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Ireland — 40% expect to work beyond retirement age

02 June 2010

According to a new survey by job board IrishJobs.ie, over 40% of people plan to continue working beyond the official age of retirement (currently at 65 years).

While 36% of people said they planned to keep working to stay busy, 50% revealed that they believed they will have to keep working to make ends meet. 7% said they thought that at 65 they would be too young to retire and another 7% said they enjoyed their job so much they wanted to keep doing it.

Comparing the ages of the respondents, it was revealed that older workers were more inclined to want to work beyond retirement. 60% of respondents in the 46-55 age-bracket were keen to keep going, while at the other end of the scale 80% of the under 25s did not want to work beyond retirement age.

Valerie Sorohan, Marketing Manager at IrishJobs.ie, commented "our findings highlight the fact that many workers within 10 to 15 years of retirement are in fact keen to continue working and mainly because they want to keep busy. Older workers can and do add real value to the workplace, bringing their experience and creativity to the world of work. As the number of older people in work grows it confirms the crucial role that lifelong learning plays in all our working lives."

The survey also uncovered differences in the ages that people would like to retire at, versus the age they expect to be able to retire.

Once they have retired, 40% of respondents hope to spend their retirement travelling, while 35% plan to develop new hobbies and interests. 22% say they would like to spend more time with their family and a very enterprising 3% say they are planning to start a new career in their retirement.

IrishJobs.ie also asked respondents about their financial planning and pension plans. The majority of respondents (56%) said they had a pension, and of those respondents 44% had a company pension, 39% had a private pension and another 17% had a combination of both.

Of the 44% of respondents who did not have a pension, most (55%) said they could not afford a pension. 18% believed they were too young to think about a pension, 15% said they were hoping to organize a pension this year, and 12% said they had other investments that would generate income during their retirement years.



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