Standard Life have just released the findings of a comprehensive study, which set out to better understand how people in Ireland view retirement and life after 65.
The main findings of the research is that people do expect to work longer in the future, but would like to be able to work on their own terms. This may mean learning a new skill, but flexibility seems to be a goal for most. Over half the adult population stated travel as a main goal during retirement, and this was a particular motivation for females.
Only half the population have specific financial plans in place for retirement and this is a big worry for Irish adults in the current climate with the likelihood of cut backs in State pension provision. There are some very interesting statistics below which give a good picture of how the population view their retirement years.
Highlights of the findings
TRAVEL
56% of all adults want to travel more including 60% of all females
57% of those aged 65 and over wish to travel more
LEARN A NEW SKILL
45% hoped to learn a new skill such as a new hobby or language in their future
More than one in three of those aged 55-64 want to learn a new skill
WORK ON THEIR OWN TERMS
35% want to continue to work but on their own terms
This rises to 46% for those between 55-64
INVEST IN RELATIONSHIPS
Spending more time with people who are important is what people are most looking forward to
Females (63%) look forward to this compared to 53% of males
FINANCIAL
Only 12% feel very confident their financial plans will support them in the future.
37% or more than one in three no longer feel their current financial plans will support them in the future
FINANCIAL PLANS
15% of all adults have no financial plans in place for the future
Only 47% of all adults have a pension in place
People are dependant on property for their long term future with 36% holding investment property
Less than one in five (19%) invest in shares as part of their financial plans
HEALTH AND HAPPINESS
54% view retirement as a positive, with only 9% viewing it as a negative event
Only 14% are looking forward to 'not working'
Good Health was the top priority with 72% opting for this option
Only 61% are looking forward to having enough money.
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