Only one in five adults in Ireland expect to stop working completely when they retire, according to new research from Irish Life that highlights changing attitudes towards employment and retirement.
The findings come from the Life100+ Report, based on nationally representative research involving more than 2,000 adults. The report examines how longer life expectancy could affect working patterns, retirement planning, health and household finances.
The research found that many people already expect longer lifespans to result in longer working lives. Around three quarters of respondents said they believe they will need to remain in employment for longer to support themselves financially in later life.
Rather than leaving the workforce at a fixed retirement age, many respondents expect to reduce their working commitments gradually. About 27% said they expect to cut their working hours over time, while almost one in four said they anticipate continuing to work part-time.
The preference for a gradual transition appears particularly strong among people aged 65 and over, suggesting that phased retirement could become more common as people live and work for longer.
Financial concerns remain a major issue. Adults who have not yet retired said they estimate they will need an average pension fund of €315,000 to enjoy a comfortable retirement. Their current average retirement savings, however, stand at about €102,000.
The significant gap between expected needs and existing savings highlights the financial pressure facing people preparing for longer periods outside full-time employment.
Only around one in three respondents said they feel confident that they could financially support themselves throughout a longer life.
The prospect of living to 100 also produced mixed views. One quarter of those surveyed said they would definitely want to reach the age of 100. However, concerns about reaching such an age centred mainly on health and independence rather than finances.
Failing health was the leading concern, followed by losing physical abilities and declining mental abilities. Worries about running out of money ranked lower.
Declan Bolger, chief executive of Irish Life, said Ireland was moving away from a society built around an average 80-year lifespan and needed to prepare for people living to 100.
He said public expectations about working and retirement had already changed faster than existing structures.
“People have accepted longer working lives and a later, more gradual retirement,” Bolger said, adding that confidence in funding those additional years remained low, particularly among people approaching retirement.
