{"id":436646,"date":"2026-05-07T09:49:10","date_gmt":"2026-05-07T09:49:10","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/436646\/"},"modified":"2026-05-07T09:49:10","modified_gmt":"2026-05-07T09:49:10","slug":"most-workers-believe-they-will-have-to-keep-working-until-they-are-70-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/436646\/","title":{"rendered":"Most workers believe they will have to keep working until they are 70 \u2013 The Irish Times"},"content":{"rendered":"<p class=\"c-paragraph paywall \">Many people believe they will have to continue working until they are 70 to maintain their incomes despite wanting to retire 10 years earlier, a new study shows.<\/p>\n<p class=\"c-paragraph paywall \">Almost four out of five Irish workers say they are financially unprepared for retirement while more than half calculate that their savings will not last, according to new research published on Thursday.<\/p>\n<p class=\"c-paragraph paywall \">While most people want to retire at around 60, most expect to continue working until they are 65 while \u201cmany anticipate working until 70\u2033, says the study, done for bankers, finance advisers and retirement planners.<\/p>\n<p class=\"c-paragraph paywall \">Half the 1,700 workers surveyed expected to work part-time after retirement to support their incomes, the study notes.<\/p>\n<p class=\"c-paragraph paywall \">Many workers do not understand that they retire on the income their <a href=\"https:\/\/www.irishtimes.com\/tags\/pension\" target=\"_self\" rel=\"nofollow noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/pension\">pension <\/a>savings will generate, not on the pension pots themselves, the report states.<\/p>\n<p class=\"c-paragraph paywall \">Researchers found that the key issue was not employees\u2019 participation in pension plans, but understanding retirement planning itself, with 35 per cent of people saying they do not full understand the schemes to which they contribute.<\/p>\n<p class=\"c-paragraph paywall \">Confidence falls as people approach retirement. Among those aged 55 to 64, only one person in 10 believes that they are financially prepared.<\/p>\n<p class=\"c-paragraph paywall \">While auto-enrolment has forced more people than ever to save for retirement, many workers are unsure of what their contributions mean in practical terms.<\/p>\n<p class=\"c-paragraph paywall \">Similarly they are not sure when they can afford to retire and what lifestyle their pensions will allow, says the study, The New Retirement Reality, carried out by Am\u00e1rach Research for the Financial Planning Standards Board Ireland.<\/p>\n<p class=\"c-paragraph paywall \">Emer Kirk, the board\u2019s chief executive, said that the State had made good progress in encouraging pension participation.<\/p>\n<p class=\"c-paragraph paywall \">\u201cBut this research shows clearly that participation is not the same as preparedness. The real gap now is understanding \u2013 and being able to picture not just the money, but the life you want after work,\u201d she added.<\/p>\n<p class=\"c-paragraph paywall \">Workers are saving, but many do not know what their savings will deliver once they retire, Kirk argued.<\/p>\n<p class=\"c-paragraph paywall \">\u201cWithout that clarity, people delay decisions about contributions, careers and retirement timing,\u201d she observed.<\/p>\n<p class=\"c-paragraph paywall \">\u201cFinancial uncertainty is no longer just a personal issue; it has become a workforce planning issue for employers.\u201d<\/p>\n<p class=\"c-paragraph paywall \">Showing workers what their savings mean in income terms at 60, 65, or 70, would aid decision-making, suggests the study.<\/p>\n<p class=\"c-paragraph paywall \">The Retirement Planning Council of Ireland, industry group the Institute of Banking and financial services education business, LIA, also backed the research.<\/p>\n<p class=\"c-paragraph paywall \">The four organisations said the study was the most comprehensive of its kind carried out in the Republic.<\/p>\n","protected":false},"excerpt":{"rendered":"Many people believe they will have to continue working until they are 70 to maintain their incomes despite&hellip;\n","protected":false},"author":2,"featured_media":436647,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[12156,72,176,61,60,1612,174,175],"class_list":["post-436646","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-auto-enrolment","tag-business","tag-finance","tag-ie","tag-ireland","tag-pension","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/436646","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=436646"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/436646\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/436647"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=436646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=436646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=436646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}