One in five people expect to retire fully - survey

According to new research from Irish Life, only one in five adults anticipate retiring fully and ceasing work altogether, as outlined in the Life100+ Report. This study, based on data from over 2,000 adults, explores how an extended lifespan will impact work, retirement planning, health, and family finances.

The report indicates that a majority of respondents recognize the need for a longer working life to support themselves in their later years, with 27% planning to gradually decrease their work hours and just under a quarter expecting to work part-time. Among those aged 65 and older, the inclination towards a phased retirement is even more pronounced.

Retirees aged 65 and above estimate needing an average pension of €315,000 for a comfortable retirement, whereas the average retirement savings currently stands at €102,000. Around one in three adults feel confident in their ability to sustain a longer life. However, a quarter of the respondents said they would definitely want to live to 100, with concerns primarily centered around declining health, physical limitations, and cognitive decline, rather than financial concerns.

Ireland is transitioning from a society structured around an 80-year lifespan to one that must prepare for a 100-year life, and the Life100+ Report offers compelling evidence that longevity is reshaping people's expectations regarding their work, savings, and lifestyle. Declan Bolger, Chief Executive Officer of Irish Life, noted that expectations have surpassed the existing structures, with people embracing longer working lives and delayed retirements, but confidence in funding these additional years remains low, particularly among those nearing retirement age.