Only one in five people expect to retire fully, survey finds

Only one in five adults in Ireland expect to retire fully and stop working in the traditional way, according to new research from Irish Life. The findings suggest that longer lives are changing how people view work and retirement.

The Life100+ Report, based on nationally representative research involving more than 2,000 adults, found broad acceptance that longer lives will require longer working lives. Around three quarters of respondents said they expected to work longer to support themselves in later life.

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Ireland is moving from a society built around an 80 year life to one that must begin to plan for a 100 year life, and our Life100+ Report provides the clearest evidence yet that longevity is reshaping how people in Ireland intend to work, save and live.

A phased exit from work was more common than a complete stop. Some 27% expected to reduce their working hours gradually, while just under a quarter expected to continue working part-time. That preference was stronger among people aged 65 and over.

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Expectations have already moved ahead of the structures around them.

The financial gap remains significant. Adults who have not yet retired estimated that they would need an average pension pot of €315,000 for a comfortable retirement, compared with average current retirement savings of €102,000. Almost one in three said they felt confident they could financially sustain a longer life.

A quarter of respondents said they would definitely want to live to 100. Their main concerns involved failing health and losing physical or mental abilities, rather than running out of money. Irish Life chief executive Declan Bolger said Ireland was moving from a society built around an 80-year life to one that needed to plan for a 100-year life. “Expectations have already moved ahead of the structures around them,” he said. He added that people had accepted longer working lives and later, more gradual retirement, but confidence in funding those years remained low, particularly among those closest to retirement.

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People have accepted longer working lives and a later, more gradual retirement, but confidence in funding those additional years is low, particularly amongst those closest to retirement.