Almost half the Irish population over the age of thirty has not begun putting money aside in a pension fund to save for their retirement
A survey by jointly conducted by Bank of Ireland and market research company, Red C, reveals some interesting facts about people’s attitudes towards pensions and retirement. Despite around 50% of people over the age of thirty saying that they haven’t started saving for retirement, four in five participants said they would like to stop working before the standard retirement age.
Even with an overwhelming desire for the majority wanting to avail of early retirement, just as many people – 85% of all participants – expressed the view that they will not have enough money to maintain the pre-retirement lifestyle following retirement while three in four people who took part in the survey said were unsure if they could survive solely on the State pension when they reach the national retirement age.
Indeed, about half of respondents admitted that they would likely have to take up part-time work post-retirement to supplement their State Pension which currently pays recipients just €230 every week. And with 63% of respondents saying that they can’t either afford to start a pension or put enough into their current fund, the overall findings point towards a difficult situation for future retirees where people won’t have enough money to retire mainly because they can’t afford to save for retirement in the first place.
However, there are some cost-effective pensions options available to those that want to start putting something aside for the future – and the earlier you start, the longer you have to build up your savings. As leading pensions advisors, SimplyInsure.ie can listen to your needs and put together a pension plan that will get the most out of your savings. You can either call us on 1890 746 759 or use our pensions calculator to see how much you could save for your retirement.