret
• Requests for PINs, passwords, or to transfer money to a “safe” account
• Investment opportunities promising guaranteed high returns with no risk
• Someone asking you to buy gift cards or cryptocurrency as “payment”

If something feels wrong, it probably is. Never give personal details to someone who contacts you unsolicited. Hang up and call the organisation directly using a number you find independently. Talk to a family member or your financial adviser before making any unexpected financial decisions. The CCPC (Competition and Consumer Protection Commission) maintains a register of common scams and reporting procedures.

Your Investments Still Matter — Don’t Switch Off

A common mistake in your 70s: moving everything to cash because “I’m retired now — I can’t afford risk.” The intention is understandable. The result is often counterproductive.

If you’re 70, you could have 20 or more years of retirement ahead. Over that period, inflation at just 2.5% reduces the purchasing power of cash by roughly 40%. A fund sitting in a deposit is a fund that’s quietly shrinking in real terms.

This doesn’t mean you should be in aggressive growth funds. But a balanced approach — enough cash for near-term needs (2–3 years), with the remainder in a diversified mix of bonds and equities — gives your money a fighting chance of keeping pace with the cost of living.

Your ARF (Approved Retirement Fund) requires minimum withdrawals of 4% per year from age 61, rising to 5% from age 71. That’s a mandatory drawdown whether you need the money or not. If your fund isn’t growing at least at that rate after charges, it’s depleting faster than it needs to. Review your ARF investment strategy, fees, and fund performance annually.

Begin or Continue Wealth Transfer Planning

If you’ve been using the Small Gift Exemption (€3,000 per person per year, completely outside the CAT system), keep going. Every year of gifting reduces your estate’s eventual inheritance tax exposure.

If you haven’t started, now is the time. A couple gifting €6,000 annually to each of three children moves €18,000 per year out of their estate tax-free. Over 10 years, that’s €180,000 that won’t attract the 33% CAT rate.

Beyond annual gifting, consider whether more structured estate planning is needed:

• Section 72 life assurance — a whole-of-life policy whose proceeds are exempt from CAT, used specifically to cover the inheritance tax your beneficiaries will owe
• Pension fund strategy — Maintaining deferred pensions for as long as possible can be a good estate planning tool, as depending on the pension, as in the event of death, the full balance may be passed to your spouse tax-free.
• Property considerations — if the family home represents a large portion of your estate, plan for how it will be handled. The Fair Deal Scheme’s five-year look-back rule applies to asset transfers

Get Your Will and Enduring Power of Attorney in Order

If you don’t have a will, get one. If you have one that’s more than five years old, review it. 7 in 10 Irish adults don’t have a will. Without one, the Succession Act 1965 determines who gets what — and it may not match your wishes.

An Enduring Power of Attorney (EPA) is equally important. It appoints someone you trust to manage your financial affairs if you lose the capacity to do so yourself. Since April 2023, EPAs must be created with a solicitor and doctor, and registered with the Decision Support Service.

The critical point: an EPA can only be created while you have capacity. Once cognitive decline sets in, it’s too late. This isn’t something to put on the long finger. Arrange it now, while it’s a straightforward process rather than an emergency.

Document	What It Does	Cost	Why It’s Urgent
Will	Determines who receives your assets and appoints guardians/executors	€150–€400 (solicitor)	Without one, the State decides. Review every 3–5 years
Enduring Power of Attorney	Appoints someone to manage finances if you lose capacity	€30 registration + solicitor/doctor fees	Can only be created while you have capacity. Once it’s gone, it’s too late

Frequently Asked Questions

How long will my pension fund last?

That depends on your fund size, drawdown rate, investment returns, and how long you live. A €300,000 ARF drawing 5% per year with modest growth might last 20–25 years. Without growth, drawing 5% depletes it in 20 years flat. Cash flow modelling can show you exactly where you stand under different scenarios. Review annually.

Should I still have private health insurance in my 70s?

If you can afford it, yes. Even with a medical card, private insurance gives you access to faster treatment and a wider choice of consultants and hospitals. Premiums are higher at this stage, but the cost of being without cover — particularly for surgery or specialist care — is usually greater.

Can I still gift money to my family if I might need nursing home care?

You can, but be aware of the Fair Deal Scheme’s five-year look-back rule. If you transfer assets within five years of applying for the scheme, those assets can still be assessed. Plan gifting carefully and get advice before making large transfers.

Your Next Steps

Your 70s are about protecting what you’ve built, making the most of what you have, and ensuring your family is looked after — both now and after you’re gone. The checklist is straightforward:

• Check your entitlements — Household Benefits, medical card, Living Alone Increase, Free Travel
• Review your will and EPA — are they current? Do they reflect your wishes?
• Review your ARF — investment strategy, fees, and drawdown sustainability
• Continue wealth transfer — Small Gift Exemption, Section 72 policy, pension beneficiary nominations
• Stay vigilant against scams — if in doubt, call your adviser before acting

Want to make sure your finances are working as hard as you did? Book a review with one of our CERTIFIED FINANCIAL PLANNER™ professionals. We’ll check your entitlements, review your investments, and make sure your estate plan is solid — so you can focus on enjoying this stage of life.