Just one in five people believe they will be able to fully retire
A new report from Irish Life reveals that only one in five adults expects to fully retire, with most anticipating a need to work longer to support themselves. The study highlights a significant gap between current savings and the funds required for a comfortable retirement in a society with increasing life expectancy.
Why it matters
The findings underscore a growing economic challenge regarding retirement security and the shifting expectations of the workforce in aging populations.
JUST ONE IN five adults expect to fully retire and stop working in the traditional manner, according to new research from Irish Life.
The Life100+ report is based on nationally representative research among over 2,000 adults and examines how the prospect of significantly longer lives will change working life, retirement planning, health and family finances.
The report found that there is broad acceptance that longer lives will mean longer working lives, with around three quarters (74%) of respondents believing they will need to work for longer to support themselves in later life
While 19% of adults expect to fully stop working at retirement, some 27% expect to gradually reduce their working hours, while just under a quarter (24%) expect to continue working part-time.
Among those aged 65 and over, the preference for a phased retirement is stronger.
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