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Two in five Irish adults expect to work beyond the normal retirement age

Written by Robert McHugh, on 9th Nov 2015. Posted in Ireland

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More than half of Irish people (52%) believe they will work beyond the normal retirement age.
 
This is according to the findings of Aviva’s latest Consumer Attitudes Survey (CAS) which has been done every year since 2004 and is based on a sample of 1,000 adults across Ireland.
 
Asked if they would like to work, either full time or part time beyond the usual retirement age, 46% of consumers agreed they would, although that figure has fallen from 52% in 2010. This figure rises to over half (53%) of those surveyed in the 45 to 54 age cohort.  
 
Those reporting most scepticism about their financial preparedness for retirement are in the 45 to 54 age cohort with more than half (52%) believing they will work beyond the normal retirement age. The current qualifying age for the State pension is 66 years old, which is due to rise to 68 by 2028.
 
Among respondents aged 45 to 54, almost two thirds (62%) are worried they won’t have enough money when they retire to provide an adequate standard of living.  

Despite this anxiety, however, only 42% of respondents in this age group agreed they were taking steps to ensure they have an adequate income during their retirement. This compares to 39% among all respondents.  
 
Aviva’s Pensions Product Manager, Mark Reilly commented, "If people want to enjoy a work free retirement then it is imperative that they start contributing to a pension at a much earlier age.  Our research findings show that just 21% of young workers report to be regularly setting aside money for their retirement.  

"By way of illustration, if you start saving at 25 and you would like to retire with a pension that is equivalent to 50% of your pre-retirement income at age 65, you would need to be saving about 40% of your income each year.  If you leave it until you’re 45 to start saving the percentage of your income that you need to save jumps to nearly 77%."

Source: www.businessworld.ie

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