Only one in five people expect a \u201chard stop\u201d in work at a fixed retirement age, according to a new survey from financial services company, Irish Life.<\/p>\n
Meanwhile, almost 3 in 4 adults said that people will need to work longer to support themselves in later life (74 percent), which rose to almost 9 in 10 among those aged 65+ (85 percent).<\/p>\n
Irish Life\u2019s Life100+ Report was commissioned to \u201cunderstand how people in Ireland view longer lives,\u201d including the \u201copportunities and challenges they see and the support they will need to thrive in a world of increasing longevity\u201d.<\/p>\n
Based on a survey of a nationally representative panel of 2,000 adults in Ireland, the research sought to gather data on views surrounding increasing longevity and the effect it\u2019s having, from health and finances to retirement expectations.<\/p>\n
Foremost among the survey results was that just 19 percent of adults expect to enjoy a full retirement, the overwhelming majority expecting their work lives to continue in some capacity beyond retirement age.<\/p>\n
According to the report, retirement is \u201cincreasingly being viewed as a longer transition period rather than a hard stop\u201d, with more \u201cflexible and phased approaches\u201d replacing the traditional conception of a fixed retirement age.<\/p>\n
In keeping with that understanding, it found that more than one in four respondents (27 percent) plan to gradually reduce working hours, while others expect to continue working part-time (24 percent), transition into \u201cless demanding roles\u201d (17 percent), or work occasionally (12 percent).<\/p>\n
When considering a 100-year life, approximately 8 in 10 adults said that it would require financial retirement planning (80 percent) and regular reviews of retirement plans (77 percent).<\/p>\n
Those surveyed estimated that \u20ac315,000 in retirement savings would be sufficient for a \u201ccomfortable\u201d retirement, which would result in an annual pension income of \u20ac17,252 at the age of 65.<\/p>\n
However, this was set against an actual average retirement savings fund of \u20ac108,000, for people aged 55-64. That figure delivers an annual pension income of \u20ac6,042 at the age of 65.<\/p>\n
On longevity itself, while 60 percent of adults see the 100-year life as a positive, just\u00a0 25 percent \u2013 or one in four \u2013 want to live to 100 themselves, the report stating that ill health is the main concern for people when it comes to living longer.<\/p>\n
Commenting on the report in the foreword, CEO of Irish Life Declan Bolger said that since the company\u2019s founding \u201c Ireland has been a young country by European standards\u201d.\u00a0<\/p>\n
\u201cThat is now changing. By 2057, the 65+ population will have doubled, according to the Central Statistics Office. Today, a man born in Ireland can expect to live to 80 and a woman to 84. As life expectancy rises, living to 100 will ultimately become normal,\u201d he said.<\/p>\n
\u201cWhile a fantastic opportunity, the prospect of living to 100 challenges traditional assumptions about life patterns, financial planning and career paths. It will reshape how we live, work, plan, prioritise and retire,\u201d Bolger added.<\/p>\n","protected":false},"excerpt":{"rendered":"Only one in five people expect a \u201chard stop\u201d in work at a fixed retirement age, according to…\n","protected":false},"author":2,"featured_media":883629,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[64,63,99,186,74240,453375,4363,184,185,1793],"class_list":["post-883628","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-au","tag-australia","tag-business","tag-finance","tag-irish-life","tag-life-100","tag-pensions","tag-personal-finance","tag-personalfinance","tag-retirement"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/883628","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=883628"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/883628\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/883629"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=883628"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=883628"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=883628"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}