Nearly one in five workers expect to delay retirement until 70
A significant proportion of people in Ireland believe that retiring before later life is financially unrealistic, according to new research on retirement expectations.
The latest Retirement Age Financial Feasibility Survey from Royal London Ireland shows that 18 percent of workers feel they will not be able to afford retirement until they reach the age of 70. For many others, stepping away from work before the State Pension age of 66 feels unattainable, with 62 percent saying early retirement is beyond their reach.
The nationwide survey of 1,000 adults highlights the financial pressure facing households as they plan for later life. Around half of respondents, 52 percent, expect to retire either at 66 or slightly earlier at 65. Fewer than four in ten anticipate retiring before the State Pension age, although expectations vary notably between men and women. Nearly half of men believe they will retire before 66, compared with only three in ten women.
Despite these challenges, the research suggests a modest shift in confidence. Six percent of workers now aim to retire by 55, double the figure recorded in the previous year. This optimism is particularly evident among those aged 45 to 54, where more than one in ten now believe early retirement is achievable.
The survey also points to a growing number of people who do not see full retirement as an appealing or practical option. Almost one in five respondents nearing retirement age said they never want to stop working entirely, an increase on last year. This sentiment is more common among women than men.
The findings arrive as Ireland prepares for the introduction of auto-enrolment into workplace pensions. The research suggests that consistent pension saving earlier in people’s careers could play a role in improving long-term retirement outcomes, particularly for younger workers and those with lower pension coverage.
For individuals and businesses alike, the message is clear. Retirement planning is becoming more complex, and early, informed financial advice is increasingly important.
Disclaimer: This article is based on publicly available information and is intended for general guidance only. While every effort has been made to ensure accuracy at the time of publication, details may change and errors may occur. This content does not constitute financial, legal or professional advice. Readers should seek appropriate professional guidance before making decisions. Neither the publisher nor the authors accept liability for any loss arising from reliance on this material.
