Irish Workers Expect to Work Until 70, Despite Wanting to Retire at 60

A new study reveals that almost four out of five Irish workers are financially unprepared for retirement, with over half believing their savings will not last. While most desire to retire around age 60, many anticipate working until 65, and a significant number expect to continue until 70 to maintain their incomes.

Half of the 1,700 workers surveyed plan to work part-time post-retirement. The research, conducted by Amárach Research for the Financial Planning Standards Board Ireland, highlights a lack of understanding regarding retirement planning. 35 per cent of respondents do not fully comprehend their pension schemes. Confidence in financial preparedness declines with age, with only one in ten people aged 55-64 feeling ready.

Emer Kirk, CEO of the Financial Planning Standards Board Ireland, stated that while pension participation has improved, preparedness and understanding remain key issues. Workers save, but many are unsure what their savings will yield in retirement income, leading to delayed decisions on contributions and retirement timing. Kirk emphasized that financial uncertainty is now a workforce planning issue for employers. The study suggests that illustrating savings in terms of income at different retirement ages (60, 65, 70) would aid decision-making. The Retirement Planning Council of Ireland, the Institute of Banking, and LIA supported the research, calling it the most comprehensive of its kind in the Republic.