Only 25pc of professionals anticipate a traditional retirement, finds report

A new report by Irish Life has revealed that only 25% of professionals in Ireland anticipate a traditional retirement at age 65. The research, titled 'Life100+: Exploring Ireland’s Longevity Opportunity', surveyed 2,000 adults in Ireland and included an employer roundtable. The findings highlight a tension at the heart of the 100-year life, as people know longer lives require greater financial resources, but many lack plans to generate them.

Nearly three-quarters of participants expect to work longer to support themselves in their later years, with the figure rising to nearly 90% for those aged 65 and older. Younger participants aged 18 to 24 anticipate extending their retirement age by just three years, while those over 65 expect at least four additional years of work. Younger people in the UK are more likely to expect a five-year increase in their retirement age.

Financial preparation for a longer life is a priority for many adults, with 77% planning to review their retirement plans regularly and 70% intending to save or invest more. However, almost two-thirds of young people under 34 expect to retrain or pursue multiple careers, extending and diversifying their working lives. This group also plans to save and invest more.

There is a gender gap in retirement planning, with men more likely to anticipate pursuing multiple careers and starting a business. Older groups prefer phased retirement plans involving part-time and flexible roles. Despite the interest in working towards the future, more than two-thirds of respondents said they had little or no experience investing, and 75% preferred bank deposits to riskier investments, particularly those aged 65 and older.

The report concludes that navigating the longer life ahead is a shared undertaking involving individuals, the State, policymakers, employers, and providers. Irish Life CEO Declan Bolger emphasized the importance of acting today to unlock the benefits of longer, well-lived lives.