Just one in five adults expect to fully retire and stop working in the traditional manner, according to research published in the Irish Life100+ Report. Based on a nationally representative survey of more than 2,000 adults, the study examines how longer life expectancies are shifting retirement planning, working lives, health, and family finances across Ireland.
Longer Lives Reshape Irish Working Lifespans
Around three-quarters of respondents surveyed by Irish Life accept that living longer means they will need to work for longer to support themselves in later life. The report notes that 27% of adults expect to gradually reduce their working hours over time, while just under a quarter anticipate continuing to work part-time. Among adults aged 65 and over, the preference for a phased retirement is even stronger, according to the findings.
Retirement Savings Fall Short of Target Nest Eggs
Adults who have not yet retired estimate they will need an average pension pot of €315,000 to fund a comfortable retirement. However, current retirement savings average just €102,000, leaving a wide gap for future retirees. The study found that almost one in three adults feel confident they can financially sustain a longer life.
Did you know? While 25% of survey respondents said they would definitely want to live to 100, their primary concerns focused on failing health and the loss of physical and mental abilities—ranking well ahead of worries about running out of money.
Societal Shifts and Declining Confidence
“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,” said Declan Bolger, Chief Executive Officer at Irish Life. Mr Bolger added that expectations have already moved ahead of the physical and financial structures surrounding them.
“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,” Mr Bolger said.
Global Echoes: Gen X Faces Similar Retirement Realities
The pressures on traditional retirement timelines extend well beyond Ireland. A separate report from Zety, the Gen X Financial Outlook Report surveying 1,003 Generation X workers, highlights a similar erosion of standard retirement expectations due to decades of economic disruption. According to the Zety survey, 19% of Gen X respondents do not expect to ever fully retire, and another 19% plan to work past age 68. Over half of those surveyed by Zety (64%) cite recent inflation and rising costs as the heaviest blow to their personal finances, eclipsing past disruptions like the COVID-19 pandemic or the 2008 financial crisis.
Frequently Asked Questions
What percentage of adults expect a traditional full retirement in Ireland?
According to Irish Life, only one in five adults expect to fully retire and stop working in the traditional manner.
What is the average estimated pension pot needed in Ireland?
Irish Life research indicates that non-retired adults estimate they need an average pension pot of €315,000 for a comfortable retirement, compared to average current savings of €102,000.
How many Gen X workers expect to never fully retire?
According to the Zety Gen X Financial Outlook Report, 19% of Gen X workers do not expect to ever fully retire.
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